Last month we noted that South Korea has been effectively running a racket to extract money from Big Tech through the Korea Fair Trade Commission (KFTC) – which, taking a note from the EU, has repeatedly targeted US firms with massive fines over various business practices. For years, the targeted industries have argued that Korean “network usage fees,” mandatory billing rules, app-store regulations, digital-platform laws, and privacy rulings were crafted to disadvantage foreign competitors while protecting national champions.

The longstanding U.S. – Korea alliance has operated within a familiar structure: Washington provided unconditional military protection, while Seoul pursued autonomous industrial and regulatory policies – occasionally at the expense of U.S. firms. The KFTC in particular developed a reputation among American technology, pharmaceutical, and automotive companies as an aggressive, often unpredictable enforcer whose investigations and fines disproportionately targeted foreign market leaders. In sectors ranging from app stores to semiconductors, U.S. firms routinely complained of a regulatory process that lacked transparency, due-process standards, and basic recognition of attorney-client privilege.

In 2021, they fined Google $177 over alleged anti-competitive practices in Android licensing. In 2023,  Apple faced a $22 million fine for keeping developers in the Apple payment ecosystem. In 2024, the KFTC launched probes into Amazon and Google over alleged preferential treatment in online advertising and search results, which they said could disadvantage Korean firms. 

They’ve also targeted Qualcomm, Meta, Tesla and other US firms, leaving many wondering whether Korea’s antitrust apparatus was deploying economic nationalism under the guise of competition enforcement. Investigations were often launched under political pressure, imposed fines were regularly among the highest in the world, and procedural protections were thin compared to OECD norms.

Not Anymore…

During President Donald Trump’s October visit to the Republic of Korea, things were quickly straightened out. In a Nov. 13 press release, the White House writes:

“The United States and the ROK commit to ensure that U.S. companies are not discriminated against and do not face unnecessary barriers in laws and policies concerning digital services, including network usage fees and online platform regulations.”

So – Korea will need to keep their attack dog on a leash. To that end: 

“The ROK commits to provide additional procedural fairness provisions in competition proceedings, including the recognition of attorney-client privilege.”

This further neuters the KFTC, an institution that historically did not offer the evidentiary protections common in U.S. or EU jurisdictions. American companies have long complained that Korean antitrust proceedings allowed investigators access to internal legal communications – a structural disadvantage that no domestic firm in the United States or Europe would be forced to accept. 

As a member of the Trade Subcommittee, ensuring U.S. companies are treated fairly when operating abroad is crucial. That’s why I introduced bipartisan legislation addressing the Republic of Korea’s harmful digital trade barriers earlier this year.

I’m grateful to President…

— Rep. Carol Miller (@RepCarolMiller) November 18, 2025

Beyond the KFTC, Seoul’s commitments under the new Korea Strategic Trade and Investment framework seem like a great deal for America:

• $150 billion in U.S.-approved investments in shipbuilding

• $200 billion more under a coming MOU

• A $36 billion Boeing aircraft purchase

• $25 billion in U.S. defense acquisitions

• $33 billion in support for U.S. Forces Korea

While the US is no longer separating defense and economics – it’s explicitly linking security cooperation to regulatory reciprocity, and makes clear that a strong alliance requires a fair economic relationship.

Carrot and Stick

Politico reports that if Korea walks away from the agreement, they could launch a ‘301 probe’ 

According to three people close to the discussions who were granted anonymity to disclose private conversations, U.S. Trade Representative Jamieson Greer and other administration officials have repeatedly warned they could launch a 301 probe if Seoul walks away from that particular part of the agreement.

Greer most recently issued that warning during discussions leading up to last month’s summit between Trump and South Korean President Lee Jae-myung, as South Korean negotiators hedged on proposals the U.S. believes would expose tech behemoths like Google, Apple and Meta to heavy fines. He also said something similar at a September meeting with South Korean Trade Minister Yeo Han-koo, the people said.

The pressure campaign is part of the administration’s wider effort to push back on foreign regulations aimed at reining in the power of large digital platforms — a model pioneered by the European Union and its Digital Markets Act. Last week, the Trump administration unveiled trade agreements with Argentina, Guatemala, El Salvador and Ecuador that include requirements that those countries reject digital services taxes. 

That said, “Administration officials and U.S. tech industry allies are expressing confidence that Lee’s government won’t renege on that agreement.”

“After all the hard work that went into last week’s trade deal, it’s unimaginable that Korean officials would let the KFTC move forward with legislation or regulatory actions that would blow everything up and inevitably lead back to higher tariffs and escalating tensions,” one corporate lobbyist close to the White House told the outlet. 

A White House official told Politico that the possibility of a Section 301 “came up” during the talks, but that the US was not considering a “heavy-handed approach” at this time.

“The Koreans understood that tariffs are … a stick we carry,” the official added. 

Meanwhile, after years of Washington blocking Seoul’s ambitions for nuclear-powered attack subs, Trump gave them the green light.

