WSJ What’s News - America’s Business-Heavy Postwar Vision for Ukraine Triggers Clash with Europe

Episode Date: December 11, 2025

A.M. Edition for Dec. 11. The U.S. proposals have sparked an intense battle at the negotiating table, with WSJ security correspondent Benoit Faucon saying the outcome is set to profoundly alter Europe’s economic map. Plus, the U.S. 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. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

America's business-heavy post-war vision for Ukraine and Russia triggers a clash in Europe. Plus, the U.S. 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. If Congress fails to act, the subsidies would revert to pre-pandemic levels, causing premiums to surge. 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 re-enter. into the world economy. In addition to border and security proposals, the documents detail

plans for U.S. businesses to tap roughly $200 billion 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 Ben Wafo Khan 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. I think what this official was referring to was really the idea that these places seen as strategic business locations. 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? Yeah, Benoit, I noted how Europe wants to use frozen Russian funds for reconstruction and weapons for Ukraine while the U.S. is envisioning investing the money in a data center that would benefit Russia, the U.S., and Ukraine, for instance. Yeah, so we know that there's this big power plant in eastern Ukraine that is shut down right now, but he's under Russian occupation.

What is interesting is it's going to be a potentially joint operation between the Ukrainian and the Russian, because the Russian control the planet. 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 a vision, right? Does it work in practice? Very often it doesn't. 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. 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 expectation from the U.S. side that energy opportunities in Russia that will arise from the end of the war are seen in the U.S. as U.S. economic opportunities. You don't see any reference in this conversation to Asian or European corporate companies being involved. Benoit Foucahn 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. Of course. Thank you so much.

me me. A pair of U.S. 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, Sana'a Takaichi, 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 U.S. 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 U.S. from foreign threats, according to the proposed rule filed by U.S. Customs and Border Protection. A CBP spokesperson emphasized that the social media rule wasn't final. And a growing number of Republicans in both the House and Senate say the GOP should extend expiring Affordable Care Act subsidies in a break with party leadership. With enhanced ACA subsidies set to expire in three weeks, some Republicans now say they're willing

to back a short-term extension as lawmakers try to head off big price increases for millions of households. In the meantime, the Senate is scheduled to vote later today on competing Democratic and Republican plans. Here's journal Congressional reporter Shavon Hughes. The Democratic plan would renew expiring Affordable Care Act subsidies for three years under the GOP plan, in lieu of subsidies, the government would put up to $1,500 a year into health savings accounts. These are the tax-advantaged plans that can be used to cover out-of-pocket costs like co-payments or deductibles. The HSA plans would only be available to people who select either catastrophic coverage or else one of the AC's bronze plans, which has a high deductible.

Neither bill is expected to pass, but the collapse of those partisan plans could open the door to conversations about a bipartisan deal. Centrist Democrats and Republicans have been talking for months about renewing the subsidies for two years, but making higher-income households ineligible and also requiring all enrollees to pay at least something as a means of deterring fraudulent enrollments. The subsidies were first enacted in 2021 during the pandemic. They reduce insurance premiums for about 20 million people. If Congress fails to act, the subsidies would revert to pre-pandemic levels, causing premiums to surge. Coming up, Oracle shares tumble as AI spending outpaces revenue, and the U.S. Mint

unveils its vision for honoring America's 250th birthday, which could include a Trump coin. Those stories after the break. It's a tale of two earnings reports, as quarterly results yesterday from Oracle and Adobe, showcased divergent trajectories for companies going all in on AI. Shares of Oracle fell more than 10% off hours after revenue and operating income fell short of analyst's expectations. While the company's deal backlog now exceeds a half a trillion dollars, thanks to new commitments from the likes of meta and invidia, there is concern in some corners over how heavily Oracle has borrowed to build out capacity.

Software maker Adobe, meanwhile, topped analyst estimates as it forecast double-digit recurring revenue growth next year as it embeds AI squarely within its strategy. Adobe said yesterday it's joining a group of companies placing its technology directly within ChatGPT's app ecosystem. The company's digital media president David Wadwani described that as a way to meet customers where they increasingly are in chat bots editing images and graphics. They let us reach new users that we typically wouldn't have reached with some of the traditional markets that we go through. And we can engage them in new ways. And it gives us the journey work that's already in there gives us the opportunity to flow them into our full paid plan. So it's a real top of funnel game with a conversion opportunity on the back end of that. And the U.S. Mint has scrapped plans to honor the abolition of slavery, women's suffrage, and the civil rights movement on quarters

marking the nation's 250th birthday. Those designs were backed by an advisory committee that includes bipartisan political appointees. Instead, the Mint's special quarters will depict President's Washington, Jefferson, Lincoln, and Madison, as well as pilgrims, glimpsing America's shores. The administration didn't provide a reason for the shift, though President Trump has criticized museums and cultural institutions for being too focused on negative parts of American history. The Mint is still considering the design for a special $1 coin featuring a portrait of President Trump against the opposition of some congressional Democrats who've sought to keep living presidents off of U.S. money. And that's it for what's news for this Thursday morning. Today's show was produced by Hattie Moyer and Daniel Bach.

Our supervising producer is Sandra Kilhoff, and I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. And until then, thanks for listening. Thank you.