'We have the makings of a deal': Trump hosts Zelenskyy after dialling Putin; Is Ukraine war ending?

The Economic TimesAbout 4 min readDec 29, 2025Watch original
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Key Concepts

  • Territorial Concessions: Potential relinquishing of Ukrainian territory to Russia as part of a peace agreement.
  • 20-Point Plan: A framework developed by negotiating teams from both the US/Ukraine and potentially Russia, outlining steps towards peace.
  • Security Agreements: Proposed agreements guaranteeing Ukraine’s future security, potentially involving European nations.
  • Frozen Russian Assets: Billions of dollars of Russian financial assets held by Western countries, debated for potential use in Ukraine’s reconstruction.
  • Willing Parties: Trump’s assertion that both Ukraine and Russia genuinely desire a resolution to the conflict.

Meeting Between Trump and Zelenskyy at Mar-a-Lago: A Detailed Account

This transcript details a meeting between former US President Donald Trump and Ukrainian President Volodymyr Zelenskyy at Trump’s Mar-a-Lago resort in Florida, focused on potential pathways to ending the war between Ukraine and Russia. The meeting occurred following a phone call between Trump and Russian President Vladimir Putin lasting over an hour, with plans for another call immediately after the meeting with Zelenskyy.

Initial Statements & Perceived Willingness for Peace

Trump repeatedly expressed his belief that both Zelenskyy and Putin “truly want peace,” stating, “I do. I do. I think he is [Putin]. I think they both are.” He emphasized the need for a deal, citing the high human cost of the conflict: “Too many people dying and uh I think both presidents want to make a deal. I believe that.” He framed the situation as a complex but solvable challenge, noting that resolving this conflict was “the most difficult one” of the eight wars his administration had addressed.

Zelenskyy, alongside Trump, acknowledged the discussion of “territorial concessions,” a sensitive issue for Ukraine, but indicated ongoing negotiations focused on a “step-by-step” approach to peace. He thanked Trump’s team for their work on various documents aimed at achieving a resolution.

The 20-Point Plan & Negotiation Strategy

A central element of the discussion revolved around a “20-point plan” for peace. Zelenskyy stated that 90% of this plan was developed by the negotiating teams, highlighting their collaborative effort. The plan’s “sequencing” – the order in which steps are taken – was identified as a crucial aspect of the strategy. Trump’s team, including Steve Mnuchin, Jared Kushner, and Marco Rubio, were specifically acknowledged for their contributions.

Security Agreements & European Involvement

Trump indicated that a “strong” security agreement for Ukraine was anticipated, with significant involvement from European nations in providing “protection etc.” He praised the European nations for their support and alignment with the goal of reaching a deal, stating they “all want to get it done.” The specifics of the security agreement were not yet defined, prompting Trump to dismiss a reporter’s question as “a dumb question.”

Economic Reconstruction & Frozen Assets

The potential for economic benefits for Ukraine through reconstruction was discussed, with Trump noting the “great wealth” Ukraine possesses and the opportunities for rebuilding. The topic of billions of dollars in frozen Russian assets held by Western countries arose, with Trump stating a resolution was “in final stages of talking” and would either lead to a swift end to the conflict or a prolonged continuation. He warned of “millions of additional people” potentially being killed if a resolution isn’t reached.

Recent Attacks & Assessing Putin’s Seriousness

Responding to a question about recent Russian attacks on Ukraine, Trump asserted that Putin is “very serious” about peace. He also suggested Ukraine had launched “strong attacks” within Russia, stating, “I think Ukraine has made some very strong attacks also.” He refrained from attributing the attacks to either side definitively, stating, “It possibly came from Ukraine, but I haven't asked that question.” He reiterated his belief that both Ukraine and Russia desire an end to the war.

Timeline & Expectations

Trump explicitly stated he did not operate on “deadlines,” emphasizing that his “deadline is getting the war ended.” He expressed optimism about achieving rapid progress, citing the work of his team and the perceived willingness of both sides to negotiate. He credited individuals like Steve Mnuchin, Jared Kushner, and Marco Rubio for their contributions, and noted that both Ukraine and Russia “appreciate” the efforts being made.

Zelenskyy’s Remarks & Emphasis on Teamwork

Zelenskyy expressed gratitude for the meeting and the work of both teams, highlighting the progress made on the 20-point plan and a separate document focused on “prosperity and security.” He emphasized the importance of international cooperation in bringing peace as quickly as possible and suggested potential contact with European leaders.

Logical Connections & Overall Synthesis

The transcript reveals a meeting centered on exploring potential avenues for a negotiated settlement to the Ukraine-Russia conflict. Trump positioned himself as a potential mediator, leveraging his past relationship with Putin and emphasizing his perceived ability to broker a deal. The 20-point plan serves as the core framework for discussion, with security guarantees and economic reconstruction emerging as key components of a potential agreement. The transcript highlights Trump’s belief in the willingness of both Zelenskyy and Putin to find a resolution, despite ongoing hostilities. The overall takeaway is a cautious optimism, coupled with a recognition of the complexity of the situation and the need for continued negotiation.

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