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Trump, Zelenskyy Signal Confidence on Deal to End War; Looking Back at the Top Business Headlines of 2025. Aired 6-6:30a ET
Aired December 29, 2025 - 06:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: -- the worst moments of the year with actor Jonathan Bennett and looked forward to what they want the new year to bring.
[06:00:11]
JONATHAN BENNETT, ACTOR: Tom, I have to know: What are you saying good-bye to and closing the curtain on in 2025?
TOM HARRIS, PRESIDENT, TIMES SQUARE ALLIANCE: I am closing the curtain on negativity in 2025. I want us to focus on what unites us and not what divides us.
(END VIDEO CLIP)
WHITFIELD: I like that. Negativity, get out of here.
All right. Thank you so much for joining us here on EARLY START. I'm Fredricka Whitfield in New York. CNN THIS MORNING starts right now.
BRIAN ABEL, CNN ANCHOR: Progress but no breakthrough. The U.S. and Ukraine inch closer to a peace deal. But where does Russia stand? CNN THIS MORNING starts right now.
(BEGIN VIDEO CLIP)
DONALD TRUMP, U.S. PRESIDENT: It's unresolved, but it's getting a lot closer.
(END VIDEO CLIP)
ABEL: The roadblocks that still remain this morning.
From one world leader to the next. Israel's prime minister heads to Mar-a-Lago today.
(BEGIN VIDEO CLIP)
SEN. BERNIE SANDERS (I-VT): This is the most consequential technology in the history of humanity.
(END VIDEO CLIP)
ABEL: The A.I. warning that has senators crossing the aisle after the White House relaxed regulations. Two helicopters collide mid-air. The investigation this morning into
the crash.
(BEGIN VIDEO CLIP)
SCOTT TURNER, SECRETARY OF HOUSING AND URBAN DEVELOPMENT: I think more research needs to be done on a 50-year mortgage.
(END VIDEO CLIP)
ABEL: Will the 50-year mortgage become a reality? The HUD secretary is skeptical.
And a dangerous storm system bringing blizzard conditions to some and tornadoes to others.
It is 6:00 a.m. here on the East Coast. Here is a live look right now this morning at Nashville.
Good morning, everybody. It's Monday, December 29. Thank you for waking up with me. I'm Brian Abel, in for Audie Cornish.
We're going to begin here with President Donald Trump and the Ukrainian president, Volodymyr Zelenskyy, signaling a peace deal could be in reach to end Russia's invasion.
The two leaders sat down for talks at the president's Mar-a-Lago estate Sunday to go over a 20-point peace plan on the table to end the war.
The talks come as Russian attacks continue against Ukraine, with bombings reported throughout Christmas.
Zelenskyy and Trump say about 90 to 95 percent of the deal appears to be done. But key sticking points over control of contested land remain.
(BEGIN VIDEO CLIP)
TRUMP: We're getting closer to an agreement on that, and that's a big issue. Certainly, that's one of the big issues. And I think we're closer than we were probably -- one. It's unresolved, but it's getting a lot closer. That's a very tough issue.
VOLODYMYR ZELENSKYY, UKRAINIAN PRESIDENT: This -- we have to respect our law and our people, and we respect the territory which we control. And of course, there are -- our attitude is very clear. That's why President Trump said this is very tough question. And of course, we have, with Russia, different positions on it.
(END VIDEO CLIP)
ABEL: Joining me now in the group chat, Stephen Collinson, CNN senior politics reporter; Francesca Chambers, White House correspondent for "USA Today"; and Mike Leon, anchor for the Legal Podcast Network.
And Stephen, I do want to start with you. What were your key takeaways from the meetings this weekend?
STEPHEN COLLINSON, CNN SENIOR POLITICS CORRESPONDENT: I think it's encouraging that the administration is now clearly working deep on the details of this issue. This is no longer just about President Trump coercing Ukraine into a quick deal.
And that said, however, the -- the movement here is from Ukraine, apparently willing to accept some territorial concessions, albeit with security guarantees.
Zelenskyy is -- this morning is talking about trying to get at least a 15-year and potentially much longer security guarantees from the United States about Ukraine's sovereignty in the event of any peace deal.
