Last week, I questioned how seriously we should take the initial direction of Mr. Trump’s attempt to end the war in Ukraine—an approach that involves openly conceding to Russia’s demand for territorial annexation and a binding commitment to block Ukraine from NATO membership. This was followed by a bizarre attack on Zelensky on X, where the U.S. president accused his Ukrainian counterpart of being a dictator and of instigating the war. On Friday, scenes at the White House made it abundantly clear: we should take it very seriously indeed. On first glance, Noah Smith and Niall Ferguson were right, and I was wrong. The fates of the key players in this drama are deeply intertwined and will converge soon enough, but it’s worth examining them separately.
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