| Trump’s second US presidential term doesn’t start for a month, but his trade warnings are already upending global politics, helping trigger a cabinet crisis in Canada and weakening already-wobbling governments in Europe. Panama’s president yesterday rebuffed Trump’s threat to reimpose US control over the Panama Canal, saying that sovereignty over the waterway isn’t negotiable.  WATCH: Panamanian President José Raúl Mulino rejected Trump’s threat to reimpose US control over the Panama Canal. Jill Disis reports on Bloomberg TV. Trump meanwhile sought to play down concerns about the influence of Elon Musk on his incoming administration, saying that he — and not the world’s richest man — will be in charge. Musk, who Trump has tapped to lead a cost-cutting and deregulation effort called the Department of Government Efficiency, took aim at the Federal Reserve today, saying in a post on his X platform that the US central bank is “absurdly overstaffed.” French Prime Minister François Bayrou is running out of time to meet a self-imposed deadline of naming a new cabinet before Wednesday that won’t be quickly toppled by another no-confidence vote. The top priority for Bayrou and his new government will be crafting a 2025 budget to replace emergency legislation that ensures the minimum level of spending to avoid a shutdown. Slovak Prime Minister Robert Fico said he discussed the looming end of a natural-gas supply deal with Russian President Vladimir Putin during a rare visit to Moscow by a European leader yesterday. Fico said Putin confirmed that Russia was ready to continue delivering gas to the West via Ukraine, but this would be “practically impossible” after Jan. 1 given opposition in Kyiv.  Putin, right, and Fico in Moscow yesterday. Photographer: Gavriil Grigorov/Sputnik/AFP/Getty Images More than 50 Ontario lawmakers from Justin Trudeau’s Liberal Party came to a “consensus” at the weekend that he must step down as prime minister, the Canadian Broadcasting Corp. reported. Trudeau’s government, which lacks a majority and relies on other parties to pass legislation, has been in turmoil since Finance Minister Chrystia Freeland resigned last week, saying she and the premier were at odds over policy. Taiwan’s government said a legal change to budget rules could derail its 2025 spending plan, underscoring challenges the opposition is posing to the new leader of the democracy at the core of China-US tensions. Italian officials are growing concerned about the prospect of an increased French presence in its finance industry, with two major deals in the works that could potentially reshape the market. Romanian Prime Minister Marcel Ciolacu is poised to stay in power with the backing of a new coalition that will aim to end the country’s biggest political crisis in decades. Mozambique’s Constitutional Council will declare the final outcome of disputed Oct. 9 elections today, with the opposition leader threatening “chaos” if it confirms what he calls a fraudulent result. Trump hinted that he still wants to buy Greenland, a self-ruling territory of Denmark, saying that US ownership and control of the island is an “absolute necessity” for national security. Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. | 