But this is still very complex. It's all about sequencing, and we're still at the point where the United States is agreeing with Ukraine and potentially Europe. But no one is agreeing with Russia.
And the key question remains out there, is whether there is any reason for Russia to stop the fighting. There's been no sign that President Putin is willing to do that. He wants unequivocal handover of these key territories in Eastern Ukraine by Ukraine.
And that is the big question. And it's always been the big question: Can the president get Ukraine to agree to something that Russia will accept? And that looks as far away now as it did three years ago.
ABEL: And also, as we know, here in the United States, 15- to 20-year commitments overseas is another sticking point. Completely.
Mike, I do want to ask you, what do you see is the definition of progress at this point? Because we hear that word being thrown around a lot. But what does it actually mean, tangibly? Because it feels like we're in the same spot we've been at for months.
[06:05:03]
MIKE LEON, ANCHOR, LEGAL PODCAST NETWORK: Yes. And I'll just piggyback on what Stephen said. And you said it in the intro when you read it. It's Russia. Everything points towards Russia.
We still have no negotiation with Russia and no movement, to what Stephen said. So, what does it look like for the Ukrainian people? I mean, if you just saw this past offensive that just happened, I think a day or two ago, it -- it means that there's still bloodshed that's happening, right?
So, we are further away, potentially. And I think the president wants to claim victory right away, as he always does with all of these peace deals that have been negotiated.
And once you start to drill into the frameworks of them, you get one side, but you don't get the other. We're going to talk about Israel- Gaza later on. And we're seeing that, as well. But, you know, in all of this, from a foreign policy perspective, as
I've spoken to people for my show that have formerly worked for Obama and the Bush administration, it takes two to tango. And right now, unfortunately, we don't know what Vladimir Putin wants.
We know that they're having some challenges with recruiting more military members. That recently came out, reporting-wise, that they're trying to hit a goal of 400,000 troops for next year. We'll see if that nets out. But it doesn't look like Russia wants to concede anything.
And we're still in the same spot where we are. Two main issues: security guarantees, land concession. That's the same thing during the 2024 election cycle that we were talking about. We're still talking about it today.
ABEL: Well, Mike, to your point, Trump says there are only a few sticking points remaining over a deal but also said that this -- this when asked about what a postwar future looks like. Let's take a listen.
(BEGIN VIDEO CLIP)
TRUMP: Russia is going to be helping. Russia wants to see Ukraine succeed. Once -- it sounds a little strange, but I was explaining to the president, President Putin was very generous in his feeling toward Ukraine succeeding, including supplying energy, electricity, and other things at very low prices.
(END VIDEO CLIP)
ABEL: So, you hear him there, Francesca? He says Russia wants Ukraine to succeed as Russia continues to bomb Ukraine. Is this another case where the last person in the president's ear is the one getting the most attention?
FRANCESCA CHAMBERS, WHITE HOUSE CORRESPONDENT, "USA TODAY": Well, he had spoken to Vladimir Putin for more than two hours, he said, prior to his conversation with President Zelenskyy yesterday.
And then he indicated he may talk to Putin again, and he may talk to Zelenskyy again, as well.
But what you're zeroing in on is a statement that was negatively panned by Ukraine backers for saying that Russia wants Ukraine to succeed here and that they're being very generous. I mean, he didn't go into detail, but that generosity, I would suspect, that he's referring to is the idea that Russia would control the Zaporizhzhia power plant, and then Ukraine could somehow buy energy or get energy from it.
That's currently under Russian control. Its Ukraine's power plant. And under the U.S. plan, it would be something that they -- you know, they jointly share control over. Obviously, that is not what Ukraine wants, and that is not what Russia wants in this particular instance. That is a key, key sticking point. And to Stephen's point, I mean, the things that we're talking about
are the same things that have been talked about in a deal this entire time. It's the Donbas region and the territory. It's the Zaporizhzhia power plant. It's the security guarantees.
And so, when they say that, you know, they're making big strides on this, it's hard to know at this stage how much real progress is being made.