According to Trump’s first National Security Advisor, Ambassador Robert O’Brien, “The US-ROK trade agreement signals a massive shift in how Korean officials are now expected to treat US firms. It officially recognizes the need to address a history of aggressive, discriminatory policies against American tech companies—including raids & unfounded criminal prosecutions. This deal should effectively kill any new legislation in Korea targeting online platforms, consistent with explicit warnings from President @realDonaldTrump.”

The US-ROK trade agreement signals a massive shift in how Korean officials are now expected to treat US firms. It officially recognizes the need to address a history of aggressive, discriminatory policies against American tech companies—including raids & unfounded criminal…

— Robert C. O’Brien (@robertcobrien) November 17, 2025

There are still issues to be hammered out with the sub deal; where they’ll be made and how to secure fuel for them considering Washington’s longstanding stance on not allowing Seoul to enrich uranium or reprocess spent nuclear fuel (their 26 nuclear reactors are all powered by imported fuel). Seoul, however, wants to enrich uranium themselves to build its own fuel supply chain and bolster its energy security. 

Whatever happens with that, it’s clear that Seoul is aligning its industrial future more tightly with the United States than at any point in modern history.

Korea has been officially put on notice. Treat American companies poorly, threaten our workers, raid our firms’ offices, and President Trump will push back.

It’s insane we’ve tolerated this kind of behavior from an ally, but even greater that the new trade deal KlLLS any… pic.twitter.com/7LnZCAthj0

— Gunther Eagleman™ (@GuntherEagleman) November 16, 2025

Hot on the heels of news that it will invest “hundreds of billions” in loans to the nuclear power industry, including one already disbursed loan for $1BN to restart Three Mile Island, Bloomberg reported that the US government also plans to buy and own as many as 10 new, large nuclear reactors that could be paid for using Japan’s $550BN funding pledge, part of the Trump admin’s existential push to meet surging demand for electricity

The Energy Department’s chief of staff, Carl Coe, made comments today detailing the unusual arrangement related to the $550 billion in funding for US projects announced by Japan, Bloomberg reports.

“The role of having the government involved in private markets is sacrosanct — you just don’t do it,” Coe said at an energy conference hosted by the Tennessee Advanced Energy Business Council. “But this is a national emergency.”

The announcement sparked speculation which companies would benefit from the federal government’s upcoming purchases, which as we said yesterday, would amount to a flood of capital for the nuclear sector. 

It is still unclear whether the funding commitments made by Japan, announced last month as part of a trade deal framework with the US, will come to fruition. In all, Japan has agreed to invest some $332 billion for energy projects in the United States, according to the White House. That pledge, in addition to Westinghouse’s new AP1000 reactors, include a new breed of smaller nuclear reactors, as well new power plants, electric transmission projects and pipelines. 

Below we list some of the most likely beneficiaries:

• Cameco, CCJ – Currently a 49% owner of Westinghouse. They, along with Brookfield Asset Management, are already coordinating with the US government for building out the only large reactor design currently in discussion – the 1,100 MWe AP1000. The only other large reactor with a partially US-owned design is the boiling water reactor from GE-Hitachi. Those reactor designs haven’t been marketed for development by GE Venova for years, while the company has instead focused on their 300 MWe design, the BWRX-300.

• BWX Technologies, BWXT – While this company doesn’t currently have much involvement with the construction of AP1000 reactors, due to this new project being federally driven, there could be an increased role for the US government’s primary nuclear contractor for heavy fabrication or manufacturing.

• Mirion Technologies MIR – They are one of the leaders in radiation safety and monitoring equipment, and are one of Westinghouse’s primary contractors for reactor instrumentation. Their recent acquisition of Paragon adds to the suite of monitoring equipment they have to offer for new plants.

• Flowserve, FLS – While still a comparatively small portion of their overall revenue, Flowserve is the leading provider of critical pumps and valves for nuclear primary and secondary systems. In their lastest earning report, they pointed to a potential $10 billion revenue stream of nuclear contracts for which they think they are one of the leading competitors.

• Centrus Energy, LEU – They are on the cusp of finally commencing their Low Enriched Uranium (LEU), typically used by large commercial reactors like the AP1000, and High-Assay LEU (HALEU), used by most small advanced reactors, capacity expansion projects after multiple pledges for support made by South Korea and the US government. Additional task orders under the DOE’s uranium enrichment programs are also anticipated in the coming weeks.

• Silex Systems, SILXY (SLX.ASX) – Silex owns 51% of Global Laser Enrichment, a company using lasers to enrich uranium at a test facility in North Carolina, with a fuel facility license currently under review for a commercial plan in Kentucky. They are actively producing hundreds of kilograms of LEU for the calendar year at their facility in North Carolina, and have deep integration with the DOE to produce additional quantities of uranium for additional enrichment.

• Domestically owned and operated uranium mining companies, UEC, EU, URG, UUUU – The four major American uranium companies stand to benefit from the federal effort to expand domestic mining of uranium, not just for a commercial fleet expansion effort, but for defense purposes, as uranium mined in the United States is the only ore that can be used for use in nuclear weapons and US Navy reactors.

