Balance of Power – Trump Says He’ll Visit China
Bloomberg | November 24, 2025
Hosts: Joe Mathieu, Kailey Leinz
Featured guests: Jeannie Shanzano (Bloomberg Politics contributor), Lonnie Chen (Hoover Institute fellow), Jenny Welch (Bloomberg Economics), Angela Stent (AEI), Rep. Chuck Fleischman (R-TN)
Overview
This episode covers a whirlwind news day in Washington, centering on three breaking stories:
- President Trump’s surprise call with President Xi, his upcoming trip to Beijing, and evolving US-China relations.
- The sudden dismissal of criminal cases against James Comey and Letitia James, with analysis on White House conduct and implications for political accountability.
- New developments in Ukraine peace plan negotiations, the roles of key US, Russian, and European figures, and discussion of American healthcare legislation battles.
The episode is a fast-moving panel discussion, blending headline analysis with insider commentary, candid anecdotes, and pointed policy questions.
Key Discussion Points & Insights
1. Trump–Xi Jinping Call & State Visits
[01:03, 09:21, 15:38]
- President Trump announced on Truth Social a “very good telephone call” with President Xi. Topics discussed: Ukraine, Russia, fentanyl, soybeans/farm trade, and a “very important deal for our great farmers.”
- Trump cited progress since their “successful meeting in South Korea three weeks ago” and revealed he accepted Xi’s invitation to visit Beijing in April, with Xi set to reciprocate for a US state visit later in the year.
- The call was uncharacteristically low-key in its lead-up, prompting speculation about urgency and intent.
- Chinese readout reportedly emphasized Taiwan, warning the US not to intervene in China’s disputes with Tokyo or encourage Japanese involvement.
“Now we can set our sights on the big picture… President Xi invited me to visit Beijing in April, which I accepted, and I reciprocated, where he will be my guest for a state visit in the US later in the year. We agreed that it is important we communicate often.”
— Joe Mathieu reading Trump’s post, [01:35]
Analysis:
- Panelists debate whether the focus is on economic deals or security issues such as Taiwan.
- Jenny Welch (Bloomberg): “This seems to be something that came out more organically… in response to this ongoing feud between Beijing and Tokyo and statements that US representatives in the region made recently in support of Tokyo” [18:28].
- The consensus: Trump's approach favors economic diplomacy over human rights or democratic promotion.
“For myself, I'm not sure I’m clear as to where President Trump stands on the latter [security], which is arguably in some ways more important.”
— Jeannie Shanzano, [10:00]
2. Comey and Letitia James Case Dismissals
[03:54, 04:41, 05:57, 06:55]
- News breaks mid-show: a judge dismisses cases against ex-FBI Director James Comey and NY State AG Letitia James, citing an illegally appointed prosecutor.
- Discussion focuses on the Trump White House’s prioritization of personal loyalty over expertise in appointments; Lindsey Halligan (the appointee) is criticized as in over her head with grand jury procedures.
“It is a reflection of the fact that this administration, the president in particular, they have prized fealty to the president versus expertise.”
— Jeannie Shanzano, [04:41]
- Lonnie Chen notes little surprise at the outcome:
“I think in the long run, the big question is, does this chasten the Trump White House? … My guess is gonna be absolutely not.”
— Lonnie Chen, [05:57]
- Careers of Halligan and political ramifications for Comey and James examined. The group agrees the episode underscores the administration’s retaliatory approach:
“If you cross him, he is going to take every step he can to hit back against you.”
— Jeannie Shanzano, [07:10]
3. China, Trade & Security – Tech Exports and De-escalation
[11:07, 11:34]
- Ongoing deliberations in the Trump administration about whether to allow sales of high-end Nvidia AI chips (H200) to China.
- Lonnie Chen sees a clear tilt toward economic engagement and accommodation, with trade prioritized over points like Taiwan, CCP internal governance, or democratic values.
“It’s pretty clear that the President's focus and his priority is on reaching an economic accommodation with China… The recent dialogue that we've seen between the two governments suggests that that is the President's ultimate priority.”
— Lonnie Chen, [11:34]
- Noted surprise at the current state of US-China relations after years of escalating friction.