ABEL: And let's talk about what that entire time means, because Trump also said this about how the deal is unfolding, as we get nearly a year into his second term.
(BEGIN VIDEO CLIP)
TRUMP: We're very -- we could be very close. There are one or two very thorny issues, very tough issues. But I think we're doing very well. We made a lot of progress today, but really we've made it over the last month. This is not a one-day process deal. This is very complicated stuff.
(END VIDEO CLIP)
ABEL: Stephen, he said it's not a one-day deal. But on the campaign trail, he was saying he could solve this in a day. He had already been president before. So, ignorance is not something that he could claim at this point.
What did he miscalculate here?
COLLINSON: I think -- and he has spoken about it himself. He thought this would be a lot easier to solve. He thought the force of his personality and relationship with Putin would overcome a lot of the geopolitical issues and Putin's own political issues here. That obviously didn't pan out.
That said, I think the U.S. approach has gotten a lot more serious in recent months. Since the -- they did the deal in the Middle East to end the Gaza war, they seem to have come upon at least some kind of formula for peacemaking that does create incremental progress.
One positive thing I would say about the Trump approach is this idea of constant optimism. Sometimes in a peace negotiation -- and we've seen this with the Middle East peace negotiations in the early 2000s, the '90s in Northern Ireland -- is that when there is somebody in an enforcement role continually creating the illusion of peace, sometimes that creates the space for small steps forward.
And it kind of locks in a lot of the key players to keep trying to avoid alienating the person in control, like President Trump. That may be something that creates some pressure on Russia, although, you know, a cynic would say history says that Putin is not going to make a compromise here.
[06:10:10]
ABEL: And that seems to be the only way that we will actually get to an end, is if he does. So, we'll see what happens.
Group chat, be sure to stay with me here. We've got lots more to talk about later.
But coming up on CNN THIS MORNING, blizzard conditions and tornadoes. The dangerous weather sweeping across the country.
Plus, a train goes off the tracks in Mexico, killing several people on board.
And does A.I. regulation stifle innovation or hold companies accountable? The disagreement brewing in D.C. over how to handle the growing technology.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: These A.I. companies can absolutely do much of this on their own, but we know consistently, time and time again, whether it's been social media companies or now some in the A.I. space, that we consistently see people putting their profits over actual people.
(COMMERCIAL BREAK)
[06:15:06]
ABEL: It is 14 minutes past the hour. Here's five things to get your day going.
China is mobilizing its army, navy, air, and rocket units around Taiwan for major military drills. It will include live-fire drills.
China's military says it is a, quote, "serious warning" against Taiwan's push for independence. Taiwan is accusing China of military intimidation.
A confession by the man accused of planting pipe bombs in D.C. the day before the Capitol insurrection. According to court documents just released by federal prosecutors, he told investigators he targeted the RNC and DNC because they were, quote, "in charge."
He said something just snapped after the 2020 election.
The man was arrested earlier this month, nearly five years later. A detention hearing is scheduled for tomorrow.
At least 13 people are dead after Mexico's Interoceanic Train derailed. It happened Sunday. Nearly 100 other people were injured.
It's unclear what caused the crash at this point. The train came into service in 2023.
And one person is dead, another critically injured after two helicopters crashed midair Sunday. This happened in Southern New Jersey. Only the pilots were on board when they collided.
It's unclear what caused that crash, and the NTSB is investigating.
And the San Francisco 49ers win a crucial game over the Chicago Bears Sunday night. Brock Purdy leading the team with five touchdowns.
With four seconds to go, Bears on the three-yard line needing a touchdown. The Niners forced an incompletion to win the game.
The Niners will host the Seattle Seahawks next week with NFC West and the No. 1 seed in the NFC on the line.
After the break on CNN THIS MORNING, from Elon's new role to the boycott at Target, we look back at the stories that shaped the year in business.
Plus, it's a decades-long tennis tradition. The Battle of the Sexes. Who came out on top this time?
And good morning, San Francisco. We know you're celebrating those Niners this morning.
(COMMERCIAL BREAK)
[06:21:28]
ABEL: From Cracker Barrel's logo backlash to the president's trade war and the shaky job market, 2025 was a roller coaster for the business world.
