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What We’re Watching: Kyiv gets a nugget US peace plan, Election day in Guinea-Bissau, Two men from Queens meet at the White House
Ukrainian President Volodymyr Zelensky meets with US Army Secretary Daniel Driscoll amid Russia's attack on Ukraine, in Kyiv, Ukraine, on November 20, 2025.
A nugget for Kyiv in the US plan for ending the war
The United States’ 28-point plan for ending the war in Ukraine appears to contain many items from Russia’s wish list, but it has emerged that it also has something for Kyiv: a security guarantee akin to NATO’s Article 5, which says that an attack on one member state is an attack on all. The US and its European allies would be part of this guarantee. Ukrainian President Volodymyr Zelensky, who faces domestic pressure over a corruption scandal, said on Thursday he’s willing to engage with the plan – although he did draft a statement with European leaders that disavowed parts of the proposal. The Kremlin said it hasn’t formally received the plan.
This West African incumbent may struggle to win reelection
Guinea-Bissau, a West African country of two million people that plays a central role in global cocaine trade, is holding the first round of its presidential election this Sunday. One-term incumbent Umaro Sissoco Embalo faces fierce competition from opposition leader Fernando Dias, who has centered his campaign on security and keeping soldiers out of politics – a rather tough challenge in a country that has had several military coups. The issue hasn’t gone away, either: there was reportedly a coup attempt this year. Most incumbents have won reelection on the continent this year, often amid reports of vote-rigging. Will it be different in Guinea-Bissau?
Two men from Queens walk into the Oval Office
New York City mayor-elect Zohran Mamdani is heading to the White House today to meet with Donald Trump, setting the tone for the relationship between the leader of the US’s biggest city and the US president – and there’s plenty that could go wrong. While they both hail from Queens, they represent movements on vastly different sides of the political spectrum. If things go south, Trump holds a more powerful hand: he has threatened to cut off funding for the city, flood its streets with ICE agents, and send in the national guard. While Mamdani may hesitate to provoke the president, he’ll lose his base if he’s seen as cowing to the president.
Argentine President Javier Milei speaks during the America Business Forum at the Kaseya Center in Miami, Florida, USA, on November 6, 2025.
$20 billion: Argentine President Javier Milei had a fantastic midterm election last month, but the celebration might be coming to an abrupt end: A group of US banks shelved its $20-billion bailout plan for the South American nation, favoring instead a short-term loan package.
6: A group of six US Democratic lawmakers published a video telling military and intelligence officials that they must disobey illegal orders. The move irked President Donald Trump, who suggested that the move constituted, “SEDITIOUS BEHAVIOR, punishable by DEATH!”
70 million: The Louvre wasn’t the only site of a successful heist in broad daylight this fall, as a group of men posing as Indian central bank officials robbed a vehicle that held 70 million rupees ($800,000) in the southern state of Karnataka on Wednesday afternoon, per police. Law enforcement is still searching for the culprits.
41: Relentless rains and flooding in central Vietnam have killed at least 41 people, left nine missing, submerged over 52,000 homes, and cut power to half a million households. Hard-hit cities like Hoi An and Nha Trang face evacuations, landslides, and infrastructure collapse as typhoons grow increasingly frequent.
10.5: The former leader of Nigel Farage’s Reform UK party was sentenced to ten-and-a-half years in prison this morning for accepting pro-Russian bribes. Nathan Gill was paid thousands of pounds to deliver TV interviews in favor of an ally of Russian President Vladimir Putin. Reform UK has taken a more dovish position on Russia’s invasion of Ukraine than other parties in the United Kingdom.
$1 trillion: During his White House visit this week, Saudi Crown Prince Mohammed bin Salman pledged to increase his investment in US firms to nearly $1 trillion. There’s just one problem: Riyadh’s Public Investment Fund is running low on cash, according to a New York Times report.
Hard Numbers: 80 years since the Nuremberg trials, Gazan ceasefire holds despite strikes, US and India inch closer to detente, Epstein files out before Christmas
Senior Nazi figures – Hermann Goering (1893-1946), Rudolf Hess (1894-1987), Joachim von Ribentrop (1893-1946), and Wilhelm Keitel (1882-1946) – stand trial in Nuremberg, Germany, 1945-46.
80: Exactly 80 years ago today, the Nuremberg trials began. One scholar who knows a thing or two about the subject says it’s a reminder that international law – despite the punchline that it sometimes seems to be – can also make a real difference.
25: The Israeli military struck parts of Gaza yesterday, killing at least 25 people, per Hamas-linked local health officials. Israel said the attacks were in response to Hamas militants opening fire on its forces. There were another set of Israeli airstrikes on Wednesday that reportedly killed five. Both sides said they were still committed to keeping the ceasefire, though each side is struggling to move forward with the second phase of the ceasefire deal.
$93 million: In another sign that trade tensions between the world’s richest country and the world’s most populous country are easing, the US approved a $93-million deal to sell arms to India. The purchase also marks Delhi’s latest move away from buying Russian arms and toward purchasing US ones.
30: After US President Donald Trump signed the bill last night, the Justice Department has 30 days to release all of the Epstein files. It remains to be seen whether the release will be comprehensive – the department can withhold documents related to ongoing investigations – but Attorney General Pam Bondi has said that she would “encourage maximum transparency.”
Graphic Truth: Europe tries to fill US void in Ukraine funding
Under former President Joe Biden, the United States had been a major supporter of Ukraine, handing more than €100 billion to Kyiv in cumulative financial, humanitarian and military aid. In 2024, the US gave more to Ukraine than all of Europe combined. That has changed since US President Donald Trump took office, with Washington halting most forms of aid to Ukraine (it does still offer some military support, and has handed weapons to Ukraine via money allocated during the Biden administration). Europe has tried to fill the void, as the graphic shows, but there are concerns the European money well is starting to dry up.
