America’s Business-Heavy Postwar Vision for Ukraine Triggers Clash With Europe

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Luke Vargas (0:18)

America's business-heavy post-war vision for Ukraine and Russia triggers a clash in Europe. Plus, the US wants more tourists to show their social media history before they enter the country. And it's decision day for Republican senators as the chamber prepares to vote on saving Obamacare subsidies.

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If Congress fails to act, the subsidies would revert to pre-pandemic levels, causing premiums to surge.

Luke Vargas (0:44)

It's Thursday, December 11th. I'm Luke Vargas 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 Trump administration's plans for peace in Ukraine are setting off a clash with Europe. We're exclusively reporting that Washington is releasing a series of one-page documents in which it's sketching out its vision for the reconstruction of Ukraine and of Russia's reentry into the world economy. In addition to border and security proposals, the documents detail plans for US businesses to tap roughly 200 billion dollars of frozen Russian assets for projects in Ukraine, including a massive new data center to be powered by a nuclear plant that's currently occupied by Russian troops. Journal security correspondent Benoit Faucon says the proposals have set off furious negotiating with European allies, with one official comparing them to President Trump's vision of building a Riviera-style development in Gaza.

Benoit Faucon (1:47)

I think what this official was referring to was really the idea that this place is seen as strategic business locations. The Jared Kushner vision was obviously about prosperity for peace, right? So political sovereignty doesn't matter as much as the economic well-being of the population. And the same vision in some way applies in the ideas that go around this potential Ukraine-Russian settlement, that really economic well-being is the driver more than the political or security side. What's in it for business, for the economy, not about the military or security side of the conversation?

Luke Vargas (2:23)

Yeah, Benoit, I noted how Europe wants to use frozen Russian funds for reconstruction and weapons for Ukraine while the US is envisioning investing the money in a data center that would benefit Russia, the US and Ukraine, for instance.

Benoit Faucon (2:36)

Yeah, so we know that there is this big power plant in Eastern Ukraine that is shut down right now, it is under Russian occupation. What is interesting is it's going to be potentially a joint operation between the Ukrainian and the Russian because the Russian control the plant. And on the other hand, if the Ukrainian sort of benefit from that power generation, there will be a business interest in the eyes of the Trump administration for them to maintain the peace. And again, that really reflects to the vision that the Trump administration had for Gaza, which is, if we inject business opportunities and jobs for local people, there won't be any unrest anymore. Obviously, that's the vision, right? Does it work in practice? Very often, it doesn't.

Luke Vargas (3:15)

And Benoit, how is this all being received in Europe? I noted that one of these papers details how Russian energy would start flowing back into Western Europe, clashing with Europe's efforts to cut off Russia.

Benoit Faucon (3:26)

Yeah. I mean, the concept here is also that, of course, it's actually not necessarily having in mind Russian supplies to Europe, as in considering the needs of Europe as necessarily a priority. It's also because there's expectations from the US side that energy opportunities in Russia that will arise from the end of the war are seen in the US as US economic opportunities. You don't see any reference in this conversation to Asian or European corporate companies being involved.

Luke Vargas (3:55)

Benoit Faucon is the Journal's security correspondent. We're going to leave a link to your reporting in our show notes. There's a lot for our listeners to consider here. Benoit, thank you so much for stopping by.

Benoit Faucon (4:04)

Of course. Thank you so much for having me.

Luke Vargas (4:10)

A pair of US B-52 bombers have flown in a joint patrol alongside Japanese fighters over the Sea of Japan in what Tokyo is describing as a show of force a day after Russian and Chinese warplanes conducted exercises around Japan's southern islands. But while the bombers signal a military commitment to Tokyo, the political situation is more nuanced. President Trump has reportedly suggested that Japan's Prime Minister Sanae Takeiichi should not provoke Chinese leader Xi Jinping, which the Japanese government has denied. Washington has to strike a delicate balance as it seeks to maintain its Asian alliance while pursuing a key trade deal with Beijing. The Trump administration is proposing screening five years of social media history for visitors coming to the US from 42 countries currently covered by a visa waiver program, which would include the citizens of the UK, France, Italy, and Japan. The administration described the change as necessary to comply with an executive order aimed at protecting the US from foreign threats, according to the proposed rule filed by US Customs and Border Protection. A CBP spokesperson emphasized that the social media rule wasn't final.