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Hard Numbers: Israel expands humanitarian zone, Bitcoin bounces, Italy’s Meloni loses in court, OECD prices remain high, A very late book return
Displaced Palestinians walk in a tent camp amid the conflict between Israel and Hamas in Khan Younis, southern Gaza Strip, on Nov. 9, 2024.
84,653: The price of bitcoin hit a record high of $84,653 on Monday afternoon on hopes that President-elect Donald Trump will offer cryptocurrency-friendly policies. A year ago, bitcoin sold for about $37,000.
7: An immigration court in Italy has rejected Prime Minister Giorgia Meloni’s bid to detain Europe-bound asylum-seekers in Albania. The judge ruled that seven Bangladeshi and Egyptian men brought to Albania by an Italian warship must be taken to Italy and remain there as they await a decision on their asylum application.
30: Though the inflation rate has cooled across wealthy countries, average price levels across the OECD remained about 30% higher in September 2024 than in December 2019, before COVID and Russia’s invasion of Ukraine sent inflation surging.
51: A book called “The Early Work of Aubrey Beardsley” was returned to a public library in Massachusetts last week. The book was due for return on May 22, 1973, making it 51 years late. President-elect Donald Trump has vowed that China’s government will pay the fine. (Just kidding.) The Worcester Public Library does not charge late fees.Russia's President Vladimir Putin talks to U.S. President Donald Trump during their bilateral meeting at the G20 summit in Hamburg, Germany July 7, 2017.
The Kremlin is denying reports that Donald Trump spoke with Russian President Vladimir Putin on the phone last Thursday. During the conversation, the US president-elect reportedly warned the Russian leader not to escalate the war in Ukraine while reminding him of the US military’s significant presence in Europe.
But Kremlin spokesperson Dmitry Peskov on Monday said such reports were “pure fiction,” while Trump’s team declined to comment on his “private calls” when questioned by the BBC.
This back-and-forth indicates how much attention is already focused on Trump’s potential approach to Ukraine. On the campaign trail, Trump expressed opposition to continued US support to Ukraine and said he would end the war in “24 hours,” without expanding on how he’d accomplish this.
Moving forward, there are open questions over the terms Trump expects both sides to negotiate under — and what he’d seek to use as leverage to get an agreement. Ukraine is heavily reliant on the US for everything from military aid to intelligence in this war, but it’s less clear what Trump can hang over Moscow to get a deal done and dusted.
Trump has reportedly suggested in private that Ukraine should give up territory to Russia — a prospect Kyiv has firmly rejected — in order to end the fighting. Even if a cease-fire was reached along these lines, it wouldn’t necessarily include a political agreement necessary for a lasting peace.
We’ll be watching for more signs of jockeying between Trump and both sides in this conflict ahead of his inauguration, which could give us a clearer picture of whether negotiations will occur and what they might look like.
Taiwan's then-Vice President William Lai at a news conference in Taipei, in January 2023.
Less than a week after Trump’s US election victory, Taiwanese officials have publicly floated a plan to spend billions on US-made weapons and weapons systems, including F-35 fighter jets, retired US warships, an airborne radar defense system, and hundreds of Patriot missiles. The goal is to persuade China that an invasion of the island would come at an unacceptably high military, material, and political cost for Beijing.
Trump is widely expected to again turn up the heat in US relations with China, particularly on trade issues, right after his inauguration in January. Officials in the government of Taiwanese President William Lai hope that Trump will find arms sales to their country useful as a way of maximizing pressure on Beijing. And even if US-China relations eventually improve, Taiwan will have already upgraded its defense capabilities.
18: After 18 months of talks, the US and Mexico announced on Saturday that they have reached a new water-sharing agreement. The accord revises and makes more flexible a decades-old pact under which Mexico provides water from the Rio Grande to the US Southwest in exchange for water from the Colorado River. The breakthrough comes amid growing concerns about water scarcity on both sides of the border. (For more on the complicated (geo)politics of the Colorado River, see our report here).
84 and 145: Russia and Ukraine each launched their largest drone attacks ever against the other side this weekend. Moscow said it intercepted at least 84 Ukrainian drones, at least 34 of which were aimed at the capital city itself, while Kyiv said Russia had launched at least 145 unmanned craft of its own. Both sides said they shot down the majority of the other’s drones. The barrages come as both sides try to game out the impact of Trump 2.0, with the president-elect having pledged to end the war in “24 hours” when he returns to office.
500: The number of US students seeking to study abroad has spiked in the days since Donald Trump won the presidential election. A leading provider of information on foreign education opportunities reported that average inquiries jumped nearly 500% to 11,000 a day since last Tuesday night. College students were one of the few demographics that overwhelmingly supported Kamala Harris, with polls showing more than 70% favoring the vice president.
10 billion: Indonesia’s new president hailed cooperation with China, signing $10 billion in new business and security deals with the country at a forum in Beijing on Sunday. Prabowo Subianto, a former army general and businessman who took office last month, has praised China’s emergence as a “civilizational power” but also said Indonesia would remain “non-aligned.” His first trip abroad as president will take him from Beijing to Washington, DC, and then to South America and the UK.
6: Haiti’s interim Prime Minister Garry Conillewas fired on Sunday after just six months on the job. The country’s transitional council, established to restore democratic order amid increasing gang violence, signed a decree to dismiss Conille, replacing him with businessman Alix Didier Fils-Aimé, the former president of Haiti’s Chamber of Commerce and Industry. The decree is set to be published on Monday.
Donald Trump is seen here at a Jets football game next to his campaign manager Susie Wiles, on Oct. 20, 2024. The president-elect has just named Wiles his White House chief of staff.
