Witkoff-Putin Meeting Fuels Fresh Hope for Ukraine Peace Talks

Summary

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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)

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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.

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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]

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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]

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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.

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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]

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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]

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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]

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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.

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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.

Transcript

[Kaitlyn McCabe]

AI is here and Chevron is working to power it. We're aiming to develop multi gigawatt power plants near data centers. AI gets the power it needs, communities get the jobs and the grid stays strong. Ukraine peace talks find real momentum even as a conversation between special envoy Steve Witkoff and a Russian official leaks. Plus, good news for Medicare patients. Prices for more than a dozen widely used drugs just got cheaper, including Ozempic.

[Alex Frangos]

The government spends upwards of $150 billion a year on drugs and they pick a handful of drugs every year to target. Last year it was 10 drugs. This year it's 15 drugs. And they go after the ones that are very expensive and they can save a lot of money.

[Kaitlyn McCabe]

And ever wonder what happens to those giant balloons in the Macy's Thanksgiving Day parade?

[Oleksandr Bevs]

Well.

[Kaitlyn McCabe]

And we've got the inside Scoop. It's Wednesday, November 26th. I'm Kaitlyn McCabe for the Wall Street Journal and here is the AM edition of what's news, the top headlines and business stories moving your world. Today, the White House is defending special envoy Steve Witkoff over a reportedly leaked conversation in which he told a Russian official that praising President Trump would help smooth over a call with President Vladimir Putin regarding the war in Ukraine. Witkoff also suggested that Putin call Trump ahead of a White House visit by Ukrainian President Volodymyr Zelensky, essentially giving the Kremlin an opportunity to press the case against giving Ukraine Tomahawk cruise missiles. Speaking to reporters on Air Force One, President Trump said that Wyckoff's negotiating is a standard thing and suggested the envoy is making similar comments with Ukrainian counterparts amid a concerted push to end the war.

[Donald Trump]

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.

[Kaitlyn McCabe]

Earlier in the day, Trump said in a social media post that the Ukraine peace plan had been fine tuned with additional input from both sides. And Ukraine has since confirmed that a common understanding had been reached with Washington during peace talks in Geneva.

[Oleksandr Bevs]

We had good discussions. Americans were open to hear what we say. And I think that brings me to idea that 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.

[Kaitlyn McCabe]

That's Ukrainian negotiator Oleksandr Bevs. He said while a security guarantee akin to NATO's Article 5 remains imperative for Kyiv to agree to a ceasefire. There's enough momentum to suggest a meeting between Trump and Zelensky could take place as soon as the meeting with Putin.

[Oleksandr Bevs]

So the document that was presented to Ukraine and discussed in Geneva was significantly transformed. And it reflects a lot of things that Ukraine wanted to put there or to change or to exclude from this plan. But there is no final draft. It's important to understand that the final decision approval will be taken by the president overnight.

[Kaitlyn McCabe]

Zelenskyy himself said that there were sensitive matters to discuss with President Trump. But with attacks continuing on the war front lines, Zelenskyy insisted that Russia has to play its part before any deal can be signed.

[Donald Trump]

As long as Russia has not taken real steps toward demobilization, real steps to shut down its war machine, steps that would clearly show that Russia is serious about ending this war of aggression. We do not have the right to stop working to support Ukraine, to support our people and support our collective security, and we do not have the right to demobilize ourselves.

[Kaitlyn McCabe]

For his part, Trump left for Thanksgiving at Mar a Lago in Florida with cautious optimism and suggesting that there was no timeline in which to reach a deal.

[Donald Trump]

I don't have a deadline. I just, you know, the deadline for me is when it's over.

[Kaitlyn McCabe]

The U.S. government has negotiated lower prices in the federal Medicare program for 15 high selling medicines, including the popular weight loss drug Ozemp, as part of a widening effort to rein in drug costs. The list also includes some big sellers like GSK's asthma drug Trelegy, Pfizer's breast cancer treatment, Ibrance, and Merck's diabetes drug Janumet. That's good news for some patients who could see lower co pays and other out of pocket costs imposed by their particular plan. It's worth noting that the price cuts don't apply to private health insurance plans. Business and finance editor Alex Frangos joins me now to discuss what all of this means. So, Alex, firstly, why does the US Government want to do this?

[Alex Frangos]

What the government's doing here is trying to save money. It spends over $150 billion a year through Medicare on drugs for senior citizens. And it got this power to negotiate with drug companies a few years ago through an act of Congress. And this isn't the first time they did it last year as well targeted 10 drugs. This year it's 15. And they're thinking that it's going to save $12 billion for. So that's a lot of money.

[Kaitlyn McCabe]

I also want to talk about the impact on pharma companies themselves. Medicare spends more than $150 billion a year on prescription drugs. So will the cuts mean reduced revenue for drug makers?

