WSJ What’s News — PM Edition

Episode: Trump, Zelensky, European Leaders Optimistic After White House Talks
Date: August 18, 2025
Host: Sabrina Siddiqui (for the Wall Street Journal)

Episode Overview

This episode centers on President Trump’s high-stakes diplomatic meetings with Ukrainian President Volodymyr Zelensky and top European leaders, examining the renewed optimism around ending the war in Ukraine after recent summits. It also features updates on U.S. election law maneuvers, a high-profile legal case involving Trump, Europe’s stock market woes, and talks of a government stake in Intel.

Key Discussion Points & Insights

1. Trump-Zelensky-Ukraine Peace Talks

• Following his summit with Putin in Alaska (where Putin demanded Ukraine cede eastern territory in exchange for a front-line freeze), Trump convened a meeting with Zelensky and European officials at the White House to discuss next steps toward ending the Ukraine war.
• Trump signals potential U.S. involvement in security guarantees as part of a peace deal but is vague on committing U.S. troops.
• Notably, Trump steps back from demanding an immediate ceasefire, suggesting a shift in negotiation dynamics.

Notable Quote:

“There will be a lot of help when it comes to security. ... They are the first line of defense because they're there, they're Europe. But we're going to help them out also. We'll be involved.”
– Donald Trump [01:45]

European Security Guarantees

• European leaders indicate security guarantees are vital, possibly involving UK and French peacekeeping forces at the front.
• The U.S. role is still undefined; Trump avoids direct comments on deploying U.S. troops.

Insight:

• Analysts see this as a step back from an exclusive focus on ceasefire as the prerequisite for peace.

Atmosphere of the Meeting

• The tone is notably warmer than Zelensky's February Oval Office visit, with Zelensky expressing gratitude repeatedly—including thanking First Lady Melania Trump for outreach to Putin.

Notable Quote:

“This was not a rerun of the February meeting. Zelensky was much more measured in his comments. He thanked Trump repeatedly, and he even thanked First Lady Melania as well for her letter to Putin asking him to consider the war’s impact on children.”
– Lara Seligman, NatSec Reporter [03:19]

Next Steps

• Trump plans to call Putin post-meeting and aims to broker a trilateral meeting (Trump, Zelensky, Putin).
• Despite dialogue, real progress on ceasefire or territory swaps remains elusive.

Notable Quote:

“When it comes down to what happens in the war, whether there’s a ceasefire, whether there are territory swaps, that's going to be down to Putin versus Zelensky. ... We fundamentally have not moved the ball at all when it comes to peace in Ukraine.”
– Lara Seligman [03:47]

2. U.S. Election Law and Mail-In Voting

• Trump announces intent to issue an executive order eliminating mail-in voting before the 2026 midterms, claiming state-administered voting systems should be federally controlled.
• Legal experts immediately push back, highlighting that states administer elections and a president lacks authority to unilaterally ban mail-in voting.
• Democrats quickly criticize the move, framing it as voter suppression.

3. Update: Trump’s New York Civil Fraud Case

• A long-delayed appeals court decision is pending on the New York ruling that fined Trump over $350 million (plus interest) and imposed business restrictions, stemming from allegations he inflated the value of his assets.
• The delay is unusual—typically, the appeals court rules within 30 days, but it’s been almost a year.
• Multiple opinions are being written, suggesting significant internal disagreement.
• Ultimate outcome could include massive financial fallout for Trump and restrict family business activities in New York.
• After a decision is rendered, either side could appeal to the state's Court of Appeals.

Notable Quote:

“It’s a lot of money. … At this point with interest, more than half a billion dollars. … There could also be restrictions on his two eldest sons’ abilities to serve as an officer of a New York business for two years and also lending restrictions for the company."
– Corinne Ramey, WSJ Reporter [07:02]

4. Texas Democrats, Redistricting, and U.S. Political Control

• Texas House Democrats end a two-week walkout, ensuring passage of a GOP-led redistricting plan seen as favorable to Trump’s party in preserving House control.