Canada's Prime Minister Mark Carney and Minister of Finance Francois-Philippe Champagne applaud after a confidence vote on the federal budget passes in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada November 17, 2025.
Canada’s six-month old minority government survived a de facto confidence vote on its first budget yesterday, avoiding the possibility of a Christmas election. Carney now has a mandate to run the second-highest deficit in Canadian history, at CA$78.3 billion, in order to implement wide-ranging industrial policy that includes infrastructure, resource development, and defense. It’s a blow for the opposition parties, most notably the Conservatives, whose leader Pierre Poilievre is facing a leadership review vote by his party at its annual convention in January.
What will the budget mean for Canada? Over the next five years, the government will invest CA$115 billion in infrastructure spending, including electricity-grid upgrades and high-speed rail, as well as in major projects, including port infrastructure, LNG plants, and to support critical minerals development projects that could challenge China’s dominance in the sector. It will spend CA$25 billion on housing, a major election issue, as well as an extra CA$81.8 billion on defense. A “Buy Canadian” procurement regime will steer federal contracts toward domestic suppliers for all these engagements.
But the plan comes with an average CA$64.3 billion annual deficit for the next four years, double what had been projected by the previous government. According to the Fitch ratings agency, Canada’s general government-debt-to-GDP ratio will rise to 91.8% in 2026 and 98.5% in 2027, compared with 88.6% in 2024 and nearly double its AA rating median of 49.6%. To counter the fiscal pressure, the budget promises to cut 10% of public service jobs to balance the government’s operating expenditures, but capital spending will still have Ottawa in the red.
Those factors made the budget unpalatable to both the right-wing Conservatives and the left-wing New Democrats while two other smaller parties, the Bloc Quebecois and the Greens, refused to support it due to its failure to increase Old Age security payments and its removal of the federal emissions cap on Canada’s oil and gas industry.
So then how did the budget pass? Carney’s government was three seats shy of a majority when the bill was introduced on Nov. 4. That same day, however, a Conservative MP, Chris d’Entremont, crossed the floor to the Liberals, and a day later, another Conservative, Matt Jeneroux, announced he would resign his seat in the spring, ostensibly for family reasons, amid rumours that he was also considering joining the government.
That left Carney still in need of two crucial votes, or a combination of votes and abstentions. He got the support of Elisabeth May, leader of the Green Party, in exchange for a promise to meet Canada’s climate targets in the Paris Agreement to reduce greenhouse gas emissions by 40-45% below 2005 levels by 2030, though it is not clear how that will be achieved with the new energy investments in the budget. Four opposition MPs then abstained, two each from the Conservatives (Jeneroux, and another with serious health issues) and the New Democrats (one whose local mayors and Indigenous leaders did not want an election, and another who saw benefits in the budget for her riding). This allowed the budget to pass by a vote of 170 to 168.
Where does this leave the opposition? The drama has weakened Conservative leader Poilievre. Many MPs were already unhappy with the party’s election defeat in April, blaming Poilievre for failing to pivot to the issue of opposing US President Donald Trump. The Conservative leader also lost his own seat and had to win a seat in a by-election in order to return to Parliament in September.
But the biggest problem in the Conservative Party is governance. In the wake of the budget floor crossing, Poilievre and his advisors reportedly threatened MPs to prevent further defections, leading one to liken their style to that of “the Sopranos”. This could spell trouble for Poilievre at an upcoming Conservative leadership review in January, required when the party loses an election: a score under 80% could severely undermine his ability to remain leader.
At the other end of the political spectrum, the NDP are fighting for relevance after the 2025 election reduced them to seven seats and saw their leader resign. The party is voting to choose a new leader in March 2026, making the prospect of an election now without a permanent leader an unappealing prospect. However, the decision by two members to abstain revives bitter memories of the party’s deal to prop up the previous Liberal government, which angered many members and became a factor in the New Democrats’ defeat.
How stable is the government?
With the budget passed, the Liberals don’t need to worry about another confidence vote until the fall of 2026. But nothing prevents the government from going to the polls at any time, if it thinks it could be to its advantage. The longest a government can stay in power in Canada is five years, but the average lifespan of a government without a locked-in majority of Parliament is about two years. The timing of the next election could hinge on many factors, including striking a trade deal with Trump, the state of the Canadian economy, and the strength – or weakness - of opposition leaders.
“Most CEOs are really unwilling to say anything,” he tells Ian Bremmer. “They'll talk to you privately, absolutely. But publicly, unless they're going to be in praise of what's ever happening in Washington… they are not willing to raise their hand and say, ‘this is a problem."
Sorkin points to fear—both political and reputational—as a key reason why tech and financial leaders stay silent. “If I raise my hand now, I may not have a hand,” he says. “Should I raise it now? Should I raise it later? And will there be a later?”
As economic uncertainty grows, he questions whether the public can count on the private sector to lead. “If we ever get to a moment where there is a crisis… are there going to be leaders willing to stand up and explain what needs to happen?”
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Could Trump have handled the Epstein files any worse? Ian Bremmer says the president came close, first opposing the release, then reversing course once it was clear he was losing Republican support in Congress.
“When they’re running you out of town, get in front of the crowd and make it look like you’re leading the parade,” Ian says of Trump’s Sunday-night flip.
Now Republicans can safely vote to release what’s legally permissible, while Trump’s DOJ delays disclosures by launching new investigations into Democrats named in the files.
It caps a rough stretch for Trump: election losses in multiple states, slipping poll numbers, and public feuds with longtime allies. But when it comes to the Epstein documents themselves, Ian is clear: they will likely contain embarrassing details for Trump, but he does not expect they will show illegal involvement, or the Biden administration would have already acted.