[Alex Frangos]

Somewhat, although the drug makers are signaling that it's something that they can absorb. A lot of these drugs have been on the market for some time and it will affect their bottom line. They've argued against giving Medicare the ability to negotiate because they say in the long term it'll reduce the money that they have to invest in new drugs. The thing that's hidden here is that the $12 billion figure is the face value cost of these drugs versus what Medicare is negotiating. But in reality there's a lot of rebates and different ways that the drug price in the end isn't what is on the list price. So 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.

[Kaitlyn McCabe]

That's business and finance editor Alex Frangos. Thanks, Alex.

[Alex Frangos]

Thank you.

[Kaitlyn McCabe]

Coming up, former Fox host Tucker Carlson gets into the gold game and we take a closer look at how to deflate the infamous inflatables in the Macy's Thanksgiving Day Parade. Those stories and more after the break.

[Alex Frangos]

American innovation demands resilient, sustainable electric grids with the capacity to power the data centers driving AI.

[Kaitlyn McCabe]

For more on how to get there.

[Alex Frangos]

Search for Google's new series A New Era of American Innovation, wherever you get your podcasts.

[Kaitlyn McCabe]

In corporate news, Campbell's has said it has placed an executive on temporary leave after he was allegedly caught on tape saying the company made, quote, highly processed food for poor people. The comments came to light in a lawsuit filed by a former Campbell's cybersecurity analyst who accused Vice president of information technology Martin Bali of making RA comments and disparaging the company's products in a secretly recorded meeting. In the lawsuit, the analyst claimed he was fired a few weeks after reporting the comments to his manager. Campbell said it is investigating the allegations against Bally while defending the ingredients it uses in its products. Shares of retailers Kohl's and Abercrombie and Fitch surged in off hours trading after stronger than expected earnings results from both retailers. Shares of Dell Technologies also rose after the company raised its full year outlook as it said it expects more AI server shipments. The stock movements are part of a broader optimistic mood in markets this week. US stock futures are ticking up following a three day rally that sent the S&P 500 up 3.5%, a sharp turnaround from last week when fears about an AI bubble sent shares falling Some of those fears have eased slightly this week, though Shares in Nvidia dropped after reports suggested the company is facing growing competition from Google's AI chips. Overall, markets are also getting a lift from rising expectations of a December rate cut following encouraging comments from Fed officials recently. Rate cut expectations are also benefiting gold, which is on the upswing again. That's good news for former Fox News host Tucker Carlson, who is getting in on this year's gold rush. Carlson, who since his acrimonious exit from Fox in 2023 has launched a media company with a popular online show and streaming service, has Powell also launched a precious metals company called Battalion Metals, which offers coins, bars and support for precious metals IRAs. His interest in tangible assets like gold comes, as Carlson has said central banks are a scam and that the US Dollar is doomed. Carlson's lack of confidence in central banks aligns with a Wall street strategy called the debasement trade, which has seen investors turning to alternative assets like gold because of concerns over major currencies. Journal Media reporter Isabella Simonetti says the idea came after Carlson received a generous offer from a gold dealer.

[Isabella Simonetti]

Tucker has been an outspoken critic and skeptic of the strength of the US Dollar, and the new company is a passion project of his. 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 of how a gold company could have such high margins that would allow it to be able to afford someone for such a high price and that to get into the business himself.

[Kaitlyn McCabe]

And while families around the US May be readying the turkey and their stomachs for tomorrow's celebrations, volunteers at the Macy's Thanksgiving Day Parade are already bracing themselves for the real workout the breakdown process. As a giant Pokemon followed by Papa Smurf make their way through Manhattan, the unseen magic lies at the end of the parade. Volunteers have just 15 minutes to deflate the colossal inflatables, which take 90 minutes to inflate and are filled with thousands of cubic feet of helium. Journal News Associate Amira McKee says that for the balloon wranglers, it's more than just a walk down Central Park Avenue.

[Amira McKee]

Balloon wranglers among the 5,000 some odd volunteers who keep the parade afloat yank open these industrial grade zippers to release the helium and they dive chest first onto the collapsing characters. Volunteers are warned not to inhale the gas as it's much more dangerous than the average birthday balloon. That'll give you that Alvin and Chipmunk's voice. Veteran parade volunteers told me that timing is essential to a seamless parade broadcast. And to keep the parade from getting backed up, the stakes are really high for what has risen to be among the most watched entertainment broadcasts in the country. Volunteers are trained at what some called flight schools, where they practice maneuvering the giant balloons around obstacles and they learn the sort of lay down and writhe strategy, as one volunteer put it, for quick deflation. On the day, designated balloon pilots direct the wranglers on how to steer the balloon and coach them through that deflation process.

[Kaitlyn McCabe]

And that's it for what's news for this Wednesday morning. Today's show is produced by Hattie Moyer and Daniel Bock. Our supervising producer is Sandra Kilhoff. And I'm Caitlin McCabe for the Wall Street Journal. We'll be back tonight with a new show. Until then, thanks for listening.

[Alex Frangos]

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