5. European Stock Market Crisis and Flight of Major Listings

• Despite apparent strength in European stock indices, IPO activity in London and continental Europe is at record lows (only six IPOs in the UK so far this year, the worst in three decades).
• Major European companies—including AstraZeneca, Shell, and Total Energies—are pondering or enacting moves to the New York Stock Exchange to access more liquid and active capital markets.
• U.S. IPO fundraising is up 38%; Hong Kong has also bounced back.
• European officials worry loss of high-growth and blue-chip listings will undermine economic growth.
• Policy solutions—from deregulation to fostering pension investment in equities—have seen little progress.

Notable Quote:

“If you can't keep your fastest growing companies here, that really isn't good for your economy, you lose the growth potential. ... The jury's still out on whether this is the moment where Europe is really able to fix some of these fundamental problems that have been holding back the stock markets here.”
– Chelsea Delaney, WSJ European Finance Reporter [10:59]

6. U.S. Government Eyes Stake in Intel

• The Trump administration is discussing taking a 10% government equity stake in chipmaking giant Intel to save the company and bolster domestic semiconductor manufacturing.
• Details are fluid, but a 10% position would make the government one of Intel’s largest shareholders (Intel’s market cap ~$100b).
• This follows tension between Intel CEO Lip Bhutan and Trump over alleged China ties, including Bhutan’s recent visit to the White House.

Notable Quotes (with Timestamps and Attribution)

• “[European leaders] are first line of defense because they're there... But we're going to help them out also. We'll be involved.”
  – Donald Trump [01:45]
• “Trump has floated the possibility that the US could be involved in supporting this kind of security guarantee, but he has not said that U.S. troops will be involved.”
  – Lara Seligman [02:23]
• “This was not a rerun of the February meeting. Zelenskyy was much more measured in his comments. He thanked Trump repeatedly ... much more optimistic than that last meeting.”
  – Lara Seligman [03:19]
• "We fundamentally have not moved the ball at all when it comes to peace in Ukraine.”
  – Lara Seligman [03:47]
• “It’s a lot of money. ... At this point with interest, more than half a billion dollars.”
  – Corinne Ramey [07:02]
• “If you can't keep your fastest growing companies here, that really isn't good for your economy, you lose the growth potential.”
  – Chelsea Delaney [10:59]

Timeline of Key Segments

| Timestamp | Segment | |-----------|------------------------------------------------------------| | 00:33 | Overview of major new stories: Ukraine peace talks, Europe stock issues, Intel talks | | 01:45 | Trump on security guarantees for Ukraine | | 02:08 | Analysis on European security guarantees (Lara Seligman) | | 03:03 | Tone and outcome of Trump-Zelensky meeting | | 03:47 | Short-term prospects: possible trilateral Trump-Zelensky-Putin meeting | | 04:34 | Trump announces push to eliminate mail-in voting | | 06:22 | Update: Trump’s NY civil fraud appeals case (Corinne Ramey) | | 08:17 | Texas Democrats return, ensuring GOP redistricting passes | | 09:11 | U.S. markets update; European IPO crisis discussion | | 10:12 | Analysis: Why Europe’s exchanges are struggling | | 10:59 | Broader economic risk for Europe, remedies debated | | 11:58 | U.S. considers buying a 10% stake in Intel |

Episode Highlights

• The diplomatic dance in Washington between Trump, Zelensky, and European leaders infuses new hope but little concrete progress toward ending the Ukraine war.
• U.S. political maneuvering heats up: Trump pushes to ban mail-in voting—a controversial and likely legally impossible move.
• Trump’s legal and business future hang in the balance as New York appeals court delays ruling on a half-billion-dollar fine and business restrictions.
• Europe’s financial ecosystems face existential threats as IPOs dry up and blue-chip companies move to U.S. markets.
• The U.S. government’s talks with Intel suggest unprecedented intervention in the private sector to shore up tech manufacturing.

This summary covers all major discussions, memorable quotes, and the essential context provided by the speakers—perfect for listeners seeking a comprehensive rundown of this WSJ What’s News episode.