As we have discussed extensively in recent weeks, and as the Trump admin has picked up, there are now flashing red alerts about a shortage of electricity needed for energy-hungry data centers that power artificial intelligence and for a potential resurgence of domestic manufacturing. On his first day in office, President Donald Trump declared an energy emergency, unlocking new domestic powers to fast-track pipelines, expand power grids and save struggling coal plants.

It has been more than a decade since the US last broke ground on a large-scale nuclear power plant that came online. Most of America’s energy industry wrote off for dead the notoriously expensive projects after Southern Co., the last utility to build a new plant, went $16 billion over budget and seven years behind schedule building its Vogtle project.

Still, the AI boom has created new life for the big plants. Earlier this year, Xcel Chief Executive Officer Bob Frenzel raised the idea that the projects could come back in vogue.

It is still unclear whether the funding commitments made by Japan, announced last month as part of a trade deal framework with the US, will come to fruition. In all, Japan has agreed to invest some $332 billion for energy projects in the United States, according to the White House. That pledge, in addition to Westinghouse’s new AP1000 reactors, include a new breed of smaller nuclear reactors, as well new power plants, electric transmission projects and pipelines.

The problem, as anyone who is familiar with Japan’s sovereign debt and chronic budget deficits, is that the country simply does not have this money, which likely means that while the Trump admin will use Tokyo as a smokescreen for money purposes, the actual funds – tens if not hundreds of billions of them – will come from Uncle Sam’s own treasury in the coming years. 

The Energy Department didn’t immediately respond to a Bloomberg request for more details. Coe, in his remarks at the conference, said lots of details remained to be decided, but expressed confidence the nuclear reactors would come through.

“We’re trying to decide where to put them,” Coe said.

Update(1429ET): It looks like for the first time Washington is getting serious about ending the Ukraine war, now apparently offering territorial concessions. And the Trump White House is reportedly leaning on President Zelensky to accept, per the FT:

“According to people with direct knowledge of the document, the draft plan would require Ukraine to cede the remainder of the eastern Donbas region — including land currently under Kyiv control — and cut the size of its armed forces by half.

Crucially, it also calls for Ukraine to abandon key categories of weaponry and would include the rollback of US military assistance that has been vital to its defence, potentially leaving the country vulnerable to future Russian aggression.

It would also stipulate that Russian be recognized as an official state language in Ukraine and grant official status to the local branch of the Russian Orthodox Church — provisions echoing long-standing Kremlin political objectives.”

The 28-point Trump also reportedly plan calls for Russia to gain full de facto control of Luhansk and Donetsk.  In Kherson and Zaporizhzhia, the current lines of control would mostly be frozen in place, according to the plan which is sure to be controversial in Europe.

* * *

Here we go again: the Trump administration is desperately seeking to revive the peace effort in Ukraine, this time coming up with a 28-point plan which is modeled off the so far successful Gaza ceasefire.

The US is said to have been quietly working with Moscow on a new initiative to end the war in Ukraine. It’s being called a ‘secret’ plan and effort, according to Axios. It has led to a series of behind-the-scenes meetings and draft plans as Washington explores what conditions might allow for a political settlement.

The 28-point framework is organized around four major themes: securing peace in Ukraine, establishing security guarantees, addressing broader European security concerns, and defining the future of US relations with both Russia and Ukraine. An important highlight is that the talks are taking place without Ukraine or Europe at the table.

A senior Kremlin official cited in Axios said he was “optimistic” about the plan’s prospects, arguing that it aligns more closely with Moscow’s views than previous diplomatic efforts.

But is control of land or territorial concessions to be resolved? It’s unclear whether the secret plan tackles this head on, but if Russian officials are warming to the 28-point plan, then it likely touches on this.

Trump’s envoy, Steve Witkoff, has been overseeing the drafting process and has held extensive discussions with Russian negotiator Kirill Dmitriev, the head of Russia’s sovereign wealth fund and and top Putin representative in talks.

Dmitriev revealed to Axios he spent Oct. 24–26 in Miami in intensive talks with Witkoff and Trump advisers. Crucially he said that for the first time “we feel the Russian position is really being heard.”

Zelensky’s national security adviser, Rustem Umerov, has also been quoted as saying “We know the Americans are working on something.” This remark came as a planned meeting in Istanbul involving Witkoff, President Zelensky, and hosted by Erdogan on Wednesday has been altered. US Army representatives will reportedly be involved, and will meet with Zelensky, likely to pitch the new 28-point plan and brief him on progress.

Further interesting is that White House official told Axios Trump believes the war could “if flexibility is shown,” adding: “The president has been clear that it is time to stop the killing and reach a deal to end the war.”

Ukraine supporters are already vehemently complaining the talks are taking place secretly and without Kiev’s direct involvement or input…

A “secret plan” to end the war? What we know – and why Ukraine must stay vigilant.

