WSJ What’s News – AM Edition

Episode: Witkoff-Putin Meeting Fuels Fresh Hope for Ukraine Peace Talks
Date: November 26, 2025
Host: Kaitlyn McCabe (Wall Street Journal)

Episode Overview

This episode centers on fresh developments in Ukraine peace talks sparked by a leaked conversation between U.S. special envoy Steve Witkoff and a Russian official, raising new hopes that real momentum is building toward negotiations to end the war. Other key segments touch on U.S. government negotiations to lower prices for Medicare’s most costly drugs, corporate news including a Campbell’s leadership controversy, and behind-the-scenes details of the Macy’s Thanksgiving Day Parade.

Key Discussion Points & Insights

1. Ukraine Peace Talks: Leaked Conversation Drives Momentum

[00:55] – [04:15]

• Leaked Witkoff-Russia Conversation:
  The White House defends special envoy Steve Witkoff after his comments with a Russian official leaked. Witkoff suggested that praising Donald Trump would help smooth a direct call between Vladimir Putin and Trump. He also advised that this could give the Kremlin a chance to lobby against granting Ukraine Tomahawk cruise missiles.

• Trump’s Response and Peace Push:
  Donald Trump, addressing reporters on Air Force One and posting on social media, describes Witkoff’s approach as “standard” and expresses ongoing optimism for talks with Russia and Ukraine:

  “They’re going to keep talking. They’re talking to Russia now. Steve Witkoff is going over, maybe with Jared. I’m not sure about Jared going, but he’s involved in the process, smart guy. And they’re going to be meeting with President Putin, I believe, next week.”
  — Donald Trump [01:51]

• Status of Negotiations:
  Discussions in Geneva have led to “a common understanding” between Ukraine and Washington. A meeting between Trump and Ukrainian President Zelensky might occur soon after the expected Putin meeting.

  • Ukrainian negotiator Oleksandr Bevs:

    “We had good discussions. Americans were open to hear what we say. And I think... they believe now it’s a momentum. So the upcoming days, weeks, and maybe some months would define, would shape the future of this war for quite a period.”
    — Oleksandr Bevs [02:22]

  • Security guarantees akin to NATO's Article 5 are still a requirement for Kyiv to agree to a ceasefire.

  • The negotiating document has been substantially revised per Ukrainian requests, but no final agreement is reached.

    “So the document that was presented to Ukraine and discussed in Geneva was significantly transformed. ... But there is no final draft. It’s important to understand that the final decision approval will be taken by the president overnight.”
    — Oleksandr Bevs [03:01]

• Zelensky’s Stance:
  President Zelensky stresses that a deal is contingent on Russia taking meaningful steps toward demobilization:

  “As long as Russia has not taken real steps toward demobilization... We do not have the right to stop working to support Ukraine, to support our people and support our collective security.”
  — Volodymyr Zelensky (read by Kaitlyn McCabe) [03:32]

• Trump on Timelines:

  “I don't have a deadline. I just, you know, the deadline for me is when it’s over.”
  — Donald Trump [04:07]

2. Medicare Drug Price Cuts

[04:15] – [06:23]

• Context:
  The U.S. government is negotiating lower prices for Medicare’s highest-cost drugs including Ozempic, Trelegy, Ibrance, and Janumet. The 2025 round targets 15 drugs and could yield $12 billion in savings.

• Impact:
  Some patients may see lowered copays or out-of-pocket costs, but changes do not affect private insurance. Drug makers’ revenues may take a hit, but it’s described as manageable.

• Expert Breakdown – Alex Frangos:

  “What the government's doing here is trying to save money. It spends over $150 billion a year through Medicare ... it’s going to save $12 billion...”
  — Alex Frangos [05:00]

  “For the drug maker itself, yes, they're going to have less revenue for some of these things, but it's not a catastrophic hit.”
  — Alex Frangos [05:36]

3. Corporate and Market Updates

[06:59] – [09:30]

• Campbell’s Executive on Leave:
  A Campbell’s executive is on leave after being recorded allegedly disparaging company products and making inappropriate remarks.
• Retail/Earnings News:
  Kohl’s and Abercrombie and Fitch shares surge following strong earnings; Dell Technologies also rises amid AI-related server shipments.
• Market Sentiment:
  Tech and broader market optimism rebounds on hopes for a December interest rate cut, despite some AI market volatility.
  • Nvidia faces competition from Google’s AI chips.
  • Gold prices rise as central bank skepticism grows.

4. Tucker Carlson Enters Gold Business

[09:30] – [10:04]

• New Venture:
  Former Fox News host Tucker Carlson launches Battalion Metals, a company selling gold coins, bars, and IRAs. His move aligns with critiques of central banks and dollar stability.
• Backstory:

  “That was an idea that came about after he was offered $20 million a year to be a pitchman for a gold company. He said he was skeptical... and that to get into the business himself.”
  — Isabella Simonetti [09:30]

5. Macy’s Thanksgiving Day Parade: Behind the Scenes

[10:04] – [11:41]

• Balloons & Volunteers:
  Parade volunteers must quickly deflate massive inflatables—taking just 15 minutes compared to 90 minutes to inflate.

  • Volunteers are trained at “flight schools” for balloon maneuvering and deflation.
  • Deflation involves opening industrial zippers and diving onto balloons, with safety warnings about helium hazards.

  “Balloon wranglers among the 5,000 some odd volunteers ... yank open these industrial grade zippers ... and they dive chest first onto the collapsing characters.”
  — Amira McKee [10:44]

  “Veteran parade volunteers told me that timing is essential... the stakes are really high for what has risen to be among the most watched entertainment broadcasts in the country.”
  — Amira McKee [11:17]

Memorable Quotes

• “They’re going to keep talking. ... Steve Witkoff is going over, maybe with Jared. ... And they’re going to be meeting with President Putin, I believe, next week.”
  — Donald Trump [01:51]

• “We had good discussions. Americans were open to hear what we say. ... Now it’s momentum.”
  — Oleksandr Bevs [02:22]

• “As long as Russia has not taken real steps toward demobilization... We do not have the right to stop working to support Ukraine...”
  — Volodymyr Zelensky [03:32]

• “For the drug maker itself, yes, they're going to have less revenue for some of these things, but it's not a catastrophic hit.”
  — Alex Frangos [05:36]

• “Balloon wranglers ... yank open these industrial grade zippers ... and they dive chest first onto the collapsing characters.”
  — Amira McKee [10:44]

Noteworthy Segments & Timestamps

• [00:55] White House defends Steve Witkoff, details of the leaked call.
• [01:51] Donald Trump’s remarks on ongoing negotiation dynamics.
• [02:22] Ukrainian negotiator Oleksandr Bevs on the sense of momentum.
• [03:01] Negotiation document’s transformation and status explained.
• [04:07] Trump sets no deadline for the peace process.
• [05:00] Alex Frangos on Medicare’s drug spending and negotiations.
• [09:30] Isabella Simonetti details Tucker Carlson’s gold business move.
• [10:44] Amira McKee’s vivid description of balloon deflation at the parade.

This clear, newsy episode adeptly covers the major diplomatic, economic, and cultural developments shaping the day, delivering both high-level summaries and behind-the-scenes insights with engaging, accessible explanations.