WSJ What’s News: Trump and Putin to Hold Ceasefire Talks – March 17, 2025

Hosted by The Wall Street Journal

1. President Trump to Engage in Ceasefire Negotiations with President Putin

In a significant development aimed at ending the protracted war in Ukraine, former President Donald Trump announced his intention to speak with Russian President Vladimir Putin on Tuesday. This announcement was made by Kate Bullivant on Air Force One at [00:33].

Trump expressed cautious optimism:
“A lot of work's been done over the weekend. We want to see if we can bring that war to an end. Maybe we can, maybe we can't. But I think we have a very good chance.” [01:31]

When pressed about specific concessions, Trump indicated that discussions would involve "land and power plants," referring to "dividing up certain assets" as a potential path to peace [01:40]. This comes amidst Moscow's steadfast demand to retain at least 18% of Ukrainian territory, an area roughly the size of Virginia. Additionally, Russia aims to reverse policies diminishing its cultural influence in Ukraine and to block Ukraine’s membership in NATO.

2. Legal Challenges to the Trump Administration’s Deportation Efforts

Amid these geopolitical maneuvers, the Trump administration faces legal hurdles in its domestic policies. Specifically, the administration has been deporting alleged Venezuelan gang members despite a temporary court order blocking such actions.

U.S. District Judge James Boasberg issued an oral order preventing the use of a wartime law to deport non-citizens currently in U.S. custody [02:00]. Boasberg stated, “Any plane containing these folks that is going to take off or is in the air needs to be returned to the United States.” [02:00] Despite this, a third deportation flight proceeded post-order, leading to confusion over the legality as the written order did not explicitly mention airborne planes. The administration's press secretary, Caroline Levitt, suggested that the written order does not conflict with ongoing actions, although legal experts caution that oral orders generally carry full legal weight. The matter is expected to escalate to the Supreme Court soon, with no immediate comment from the Department of Homeland Security, ICE, or the State Department [02:00].

3. Chinese Tech Giant Baidu Launches Competitive AI Model

Shifting focus to technology and global markets, Baidu has unveiled its new artificial intelligence model, Ernie X1, which it claims rivals Deepseek’s R1 model. Baidu asserts that Ernie X1 delivers comparable performance across various benchmarks at a lower cost [03:34]. This development follows Deepseek’s earlier market impact with its R1 model, which matched OpenAI's GPT-T4O capabilities without the necessity for the latest chips.

China’s Economic Performance:

Despite geopolitical tensions, China's economy has commenced 2025 on a robust note, alleviating some pressure from anticipated U.S. tariffs. Hannah Miao, covering China’s economy, reported that retail sales—a key indicator of consumer spending—accelerated in the first two months of the year. Industrial production and investments also exceeded expectations [04:34]. However, challenges persist as the unemployment rate surged to a two-year high, and the property market remains under strain, with declines in home sales and new construction starts. Economists interpret these mixed signals as indicative of China's underlying economic resilience, although uncertainties remain regarding the long-term impact of U.S. tariffs [04:34].

4. Mounting Recession Fears in the United States

Turning to the U.S. economy, fears of an impending recession are intensifying. President Trump, speaking on Fox News last week, refrained from ruling out a recession despite existing economic headwinds, including tariffs, funding cuts, and immigration restrictions [06:09].

Economic Indicators and Expert Insights:

Justin Lehart, WSJ Economics Reporter, alongside colleague Paul Kiernan, delves into various recession indicators:

• Rising Uncertainty: Measures of uncertainty have reached peak levels, second only to the COVID-19 pandemic. This elevated uncertainty hampers business planning and investment decisions [06:40].

• Consumer Confidence: Consumer confidence, particularly regarding the job market, has deteriorated. Negative sentiment about employment prospects often precedes declines in consumer spending, a critical driver of the U.S. economy [07:20].

• Business Concerns: Business leaders express apprehension over tariffs and regulatory uncertainty, stalling hiring and investment [07:24].

Lehart explains, “These measures of uncertainty... make it very hard for businesses to plan,” highlighting the potential for a "snowball effect" where reduced consumer spending leads to lower business revenues and further economic slowdown [07:24].

Despite these concerns, some positive indicators remain. The February job report was solid, and initial jobless claims have stayed low, suggesting resilience in the labor market [10:24]. However, Lehart cautions against definitive recession predictions, emphasizing the dynamic and resilient nature of the U.S. economy: “The US economy has been very dynamic, has been very resilient... what's really important is watching all of these indicators...” [10:33]

5. Egg Prices Surge Amid Avian Flu, Leading to Increased Smuggling

Amid economic anxieties, consumers face rising costs in everyday goods, notably eggs. The Labor Department reported that a dozen grade A large eggs averaged $5.90 last month, a significant increase from $3 a year earlier, attributed to an avian flu outbreak [11:18].

Rise in Egg Smuggling:

Jean Whalen, a WSJ reporter, details a spike in egg smuggling as consumers attempt to circumvent high prices by importing eggs illegally. Egg interceptions by Customs and Border Protection have surged by 36% nationwide compared to the previous year, with specific hotspots like Laredo and San Diego experiencing increases of 54% and 158%, respectively [11:53]. Most individuals confiscated were not attempting to hide eggs but were openly declaring them, often facing fines up to $300. This “eggflation” underscores the broader economic strains affecting American consumers [11:53].

Conclusion

Today's episode of WSJ What’s News encapsulates crucial global and domestic developments, from high-stakes diplomatic negotiations and legal battles to technological advancements and economic challenges. President Trump's planned discussions with President Putin represent a pivotal moment in the quest for peace in Ukraine, while domestic policies face judicial scrutiny. Concurrently, China's economic resilience and technological strides contrast with rising recession fears and consumer cost pressures in the United States. As these narratives unfold, The Wall Street Journal continues to provide insightful analysis and comprehensive coverage of the events shaping our world.

Produced by Daniel Bark with supervising producer Sandra Kilhoff. Presented by Kate Bullivant, filling in for Luke Vargas.