Balance of Power: Trump, Zelenskyy Meet in Washington

Podcast by Bloomberg | Hosts: Joe Mathieu & Mario Parker | Date: October 17, 2025

Episode Overview

This episode centers on the significant and evolving relationship between the U.S. and Ukraine, marked by President Volodymyr Zelenskyy's visit to Washington, D.C., and his scheduled meeting with President Donald Trump. The hosts break down the diplomatic, military, and political stakes, particularly following Trump’s recent controversial call with Vladimir Putin. The discussion expands to U.S. weapons policy, global commodity markets, and New York City mayoral politics, featuring expert guests for deeper analysis.

Key Discussion Points and Insights

1. Zelenskyy’s Visit & U.S.-Ukraine Diplomacy

• Setting and Stakes: Zelenskyy arrives in Washington as ongoing U.S. support for Ukraine is under close scrutiny after Russia’s war escalation. There is anticipation over whether Trump will give Zelenskyy a warm welcome or maintain ambiguity, especially regarding military aid (00:50).
• Trump’s Recent Putin Call: Trump’s Truth Social statement about his call with Putin raises eyebrows, especially with U.S. weapons aid and sanctions apparently left off the table (01:36).
• Quote:

  “The president of the United States will greet the president of Ukraine outside the West Wing... We've seen all flavors when it comes to Zelinsky in the Oval...”
  — Joe Mathieu (00:50)

2. Expert Analysis: Ambassador Ian Kelly on the U.S., Russia, and Ukraine

• Assessment of Diplomacy: Ian Kelly expresses concern that Trump hasn’t learned from the Gaza agreement and is giving away leverage by “taking off the table” both longer-range weapons and secondary sanctions (03:08).
• On Putin and Orban: Kelly highlights the problem of holding summits in locations like Budapest, noting Hungary’s lack of support for Ukraine and Putin “putting scores on the board” even before meetings occur (05:21).
• Quote:

  “He’s breaking a cardinal rule of negotiating with the Russians… don't negotiate away leverage before you even start.”
  — Ian Kelly (07:11)

3. Military Aid: Tomahawk Missiles Debate

• Trump’s Position: Trump appears reluctant to send Tomahawk missiles to Ukraine, citing U.S. needs (06:36; 14:55).
• Quote:

  “We need Tomahawks for the United States of America, too… I don’t know what we can do about that.”
  — Donald Trump (06:36, 14:55)

4. Expert Breakdown: Ben Jensen on Tomahawk Missiles and Military Supply Chains

• Capabilities & Strategic Impact: Jensen describes the Tomahawk’s range, stealth capabilities, and why it’s so concerning to Russia. He stresses the complexity of actually providing such advanced arms, both in terms of supply and support (16:03-17:57).
• Production Constraints: The U.S. can't produce tomahawks in mass quantity quickly, as demand outstrips supply and new contingencies might arise in other global conflicts (18:07).
• Economic & Strategic Dimensions: Jensen emphasizes the “compounding coercive campaign” — a blend of military aid, financial sanctions, and other economic measures all aimed at influencing Russian calculus (19:48).
• Defense Industry Outlook: The complexity of U.S. arms manufacturing means investors should focus on the entire ecosystem, not just specific primes, since critical components come from many contractors (21:42).
• Quotes:

  "Ukraine is second only to MacGyver in its ability to make battlefield improvisation."
  — Ben Jensen (17:22)
  "A missile is a series of component parts from a rocket engine to a guidance system... It takes every company to make something."
  — Ben Jensen (21:56)

5. Global Economic Context: Oil and Gold with Mike Bloomberg

• Crude Oil Slump: Mike Bloomberg explains oil’s bear market as a result of post-war surpluses and the global shift to EVs. WTI crude is back near $57, mirroring 2019’s pre-pandemic lows (08:59).
• Gold's Surge and Bitcoin: Gold’s sharp rally is discussed as a historic move — “plain scary” — with bitcoin’s behavior serving as another risk signal (11:00).
• Quote:

  “Gold is just plain scary, Joe. It's rallying so fast... If you look at its 40, 50, and 60 month moving average, it's so high you have to go back to 1981.”
  — Mike Bloomberg (11:00)

6. New York Mayoral Race: Political Theater & Trump’s Influence

• Debate Highlights: A review of the heated New York mayoral debate — with lively commentary comparing it to a boxing match and emphasizing each candidate’s strategy and key moments (27:13).
• Dynamic with Trump: Trump looms large as a political foil in the city, with various perspectives on whether his tacit support will help or hurt Cuomo and what a Mamdani win might mean for Trump’s narrative (32:02–34:49).
• Bodega Orders as NYC Identity Test: Candidates’ breakfast bodega orders spark a lighthearted but revealing discussion of authenticity and local culture (37:05).
• Quotes:

  “If we have a healthy pandemic, then why would New Yorkers turn back to the governor who sent seniors to their death in nursing homes?... What you don’t have in integrity, you could never make up for in experience.”
  — Mamdani, responding to Cuomo (28:50)

Notable Quotes & Memorable Moments

• On Ukraine Negotiations:

  "Don’t negotiate away leverage before you even start negotiating."
  — Ian Kelly (07:11)

• On Tomahawk Supply:

  “We need them, too. We can’t deplete for our country.”
  — Donald Trump (06:36, 14:55)

• Unexpected Zinger:

  “Ukraine is second only to MacGyver in its ability to make battlefield improvisation.”
  — Ben Jensen (17:22)

• On Oil Market:

  “It’s a pretty substantial bear market... crude oil going down is a sign of a global recessionary trajectory.”
  — Mike Bloomberg (08:59)

• Debate Soundbite:

  “If you don’t know what you’re doing, people die.”
  — Andrew Cuomo (28:36)

  “What I don’t have in experience, I make up for in integrity. And what you don’t have in integrity, you could never make up for in experience.”
  — Mamdani (28:50)

• Breakfast Politics:

  “Egg and cheese on a roll with jalapenos.”
  — Mamdani (37:14)
  “The no salt [order] just reminds us that these guys are old.”
  — Lisa Camuso Miller (38:28)

Timestamps for Important Segments

• Zelenskyy’s Arrival, Trump’s Call with Putin: 00:50–02:35
• Ambassador Ian Kelly on U.S.-Ukraine-Russia Diplomacy: 03:08–08:13
• Oil and Gold Markets Update with Mike Bloomberg: 08:59–11:47
• Deep Dive on Tomahawk Missiles with Ben Jensen: 15:22–24:28
• New York Mayoral Debate Highlights: 27:13–36:23
• Panel Discussion on Debate & NYC Politics: 29:27–36:23
• Bodega Orders and Local Color: 37:05–39:07

Tone and Style

Consistently energetic, analytical, and conversational—with the detailed, rapid-fire, and sometimes tongue-in-cheek tone typical of Bloomberg’s political coverage. Policy developments are weighed by experts, while local politics get both sharp analysis and a dose of urban flavor.

Conclusion

This episode offers a behind-the-scenes look at a pivotal U.S.-Ukraine diplomatic juncture, pressing questions about America’s role in arming allies, the economic ripples of geopolitical conflict, and the intersection of national and local politics. The hosts and guests blend hard analysis with wry humor and pointed commentary throughout.