CNN's Vanessa Yurkevich, she has a top ten business stories of the year.
(BEGIN VIDEOTAPE)
VANESSA YURKEVICH, CNN BUSINESS CORRESPONDENT: Trump's trade war sends shockwaves across global markets. Two popular companies make changes that court controversy, while another is facing its own challenges as its CEO goes DOGE. And the oracle of Omaha takes his final bow. These are the top business stories of 2025.
YURKEVICH (voice-over): No. 10, Warren Buffett retires. In May, a surprising announcement from America's most admired CEO.
WARREN BUFFETT, RETIRED CEO, BERKSHIRE HATHAWAY: The time has arrived where Greg should become the chief executive officer.
YURKEVICH (voice-over): Buffett is stepping down after more than 60 years at the helm of Berkshire Hathaway. The famed investor is a towering figure in American finance. Now 95, Buffett said no magic moment sparked the decision.
No. 9, a corporate facelift becomes an about face.
UNIDENTIFIED MALE: I don't like it. I wish that they would keep it the way that it is.
YURKEVICH (voice-over): A new logo was a no-go for Cracker Barrel. It quickly backpedaled in August after online backlash, even from the Oval Office, expressing outrage at the updated look.
The company also canceled restaurant remodels, part of a turnaround plan for the struggling brand.
No. 8, Target tanks. It was a walk-back of a different kind that put Target in the crosshairs after a rollback of so-called DEI initiatives in January.
REV. JAMAL H. BRYANT, LEADING TARGET BOYCOTT OVER DEI POLICIES: It would be less expensive and less cost if they would just do right by humanity.
UNIDENTIFIED MALE: Allow them to see our power.
YURKEVICH (voice-over): Foot traffic fell 9 percent year-over-year in the next month due to a consumer boycott. Another dent to earnings amid slumping sales and tariff pressure.
The company still hasn't recovered, and CEO Brian Cornell is stepping down after 11 years on the job.
No. 7, Elon goes DOGE. It's been a tumultuous year for Tesla, too. Elon Musk's company suffering slumping sales, stock price volatility --
UNIDENTIFIED FEMALE: Elon Musk has got to go.
UNIDENTIFIED MALE: Elon Musk has got to go.
UNIDENTIFIED FEMALE: Elon Musk has got to go.
YURKEVICH (voice-over): -- protests and, at times, even vandalism.
UNIDENTIFIED FEMALE: Deport Musk!
UNIDENTIFIED MALE: Deport Musk!
UNIDENTIFIED FEMALE: Deport Musk!
YURKEVICH (voice-over): Consumer backlash was aimed at Musk's work with President Donald Trump's administration as part of the Department of Government Efficiency.
TRUMP: You can't be penalized for being a patriot, and he's a great patriot.
YURKEVICH (voice-over): Musk stepped away from the government in May, but despite a rocky year, this fall --
UNIDENTIFIED MALE: With over 75 percent voting in favor.
YURKEVICH (voice-over): -- Tesla shareholders showed a vote of confidence in the CEO, awarding him the biggest pay package in corporate history.
ELON MUSK, CEO, TESLA: If something incredible is done, that compensation should match that something incredible was done.
YURKEVICH (voice-over): That puts Elon Musk in the express lane to potentially become the world's first trillionaire.
No. 6, sticky inflation.
TRUMP: Prices are coming down very substantially on groceries and things.
YURKEVICH (voice-over): Despite what the president says, and despite being a major factor in last year's election, inflation is still above 2 percent.
UNIDENTIFIED MALE: With tariffs and all the things that are happening, there's a rise in costs.
YURKEVICH (voice-over): Consumer sentiment is near record lows as Americans struggle with affordability.
No. 5, the K-shaped economy, or America's uneven recovery.
[06:25:07]
DAVID GOLDMAN, EXECUTIVE EDITOR, CNN BUSINESS: If you're at the top of the K, you're pretty wealthy, and you're doing pretty good right now. Stocks are near an all-time high, and that's padding your bottom line.
But if you're making less than 100,000, you're not in that category. Inflation is really taking a bite, and you're making some very difficult financial decisions right now.
