Witkoff-Putin Meeting Fuels Fresh Hope for Ukraine Peace Talks

SPEAKER_1 (0:00)

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Caitlin McCabe (0:33)

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 Prangos (0:50)

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.

Caitlin McCabe (1:06)

And ever wonder what happens to those giant balloons in the Macy's Thanksgiving Day parade? We've got the inside scoop. It's Wednesday, November 26th. I'm Caitlin McCabe for The Wall Street Journal and here's 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 called 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 Witkoff'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 (2:06)

They're going to keep talking. They're talking to Russia now. Steve Witkoff is going over.

Caitlin McCabe (2:11)

Maybe with Jared.

Isabella Simonetti (2:12)

I'm not sure about Jared going, but he's involved in the process. Smart guy.

Donald Trump (2:16)

And they're going to be meeting with President Putin.

SPEAKER_7 (2:21)

I believe next week.

Caitlin McCabe (2:22)

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 (2:37)

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.

Caitlin McCabe (2:59)

That's Ukrainian negotiator, Oleksandr Bevs. He said while a security guarantee akin to NATO's Article 5 remains imperative for Kiev 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 (3:16)

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 and approval will be taken by the president.

Caitlin McCabe (3:34)

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

Donald Trump (3:47)

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.

Caitlin McCabe (4:13)

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 (4:22)

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

Caitlin McCabe (4:30)

The US government has negotiated lower prices in the federal Medicare program for 15 high selling medicines, including the popular weight loss drug, Ozempic, as part of a widening effort to rein in drug costs. The list also includes some big sellers like GSK's asthma drug Trilogy, Pfizer's breast cancer treatment, Ibrans 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 Prangos joins me now to discuss what all of this means. So Alex, firstly, why does the US government want to do this?