Axios and Reuters report that the White House is quietly working with Russia on a 28-point roadmap to end the war in Ukraine. The plan is reportedly divided into four areas:
1️⃣ Peace in Ukraine
2️⃣… pic.twitter.com/KO82vJMqMh

— Roman Sheremeta 🇺🇸🇺🇦 (@rshereme) November 19, 2025

But then again, all the sides have been down this road before, and even recently, and yet at those moments Moscow’s real, pressing concerns were not directly dealt with, including a clear and permanent commitment that Ukraine will never join NATO, along with territorial concessions – starting especially with Crimea.

Trump expressed optimism in Tuesday comments, claiming that “I’ve actually stopped eight wars. I have another one to go with Putin. I’m a little surprised at Putin. It has taken longer than I thought.”

Authored by Aldgra Fredly via The Epoch Times,

President Donald Trump said the United States should adopt one federal standard for governing artificial intelligence (AI), saying it’s important for the United States to stay ahead of China in the race for AI dominance.

In a Truth Social post on Nov. 18, Trump said the United States needs a single AI standard rather than “a patchwork of 50 state regulatory regimes,” warning that state-level rules are stifling the country’s AI growth.

“Investment in AI is helping to make the U.S. Economy the ‘HOTTEST’ in the World, but overregulation by the States is threatening to undermine this Major Growth ‘Engine’,” he wrote.

Trump said some states tried to “embed DEI ideology into AI models,” producing what he described as “woke AI.” DEI refers to diversity, equity, and inclusion.

“If we don’t, then China will easily catch us in the AI race. Put it in the NDAA, or pass a separate Bill, and nobody will ever be able to compete with America,” he stated, referring to the National Defense Authorization Act.

His statement came amid reports that House Republican leaders were planning to include language in the NDAA that would prevent states from regulating AI.

Florida Gov. Ron DeSantis has opposed the plan, saying that stripping states of AI regulatory power would be “a subsidy to Big Tech” and would block states from “protecting against online censorship of political speech, predatory applications that target children, violations of intellectual property rights, and data center intrusions on power/water resources.”

“The rise of AI is the most significant economic and cultural shift occurring at the moment; denying the people the ability to channel these technologies in a productive way via self-government constitutes federal government overreach and lets technology companies run wild. Not acceptable,” DeSantis stated on X.

AI Dominance Pursued

Since taking office on Jan. 20, Trump has pursued policies aimed at securing U.S. dominance in AI development, including efforts to remove regulatory barriers on AI developers.

Story continues below advertisement

The White House’s “AI Action Plan,” released in July, states that the country seeks to build “the most powerful AI systems in the world,” and recommends that the federal government block AI-related funding to states with AI regulations.

“AI is too far important to smother in bureaucracy at this early stage, whether at the state or Federal level. The Federal government should not allow AI-related Federal funding to be directed toward states with burdensome AI regulations that waste these funds, but should also not interfere with states’ rights to pass prudent laws that are not unduly restrictive to innovation,” it stated.

In July, Trump signed an executive order targeting what he called “woke AI.” The order directs federal agencies to procure only large language models that are “truth-seeking” and politically neutral—AI models that the administration deems “do not manipulate responses in favor of ideological dogmas such as DEI.”

Since the last FOMC meeting (Oct 29th), gold is the best performing asset (along with the dollar) as bonds, stocks, and oil are all down notably…

Source: Bloomberg

Rate-cut odds for the December meeting continued to tumble after Powell’s hawkish comments (and the follow-up FedSpeak). Today saw BLS confirm no more payrolls data before the next Fed meeting and that pushed expectations even more hawkishly lower…

Source: Bloomberg

As a reminder, The Fed cut rates by 25bps in the October meeting to 3.75-4.00%, with two dissenters: 1 hawkish (Schmid) and 1 dovish (Miran). Other non-voters have been out recently suggesting they did not support a cut.

While markets have made up their minds on the rate-cut decision, as we noted earlier, we’ll be watching for color on the hawk/dove split; but, most eyes will be on discussions around The Fed’s balance sheet (the end of QT) and the level of reserves being somewhere between ‘abundant’ and ‘ample’.

So, what does The Fed want us to know it was thinking during the meeting?

On the rate-cut decision, there is a hawkish bias (‘Several’ is less than ‘many’)

• *FED: `SEVERAL‘ SAID DECEMBER CUT `COULD WELL BE’ APPROPRIATE

  • Several participants said another cut in December “could well be appropriate in December if the economy evolved about as they expected” before the next meeting.

• *FED: `MANY‘ SAW DECEMBER RATE CUT AS LIKELY NOT APPROPRIATE

  • “Many participants suggested that, under their economic outlooks, it would likely be appropriate to keep the target range unchanged for the rest of the year,” the minutes said.

The doves are doing God’s work on the jobs market…

“Most participants suggested that, in moving to a more neutral policy stance, the Committee was helping forestall the possibility of a major deterioration in labor market conditions.”

