That’s not what former President Donald Trump did on Tuesday. He held in-person meetings with Ukrainian President Volodymyr Zelenskyy during the United Nations General Assembly in New York. This week’s meeting occurs amid increasingly tense relations between Ukraine and Russia. Trump was equally blunt on America’s role in what would become a NATO-led conflict.
In his exchange with Zelenskyy, Trump made clear how adamant he was that NATO allies need to start doing more. He appealed to them to shoot down Russian planes that enter their airspace. This is a big break from Trump’s past opposition to U.S. foreign interventionism and military presence in Europe.
“I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form,” – U.S. President Donald Trump
Trump claimed that Ukraine can realistically regain all the land it lost to Russia. He said that patience and financial support from European countries and NATO allies was critical.
“With time, patience, and the financial support of Europe and, in particular, NATO, the original Borders from where this War started, is very much an option,” – U.S. President Donald Trump
European markets also look set to open sharply lower on Wednesday. This comes on the heels of similar statements made by Federal Reserve Chair Jerome Powell in recent weeks. Powell confirmed what many already suspect, namely that equity prices are “fairly highly valued,” which means investors should begin expecting a big drop. London’s FTSE 100 is projected to open 0.2% lower, while Germany’s DAX is expected to decline by 0.3%, and France’s CAC 40 is set to drop by 0.4%.
Even overnight trading in Asia was reflective of the somber sentiment, with shares massively falling across the board. In the US, stock futures were little changed in early trading on Wednesday.
Just as European markets continue to digest Powell’s hawkish assessment, key economic updates are set to take center stage. Coming out later this Germany morning is the Ifo Business Climate index. To be released concurrently will be the September Swiss Economic Sentiment Index.