4. Ukraine Peace Plan Negotiations
[19:09, 33:07, 35:33]
- The “living, breathing” peace plan’s details remain contentious: Ukraine resists terms like limiting its military, ceding territory not held by Russia, and amnesty for war crimes.
- Secretary of State Marco Rubio, Jared Kushner, Steve Witkoff, and Russian official Kirill Dmitriev all play roles—raising questions of coherence and alignment in US diplomatic efforts.
- Angela Stent (AEI): Key elements for Ukraine are security guarantees akin to Article 5. Past Western guarantees failed Ukraine in 2014.
“So a credible security guarantee … would be, if the US is serious about it, an Article 5 type guarantee. But obviously that's off the cards at the moment.”
— Angela Stent, [39:34]
- Angela Stent highlights the lack of coordination within the US administration:
“I think the impression one gets is of lack of coordination within the administration about this agreement. And who really wrote it?”
— Angela Stent, [37:54]
- Political theater: speculation about a possible Trump-Putin-Orban summit in Hungary if a deal materializes. Stent warns Moscow may draw out the process for battlefield advantage.
5. Domestic Politics – Healthcare Standstill & Election Dynamics
[22:12, 23:28, 26:33, 28:15]
- With government shutdowns looming, Rep. Chuck Fleischman (R-TN) critiques Democrats for tying ACA subsidies to appropriations, framing it as a political miscalculation.
- Discusses fate of Obamacare subsidies, pathways for compromise (e.g., two-year extension with income caps), and appropriations progress.
- Touches briefly on looming House special elections and possible shifts in the Republican majority.
Memorable Moments & Quotes
- On loyalty vs. expertise in appointments:
“They have prized fealty to the president … This is what you come to get.”
— Jeannie Shanzano, [04:41] - On Trump’s refusal to be chastened:
“If you cross him, he is going to take every step he can to hit back against you.”
— Jeannie Shanzano, [07:10] - On US–China policy:
“The President's focus and his priority is on reaching an economic accommodation with China.”
— Lonnie Chen, [11:34] - On internal US diplomatic confusion:
“I think the impression one gets is of lack of coordination within the administration about this agreement.”
— Angela Stent, [37:54] - On credible security for Ukraine:
“So a credible security guarantee would be, if the US is serious about it, an Article 5 type guarantee… But that's off the cards at the moment.”
— Angela Stent, [39:34] - On Russian intentions:
“We cannot build our security on the hope that Russia will keep the promises.”
— Lithuanian FM Custodious Boutrius, [35:10]
Timestamps for Key Segments
- 01:03 – Breaking news: Trump–Xi call, farm deals, and plans for mutual state visits
- 03:54 – Live: Judge dismisses cases against Comey and Letitia James, analysis begins
- 04:41 to 08:20 – Panel on administration’s appointment practices and political fallout
- 09:21 – Focus shifts back to Trump–Xi and the meaning of the “big picture”
- 10:00–11:34 – Integration of China policy, AI tech exports, and economic vs. security priorities
- 15:38 – Recap of the Trump–Xi call and its differing US/Chinese narratives
- 17:32–19:09 – Jenny Welch on China’s message: emphasis on Taiwan and restraint in US/Japan policy
- 19:09/33:07–44:46 – Ukraine peace talks: panel discussion with Jenny Welch and Angela Stent, scrutiny of peace plan content, security guarantees, and diplomatic maneuvering
- 22:12–31:26 – Rep. Fleischman on health care subsidies, budget negotiations, and GOP election math
Tone & Language
The conversation is brisk, policy-focused, and occasionally irreverent, with panelists mixing expertise with partisan asides. Breaking news drives a sense of urgency, and guests do not hold back in their critiques of both Trump administration practices and Congressional gridlock. Notably, quotes are direct and candid, especially around issues of loyalty, political maneuvering, and geopolitical risk.
For Listeners Who Missed the Episode
This episode weaves together rapid-fire developments at the intersection of US foreign and domestic policy. The hosts and guests offer inside perspective on White House style (and chaos), diplomatic signals in the Trump–Xi relationship, the limits of accountability in DOJ appointments, and the high-stakes wrangling over Europe’s security and America’s health system. The discussion is rich with anecdote and insight for political junkies, policy watchers, and those interested in the dramatic shifts shaping the 2025 global order.