But… the hawks are there too to warn you off…

“Most participants noted that, against a backdrop of elevated inflation readings and a very gradual cooling of labor market conditions, further policy rate reductions could add to the risk of higher inflation becoming entrenched or could be misinterpreted as implying a lack of policymaker commitment to the 2 percent inflation objective.“

AI/Valuations are in the back of their minds…

Some participants commented on stretched asset valuations in financial markets, with several of these participants highlighting the possibility of a disorderly fall in equity prices, especially in the event of an abrupt reassessment of the possibilities of AI-related technology.

A couple of participants cited risks associated with high levels of corporate borrowing.

Finally, and perhaps the most notable line was with regard to inflation…

Simply put, the Minutes suggest that tariff inflation is no longer a pressing concern…

“Many of these participants also judged that, with more evidence having accumulated that the effect on overall inflation of this year’s higher tariffs would likely be limited, it was appropriate for the Committee to ease its policy stance in response to downside risks to employment.”

…which helps explain why so “many” of The Fed are increasingly focused on jobs.

Full Breakdown:

On current outlook:

• Participants generally judged that upside risks to inflation remained elevated and that downside risks to employment were elevated and had increased since the first half of the year.

• Many participants agreed that the Committee should be deliberate in its policy decisions against the backdrop of these two-sided risks and reduced availability of key economic data.

• Most participants suggested that, in moving to a more neutral policy stance, the Committee was helping forestall the possibility of a major deterioration in labor market conditions.

• Many of these participants also judged that, with more evidence having accumulated that the effect on overall inflation of this year’s higher tariffs would likely be limited, it was appropriate for the Committee to ease its policy stance in response to downside risks to employment.

• Most participants noted that, against a backdrop of elevated inflation readings and a very gradual cooling of labor market conditions, further policy rate reductions could add to the risk of higher inflation becoming entrenched or could be misinterpreted as implying a lack of policymaker commitment to the 2 percent inflation objective.

• Participants judged that a careful balancing of risks was required and agreed on the importance of well-anchored longer-term inflation expectations in achieving the Committee’s dual-mandate objectives.

On the neutral rate and financial conditions

• Some said policy would remain restrictive even after a 0.25ppt cut.

• Some, citing resilient activity, supportive conditions or real-rate estimates, said policy was not clearly restrictive.

• Some remarked that financial conditions we re supportive of activity.

On Inflation

• Participants noted inflation had moved up and remained somewhat above target; core inflation stayed elevated.

• Several said inflation excluding tariff effects was close to target.

• Many said inflation had been above target for some time with little sign of timely return to 2%.

• Most noted further rate cuts could add to risk of higher inflation becoming entrenched or could be misinterpreted as lack of commitment to 2% inflation objective

• Several cited persistent core non-housing services inflation as keeping inflation above 2%.

• Many expected further pickup in core goods inflation from tariff pass-through.

• Several highlighted uncertainty around tariff effects and firms’ delayed pricing.

• Several reported businesses planned gradual price increases due to higher tariff-related input costs.

• A few said productivity gains via automation or AI could limit pass-through.

• A few said a softer labor market would restrain pressures.

• A couple said lower immigration would lessen housing demand and strengthen housing disinflation.

• Many noted risks that prolonged above-target inflation could raise longer-term expectations.

Labor market & growth

• Participants observed slowed job gains and a higher unemployment rate before the shutdown.

• Participants saw indicators showing gradual softening without sharp deterioration.

• Many attributed the slowdown to reduced labour supply and less labour demand amid uncertainty.

• Many said structural factors, including Al-related investment, were dampening labor demand.

• Participants generally expected further gradual softening with less dynamism.

• Several warned low turnover and hiring hesitancy posed downside risks.

• A few saw rising unemployment in sensitive groups or concentrated job gains as signalling broader weakness.

• Some noted persistent divergence between subdued job growth and moderate GDP growth, possibly due to productivity gains and demographic constraints.

• Participants noted moderate activity; many reported firmer consumer spending.

• Many highlighted divergence across income groups, with high-income households supporting consumption and lower-income households showing price sensitivity.

• A couple warned that reliance on high-income spending created vulnerability.

• A couple noted continued housing-market weakness despite some stabilisation.

• Many highlighted strong technology and Al-related investment.

• A few said lower business taxes or regulatory easing would support activity.

• Some remarked that financial conditions we re supportive.

• A few cited ongoing agricultural headwinds from low crop prices, high input costs and weak foreign demand.

Balance sheet & QT & liquidity

• Almost all said it was appropriate to conclude runoff on 1 December or could support doing so.

• Most participants favored a fed portfolio matching the composition of treasuries outstanding

Asset prices:

• Several participants highlighted possibility of disorderly fall in stock prices, especially in event of abrupt reassessment of ai- related prospects.

Housing market and real estate commentary

• A couple noted continued housing-market weakness and affordability constraints.

Agricultural commentary

• A few cited headwinds from low crop prices, elevated input costs and weaker foreign demand.

Discussions of Artificial Intelligence

• A few participants suggested that potential recent productivity gains achieved through automation and AI may help businesses support their profit margins and limit the extent to which cost increases are passed on to consumers

• Many participants remarked that structural factors such as investment related to AI and other productivity-enhancing technologies may be contributing to softer labor demand.