YURKEVICH: Higher earners are weathering higher prices by trading down in where they shop, like Walmart. That's propping up spending, while lower income Americans are pulling back.
YURKEVICH (voice-over): No. 4, a shaky job market.
UNIDENTIFIED MALE: You can see how bumpy the ride has gotten recently. In fact, we now know that out of three -- three out of the last six months, the economy has lost jobs.
YURKEVICH (voice-over): The job market is slowing. June, August and October saw the first losses since the pandemic.
DANIEL ZHAO, CHIEF ECONOMIST, GLASSDOOR: Uncertainty really is the theme for 2025. It's been a big driver for why the economy has slowed down over the course of the year, and it is probably the blocker that is going to prevent hiring from picking up through the rest of the year.
YURKEVICH (voice-over): Trump blamed the worse-than-expected job market on the commissioner of the Bureau of Labor Statistics, firing her in August.
TRUMP: We had no confidence. I mean, the numbers were ridiculous.
YURKEVICH: He accused her, without evidence, of manipulating the monthly jobs reports for, quote, "political purposes."
No. 3, the Fed acts.
BRIANNA KEILAR, CNN ANCHOR: We begin with our major breaking economic news, the Federal Reserve announcing its decision on whether to make its first interest rate cut this year. And it's happening after months of pressure from President Trump.
YURKEVICH (voice-over): Despite months of threats and taunts from President Trump, the Federal Reserve made the first of three rate cuts in September.
The Fed held rates steady for nine straight months to assess how President Trump's tariff policy would impact jobs and inflation.
UNIDENTIFIED MALE: It does lower Fed rates to the lowest level in three years.
YURKEVICH (voice-over): Interest rates affect what Americans pay for mortgages and other loans.
No. 2, Wall Street's roller coaster. Over a single year, the major U.S. indices lost nearly 20 percent in market value in the spring, then gained it back a few months later.
UNIDENTIFIED FEMALE: Stocks in a freefall on President Trump's decision to further escalate his trade war.
JAKE TAPPER, CNN ANCHOR: Wall Street closed last hour with the Dow above 48,000 for the very first time.
YURKEVICH (voice-over): The market madness driven by the president's on and off tariff policy.
UNIDENTIFIED MALE: A lot of much bigger things are going on, namely A.I.
YURKEVICH (voice-over): A.I. is fueling a technology boom and a boom on trading floors led by Nvidia, whose market cap is approaching $5 trillion.
But A.I.'s meteoric rise is fueling concerns of a bubble burst on the horizon.
And No. 1, the launch of a historic trade war.
TRUMP: This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence.
YURKEVICH (voice-over): With a signature, on April 2nd, the United States entered a new era of trade policy, announcing steep tariffs on allies and enemies alike.
JEFF ZELENY, CNN CHIEF NATIONAL AFFAIRS CORRESPONDENT: The president declared a national economic emergency, and that allows him to really launch what many see as a escalating trade war. This is a historic move.
YURKEVICH: That historic move moving markets, sending countries scrambling for new trade deals with the U.S., and stoking concerns for business owners and customers.
NATALIE HOLST, FOUNDER AND DESIGNER, HOLST AND LEE: As a business owner, you always have uncertainty. But these are -- these are things we didn't plan for.
YURKEVICH (voice-over): But the U.S. Supreme Court is getting ready to rule on whether Trump's tariffs are legal, a precedent-setting ruling.
ELIE HOENIG, CNN LEGAL ANALYST: The president clearly thinks that the stakes here are massive. He put up on Truth Social yesterday, a post in which he said that this case presents "literally, LIFE OR DEATH for our Country."
YURKEVICH (voice-over): Vanessa Yurkevich CNN, New York.
(END VIDEOTAPE)
ABEL: Straight ahead on CNN THIS MORNING, critics say it will just cost homeowners more. But the president is backing the idea of the 50- year mortgage.
Now, his HUD secretary is throwing cold water on the proposal.
Plus, a MAGA darling and a Democratic socialist? Yes, it's not often they agree. The issue that is bringing them together.
(COMMERCIAL BREAK)
