Bloomberg Businessweek: "Trump’s Ukraine Plan Faces New Obstacles After Putin Call"

Date: December 29, 2025
Hosts: Carol Massar & Vonnie Quinn

Episode Overview

This episode dives into the complex and shifting geopolitical landscape as 2025 comes to a close—focusing on the ongoing Russia-Ukraine war, President Trump’s diplomatic maneuvers, and the challenges facing peace talks after Trump’s call with Vladimir Putin. Additional segments explore US domestic economic policy, global market trends, and the turbulent IPO environment.

Key Discussion Points & Insights

1. Geopolitics: Trump, Ukraine, Russia, and the Elusive Peace (03:23–12:48)

• US Diplomatic Efforts:
  President Trump met with Israeli Prime Minister Netanyahu and discussed key geopolitical issues, including Iran, the Gaza ceasefire, and, most extensively, Russia’s war in Ukraine.
• Ukraine Peace Plan Stalemate:
  • Multiple Competing Proposals:
    • A controversial leaked 28-point US–Russia plan, "largely written in Moscow," was deemed unacceptable to both Ukraine and the EU (Dr. Angela Stent, 06:18).
    • A current 20-point plan, apparently agreed by Ukraine, European backers, and the US, is "90% agreed" but faces hurdles in remaining points such as security guarantees.
  • Putin’s Endgame:
    Dr. Stent clarified, "He [Putin] wants the land, but the land is a means to what he really wants, which is the subjugation of Ukraine." (07:55)
    • Demands include Ukrainian neutrality and guarantees of not joining Western military alliances.
• Time Pressure and Domestic Politics:
  • "Putin is demanding elections in Ukraine, but there can't be elections unless the fighting has stopped.... I would say the Ukrainians are under more time constraints than the Russians, but they're not losing this war as the Russians claim they are." (Dr. Stent, 08:49)
• Security Guarantee Debate:
  • Zelensky seeks a 50-year US security guarantee; current discussions focus around a 15-year term, with doubts about practical enforcement, "It's very hard to see how you get those kind of guarantees if Ukraine isn't a member of NATO." (Dr. Stent, 10:14)
• US Position and Trump’s Approach:
  • Ambivalent signals from Trump, who has "wanted to improve ties to Russia since day one" but also "wants to claim credit for ending the war." Dr. Stent noted the contradictory messaging, including Trump equating Russian bombings of Ukrainian structures with limited Ukrainian retaliation, and even claiming, "Putin wanted Ukraine to succeed," which she called "a rather extraordinary thing to say." (11:43)
• Outlook for Resolution:
  • When asked about prospects for peace in 2026, Dr. Stent concluded: "I wish it could wrap up. I’m not sure that it will." (12:44)

Notable Quotes

• "There has to be a disarming of Hamas," – President Trump, as reported by Carol Massar (03:23)
• "He wants the land, but ... it's a means to an end. It would make Ukraine more vulnerable if the war breaks out again." – Dr. Angela Stent (07:55)
• "You have to have a ceasefire first. And Putin has not agreed to a ceasefire." – Dr. Stent (08:49)
• "Trump wants to improve ties to Russia ... but also wants to claim credit for [ending the war]." – Dr. Stent (11:43)
• "I wish it could wrap up. I'm not sure that it will." – Dr. Stent (12:44)

2. Domestic Political & Economic Implications (16:32–21:44)

• Foreign Affairs and US Domestic Policy:
  • Henrietta Treys (Veda Partners) underscores the White House’s focus on simmering international issues—Ukraine, Israel/Gaza, China—despite US voters’ lack of interest:
    • "Americans are not focused ... they don't even have in their top 10 issues that they care about foreign policy going into next year's midterm election." (17:09)
  • Political strategy: The "one big beautiful bill" (deficit-increasing tax cuts) is counted as finished business, and "there's not going to be another fiscal package" before or during the 2026 midterms (18:51).
• Tariffs and SCOTUS:
  • A possible Supreme Court strike-down of tariffs is described as potentially "the best case scenario for this president" because it avoids further price increases and legislative fights:
    • "The single best thing that could happen to this administration... is for the President to get the tariffs revoked by the Supreme Court. He doesn't have to admit failure... just say the Supreme Court won't let me do it." (20:10)
    • If new tariffs are imposed rapidly, it could result in confusion—a "Liberation Day 2.0." (21:08)