• Some participants noted the apparent divergence between subdued job growth and moderate GDP growth, with several suggesting that this pattern might persist over time as advances in AI boost productivity growth while demographic factors constrain labor supply.

• Regarding the business sector, many participants highlighted strong investment in technology, particularly spending related to AI and data centers. Some participants suggested that those investments could boost productivity and thus aggregate supply.

• Broad equity indexes continued to rise over the period, with the largest technology companies performing strongly on market participants’ optimism about artificial intelligence (AI). The manager noted that rising stock prices were consistent with expectations for continued robust growth in earnings.

Read the full Minutes below:

Russia overnight carried out its typical aerial and drone strikes on Ukraine, but this time escalated attacks in Ukraine’s West, which apparently were close enough to the border to cause alarm in nearby Poland and Romania.

The two NATO member countries scrambled jet fighters in response amid the massive Russian and drone and missile strikes which killed at least 25 people, some of which were reported as children.

Romania’s defense ministry said that during the attacks on Ukraine a Russian drone entered its sovereign airspace. Its military then scrambled two Eurofighters which are part of NATO’s fleet. An additional pair of Romanian F-16s were also sent.

Simultaneously, Polish jets were launched to protect Polish airspace on Wednesday morning. “In connection with the attack by the Russian Federation carrying out strikes on facilities located on the territory of Ukraine, Polish and allied aviation is operating in our airspace,” Poland’s military announced. All of this caused some regional commercial airport closures:

• Poland temporarily shut down two airports in its southeast, Rzeszow and Lublin, the Polish Civil Aviation Authority said.
• The air hubs were closed to provide freedom for warplanes, the regulator explained.

Russian strikes also focused on Kharkiv, resulting in dozens injured, in the overnight hours. These eastern strikes have become frequent, but large-scale attacks on Western Ukraine are much more rare.

Major direct hit on a residential area captured on video from the early morning hours…

Just look at this.

Ukraine’s Ternopil just this morning.

A Russian missile (Kh-101?) directly hits a residential block.

At least 25 killed, including 3 kids.

And of course, Russian propaganda and Telegram channels are wildly rejoicing in ecstasy. pic.twitter.com/zUB4xNZb4o

— Illia Ponomarenko 🇺🇦 (@IAPonomarenko) November 19, 2025

BBC describes of the carnage, “At least 25 people have been killed including three children in a Russian drone and missile attack on the western city of Ternopil that hit two blocks of flats, Ukrainian rescue officials say.”

“Another 73 people were wounded, 15 of them children, officials said, in one of the deadliest Russian strikes on western Ukraine since Moscow launched a full-scale war in 2022,” the report continues.

The attack comes at a moment of ‘secretive’ US-Russia talks based on a new 28-point peace plan by the Trump White House, but also as Europe is trying to rally bigger, urgent support to Kiev:

Russia is bombing – here, Ternopil.

Europe is watching. pic.twitter.com/DarVWI37UU

— Jürgen Nauditt 🇩🇪🇺🇦 (@jurgen_nauditt) November 19, 2025

The Western cities of Lviv and Ivano-Frankivsk were also hit, which wounded over 30 people, and resulted in buildings and cars destroyed and set ablaze.

Russia is rejecting Ukrainian and European assertions it attacked civilian residencies, instead issuing a statement claiming the targets were military-linked defense industry buildings and energy sites:

“In response to Ukraine’s terrorist attacks on civilian targets in Russia this morning, the Russian armed forces launched a massive strike with long-range, air- and sea-based precision weapons, including hypersonic ballistic Kinzhal missiles and strike drones against the defense industry and energy facilities that supported its operation, as well as against long-range drone depots, located in western Ukrainian regions. The strike targets were achieved, and all designated objects were hit,” the statement read.

These are two ordinary residential buildings in Ternopil. Not military targets, but simply someone’s homes.

This morning Russia struck them, killing at least 10 people and injuring four dozen more, including 12 children.

Russian attacks across the country, from Kharkiv to… pic.twitter.com/U49GZd2kQc

— Andrii Sybiha 🇺🇦 (@andrii_sybiha) November 19, 2025

Ukraine’s air force subsequently said close to 500 drones were sent by Russia in the attacks, and nearly 50 missiles. The statement said it intercepted the majority of them. But the several that got through clearly caused a lot of devastation.

The timing of this could derail the fresh Trump admin efforts to achieve peace in Ukraine. Certainly the hawks in Europe will have more reason to reject any plan seen as offering too much compromise to Moscow.

Authored by Jonthan Turley,

I have previously expressed skepticism over some defamation cases against the media brought by President Donald Trump under existing case law. However, comedian Rosie O’Donnell may have supplied the President with a another defamation case if she cannot back up sensational claims made against the President to her 2.9 million TikTok followers. She states as a fact that the President is an “adjudicated rapist” and settled child abuse cases.

O’Donnell seems to spend much of her days in a constant rave about Trump, Republicans, and the demise of the United States from her new home in Ireland. That is fine and an exercise of free speech. However, it may have crossed the line into defamation in her latest posting.

O’Donnell stated:

“Did you think it a million years that they would reelect a man who orchestrated an insurrection against the government? They would reelect that guy with all the charges of sex abuse? — the adjudicated rapist…And then I just saw this thing today about all the cases he’s settled with children, children’s families, accusations about him, that he chose to settle.”

She added:

“When are we going to be able to go, ‘We’re grown up enough to understand that this kind of deviant, psychotic, mentally ill behavior goes on at the highest level sometimes, and no matter where it goes on, it is our duty to stop it,’” O’Donnell continued in her unhinged rant…Shame, people. Shame on what has become of us.”

Notably, at least eleven months ago, O’Donnell called Trump a “rapist” and a “serial pedophile rapist.”

Trump previously sued over the claim that he is a rapist. He lost such a case against E. Jean Carroll after a judge ruled that her claim to have been raped by Trump was “substantially true.” The judge wrote: “The only issue on which the jury did not find in Ms Carroll’s favour was whether she proved that Mr Trump ‘raped’ her within the narrow, technical meaning of that term in the New York penal law.”

Nevertheless, Trump was not legally “adjudicated” to be a rapist. The addition of the word “adjudicated” could move the claim outside of mere opinion.

Even without that word, it is considered potentially defamatory to claim that Trump is, in fact, a rapist despite the earlier ruling in New York. MSNBC and the show “Morning Joe,” for example, quickly retracted a statement that Trump was a “rapist.”

The earlier denial of the defamation case certainly would help O’Donnell, but it is not dispositive. More importantly, that is not all that she said.

The second claim is that Trump settled with the “children’s families” over abuse cases.

It is not clear what the basis for this allegation is, but Reuters reported months ago about fake headlines on the Internet claiming that prosecutors were considering “child molestation charges” against Trump.

It is not clear if O’Donnell can produce support for the claim. If she cannot, it would certainly constitute “per se” defamation.

The common law has long recognized per se categories of defamation where damages are presumed and special damages need not be proven.  These include: (1) disparaging a person’s professional character or standing; (2) alleging a person is unchaste; (3) alleging that a person has committed a criminal act or act of moral turpitude; (4) alleging a person has a sexual or loathsome disease; and (5) attacking a person’s business or professional reputation.

Claiming that Trump settled child abuse cases would certainly trigger a couple of these categories.

The United Kingdom is generally a better jurisdiction to bring defamation cases than the United States, which has stronger free speech and free press protections.

In the United States, any such action would have to be brought under the higher standard. In New York Times v. Sullivan, the Supreme Court established the actual malice standard, requiring public officials to shoulder the higher burden of proving defamation. Under that standard, an official would have to show either actual knowledge of its falsity or a reckless disregard of the truth. That standard was later extended to public figures.

If O’Donnell had no credible sources for this claim, it would appear to be clearly a reckless disregard of the truth.

That she said this to millions of followers only magnifies the general damages presumed in such cases.

Unless O’Donnell can argue truth as a defense with credible support for such settlements, she may have just given Trump a golden opportunity to pursue his long-time critic. There is no love lost between these two, but there could soon be a defamation action.

Here we go again: the Trump administration is desperately seeking to revive the peace effort in Ukraine, this time coming up with a 28-point plan which is modeled off the so far successful Gaza ceasefire.

The US is said to have been quietly working with Moscow on a new initiative to end the war in Ukraine. It’s being called a ‘secret’ plan and effort, according to Axios. It has led to a series of behind-the-scenes meetings and draft plans as Washington explores what conditions might allow for a political settlement.

The 28-point framework is organized around four major themes: securing peace in Ukraine, establishing security guarantees, addressing broader European security concerns, and defining the future of US relations with both Russia and Ukraine. An important highlight is that the talks are taking place without Ukraine or Europe at the table.

A senior Kremlin official cited in Axios said he was “optimistic” about the plan’s prospects, arguing that it aligns more closely with Moscow’s views than previous diplomatic efforts.

But is control of land or territorial concessions to be resolved? It’s unclear whether the secret plan tackles this head on, but if Russian officials are warming to the 28-point plan, then it likely touches on this.

Trump’s envoy, Steve Witkoff, has been overseeing the drafting process and has held extensive discussions with Russian negotiator Kirill Dmitriev, the head of Russia’s sovereign wealth fund and and top Putin representative in talks.

Dmitriev revealed to Axios he spent Oct. 24–26 in Miami in intensive talks with Witkoff and Trump advisers. Crucially he said that for the first time “we feel the Russian position is really being heard.”

Zelensky’s national security adviser, Rustem Umerov, has also been quoted as saying “We know the Americans are working on something.” This remark came as a planned meeting in Istanbul involving Witkoff, President Zelensky, and hosted by Erdogan on Wednesday has been altered. US Army representatives will reportedly be involved, and will meet with Zelensky, likely to pitch the new 28-point plan and brief him on progress.