Notable Quotes

• "There are no hard and fast details. The president wasn't able to give any...Neither on the Abraham Accords or...the West Bank on timing." – Henrietta Treys (17:09)
• "If he takes [the opportunity] to reimpose all these tariffs, it's going to be so confusing for small and large businesses alike. It will be the equivalent of Liberation Day 2.0." – Henrietta Treys (21:08)

3. Commodities, Crypto & Market Trends (25:26–29:09)

• Commodities Markets (Gold, Silver, Copper):
  • Mike McGlone (Bloomberg) chalks up record gold/silver highs in 2025 to speculation, not fundamentals:
    • "Just about all of it, I think, Vonnie, when you get to these extreme levels... silver is known as the devil's metal for a reason." (25:49)
    • Silver had "the best year since 1979" but major pullbacks are expected, likening this year's frenzy to the Hunt brothers’ silver cornering in the 70s.
  • On crypto: "More likely to go to 50 and maybe lower than stay higher, higher," meaning further price risk for bitcoin in 2026. (28:58)
• Copper Outlook:
  • Worries due to China’s "recessionary deflation period," making copper heavily correlated with US stock market performance. (28:10)

Notable Quotes

• "Silver is known as the devil's metal for a reason... It's the best year since 1979 for both of those metals." – Mike McGlone (25:49)
• "More likely to go to 50 and maybe lower than stay higher, higher [for Bitcoin]." – Mike McGlone (28:58)

4. IPOs: New Billionaires, Collapse, and Sector Dissection (33:03–38:17)

• US IPOs in 2025:
  • Volume exceeded $40 billion, minting 21 new billionaires—but often only briefly as many new share prices collapsed.
  • "We saw these massive spikes in the first day or two of trading... and then often those gains would... fall just as quickly." – Dylan Sloan (34:22)
• Sector Highlights:
  • Crypto: Bullish Crypto Exchange down 50%, Webull 90%.
  • Energy: Venture Global’s IPO downsized and shares now trading below IPO price.
  • AI/Data: Companies like CoreWeave saw major volatility—up 100% from IPO price at one point, then lost 60% of value from peak.
  • Stablecoins: Circle down 70% from high, but generally holding above offering price; Genius Act passage gave some sector support.

Notable Quotes

• "Those shares gained, you know, 2200 percent in the first two days of trading... but then again, that was all gone just as quickly." – Dylan Sloan on Newsmax’s IPO (34:55)
• "Crypto is one... Webull, another exchange, down nearly 90%... Venture Global, ...down a good bit from their IPO." – Dylan Sloan (36:18)
• "CoreWeave... up almost 100%... but since the high watermark, they’re down almost 60%." – Carol Massar (37:20)

Timestamps for Key Segments

• 03:23–12:48: Russia-Ukraine peace negotiations, Putin’s objectives, Trump’s stance, and prospects for ending the war with Dr. Angela Stent
• 16:32–21:44: US economic policy, the political calculus of foreign vs. domestic issues, tariff uncertainty with Henrietta Treys
• 25:26–29:09: Commodities, market speculation, and crypto outlook with Mike McGlone
• 33:03–38:17: 2025 IPOs, sector trends, and the perils of instant billionaire status with Dylan Sloan

Memorable Moments

• Dr. Angela Stent debunks simplistic peace proposals: "It's the last 10% that's very problematic."
• Trump’s contradictory comments on Putin and Ukraine prompt skepticism among experts.
• Henrietta Treys calls the potential Supreme Court tariff ruling "Liberation Day 2.0" for business.
• Mike McGlone’s caustic take: "Silver is known as the devil's metal for a reason."
• The IPO segment highlights how fortunes rose and fell in days, painting a cautionary tale for retail investors.

Tone & Style

The conversation is fast-paced, analytical, and pragmatic—typical of Bloomberg’s sharp, business-focused editorial voice. Guest experts provide nuanced, occasionally blunt assessments, especially on the limitations of current peace proposals and economic policies.

For anyone seeking an in-depth, plainspoken, and timely synthesis of geopolitics, economic policy, and market trends as 2025 ends, this episode is essential listening.