Further interesting is that White House official told Axios Trump believes the war could “if flexibility is shown,” adding: “The president has been clear that it is time to stop the killing and reach a deal to end the war.”

Ukraine supporters are already vehemently complaining the talks are taking place secretly and without Kiev’s direct involvement or input…

A “secret plan” to end the war? What we know – and why Ukraine must stay vigilant.

Axios and Reuters report that the White House is quietly working with Russia on a 28-point roadmap to end the war in Ukraine. The plan is reportedly divided into four areas:
1️⃣ Peace in Ukraine
2️⃣… pic.twitter.com/KO82vJMqMh

— Roman Sheremeta 🇺🇸🇺🇦 (@rshereme) November 19, 2025

But then again, all the sides have been down this road before, and even recently, and yet at those moments Moscow’s real, pressing concerns were not directly dealt with, including a clear and permanent commitment that Ukraine will never join NATO, along with territorial concessions – starting especially with Crimea.

Trump expressed optimism in Tuesday comments, claiming that “I’ve actually stopped eight wars. I have another one to go with Putin. I’m a little surprised at Putin. It has taken longer than I thought.”

Authored by Brayden Lindrea via CoinTelegraph.com,

Internet services provider Cloudflare says that a fault in its bot detection system triggered an outage that took down around 20% of webpages, including several crypto platforms.

Cloudflare said in a post-mortem statement on Tuesday that a “feature file” used by its Bot Management System to fight off cyberattacks grew beyond its normal limit, leading to a failure in Cloudflare’s software.

“We are sorry for the impact to our customers and to the Internet in general. Given Cloudflare’s importance in the Internet ecosystem any outage of any of our systems is unacceptable.”

The company initially suspected the incident was caused by a hyper-scale Distributed Denial of Service attack, but confirmed there was no cyberattack or malicious activity.

Cloudflare handles roughly 20% of internet traffic and powers around one-third of the top 10,000 websites, apps and services.

Its outage took out the websites for Coinbase, Blockchain.com, Ledger, BitMEX, Toncoin, Arbiscan, and DefiLlama, as well as X and ChatGPT, leading some crypto commentators to remark on the crypto industry’s reliance on centralized systems, some of which also went offline when Amazon Web Services suffered a network outage last month. 

Source: Nader Dabit

A spokesperson for EthStorage, which offers a product allowing Ethereum to be used as a web server, told Cointelegraph that the AWS and Cloudflare outages show “centralized infrastructure will always create single points of failure.”

“A complete decentralized web stack is needed more than ever,” the company said.

Vitalik Buterin wants decentralization prioritized

Last Wednesday, Ethereum co-founder Vitalik Buterin authored a “Trustless Manifesto,” which called on industry builders to never sacrifice decentralization in pursuit of adoption.

Buterin and Ethereum Foundation researchers Yoav Weiss and Marissa Posner, said crypto platforms sacrifice trustlessness from the moment that they integrate a hosted node or centralized relayer, explaining that while it feels harmless, each new checkpoint becomes a potential chokepoint.

Oil prices tumbled overnight following API’s report suggesting a large build in crude inventories, , which would take oil stored in commercial tanks to the highest level in more than five months, if confirmed by official data this morning.

The supply buildup may help cushion the impact of US sanctions against Russian producers Rosneft PJSC and Lukoil PJSC that are set to kick in within days, part of efforts to raise the pressure against Moscow to end the war in Ukraine.

An Axios report that Washington has been working in consultation with the Kremlin to draft a new plan also eased supply concerns, though Moscow denied any talks.

Additionally, Politico reported that the White House is expecting a new peace agreement with Russia by the end of November, which could bring the war with Ukraine to an end.

While on the topic of Russia, Deputy Prime Minister Alexander Novak told journalists that while the country has under-utilized its OPEC+ allocation recently, within the coming months, Russia will be able to increase oil production to the level permitted under the OPEC+ agreement, he said.

“I think within the next few months, perhaps by the end of the year, maybe at the beginning of next year, we will see how the companies [respond],” he said.

“In November, production will be higher than in October. I cannot say exactly by how much right now, but there is an increase.”

So will the official data confirm API’s report?

API

• Crude +4.4mm

• Cushing -800k

• Gasoline +1.5mm

• Distillates +600k

DOE

• Crude -3.426mm

• Cushing -698k

• Gasoline +2.327mm – first build in seven weeks

• Distillates +171k

Shocker: while API reported a big build, the official data showed a large crude inventory drawdown last week. Additionally, Gasoline stocks rose for the first time in seven weeks…

Source: Bloomberg

Cushing stocks are hovering near ‘tank bottoms’ – so much for the SPR rebuild?

Source: Bloomberg

US Crude production remains near record highs…

Source: Bloomberg

WTI fell to around $59 overnight and is stabilizing there after the official data report…

Source: Bloomberg

Finally, Prices were also pressured after failure to break past their 50-day moving average in recent days.

The global benchmark came within two cents of that marker on Tuesday, before retreating sharply on Wednesday.