At last count — yep, they’re still counting ballots from last week’s US election — Republicans looked set for a clean sweep: taking not only the White House and Senate but possibly the House too. With 18 House races yet to be called, the GOP is leading in seven and needs to win just four for a majority.
Attention now turns to the president-elect’s naming of names for the first cabinet of “Trump 2.0.”
Here’s what we know:
Trump has made just one appointment so far: He has named Susie Wiles as the first-ever female White House chief of staff. The 67-year-old veteran Florida political operative ran Trump’s presidential campaign, helping to secure his stunning comeback.
We also know for sure that two people won’t be in Trump’s cabinet: Nikki Haley, who served Trump as UN ambassador but also ran against him in the 2024 primary, and Mike Pompeo, who was Trump’s secretary of state during his first administration.
No other appointees have been made official, so lots of Republicans are jostling for 15 Cabinet positions and various advisory roles.
Names being floated for secretary of state, the US top foreign policy role, include Richard Grenell, former ambassador to Germany and acting DNI director; former national security adviser Robert O’Brien, former Iran envoy Brian Hook, GOP Sen. Bill Hagerty of Tennessee, and Florida Sen. Marco Rubio.
The US Treasury secretary position, which is the top financial position in the US government, is likely to go to one of five men: Robert Lighthizer, the arch-protectionist who helmed the US tariff war with China as Trump 1.0’s US trade representative; billionaire hedge fund managers Scott Bessent and John Paulson; former SEC chair Jay Clayton; and Larry Kudlow, Trump’s former National Economic Council director.
For interior secretary, which oversees management of federal lands, including their use as energy sources, the top names include South Dakota Gov. Kristi Noem, as well as North Dakota’s billionaire Gov. Doug Burgum — both were once considered veep candidates for Trump. Burgum, meanwhile, is also on the shortlist for energy secretary, along with Dan Brouillette, who held the post last time around.
We’ll be keeping an eye on official appointments for these and the other Cabinet positions, as well as for indications of what portfolios go to key supporters like Robert F. Kennedy Jr. — who may be named a White House health and wellness adviser or even become secretary of health and human services – and Elon Musk, who has himself suggested being named to helm a new department focused on government efficiency.Iran's President Masoud Pezeshkian meets with Hamas leader Khaled Mashal, in Doha, Qatar, on Oct. 2, 2024.
The Gulf Arab emirate announced this weekend it would stop mediating efforts to broker a cease-fire and hostage release deal between Hamas and Israel until “the parties show their willingness and seriousness to end the brutal war.”
For months, talks have failed, despite efforts by the US, Qatar, and Egypt. Hamas demands a permanent cease-fire and complete withdrawal of Israeli troops in exchange for the release of the remaining hostages, while Israel, which has sworn to destroy Hamas, insists on only a temporary truce and the right to occupy the enclave indefinitely.
Relatedly, reports suggested the Qataris, under US pressure, have asked Hamas political leaders to leave the kingdom, where they have enjoyed a safe haven for more than a decade.
Qatar, a US ally, has long served as a channel for talks with Hamas and other groups listed as terror organizations by the West.
Whether Qatar’s gambit will revive productive talks remains to be seen, but with Benjamin Netanyahu now comfortably awaiting the return of his close ally Donald Trump to the White House, it may put more pressure on Hamas than on the Israelis.
While the group could relocate elsewhere, there are no viable options that would offer channels to the West as direct as Qatar’s. Meanwhile, Trump, who has promised to “end” the conflict, has reportedly spoken with Netanyahu at least three times since the election alone.
For a broader look at how Trump 2.0 might shake up US foreign policy, including on the Middle East, see our recent report here.Climate activists project a message onto the Embassy of Azerbaijan ahead of COP29 climate talks, in London, on Nov. 7, 2024.
Donald Trump’s election victory last week will loom large in the minds of delegates at this year’s UN climate conference (COP29) in Baku, Azerbaijan. The government, corporate, and civil society representatives meeting from Nov. 11-22 will be forced to reckon with the return of the climate skeptic who withdrew the world’s largest economy from the Paris Agreement during his first administration. We asked Eurasia Group expert Herbert Crowther how the prospect of Trump’s return to office will affect COP29 and UN efforts to mitigate climate change more broadly.
What has Trump’s attitude generally been toward climate concerns?
Trump was largely dismissive of climate change as a pertinent economic or political issue during his first administration. Though not prominently on display during the recent US election cycle, his attitude toward the issue has not changed since his first term – which will likely become more evident when he takes office next year. He will almost certainly move to scale back programs to develop new low-carbon technologies championed by President Joe Biden’s administration, including those created by the Inflation Reduction Act. That will put more burden on state and local-level officials, who helped fill the climate policy void during Trump’s first term and kept the US energy transition moving forward.
How will Trump’s election affect the mood at COP29?
Trump’s election will significantly dampen the atmosphere at COP29, both in terms of negotiating priorities and broader sentiment among negotiators. Trump’s election will make it harder to reach a consensus on ambitious new targets, particularly for climate finance. Delegates will not regard any commitments made by the outgoing Biden administration as very credible; consequently, other governments will be more reticent to make ambitious promises of their own. In terms of broader sentiment, many negotiators will already begin turning their attention to where the COP process will go next year when Trump takes office and likely withdraws the US from the Paris Agreement again (Biden’s administration rejoined the agreement). The COP process has been largely focused on advancing the key Paris aim of limiting global warming to 1.5 degrees Celsius above pre-industrial levels.
Given this context, what COP29 objectives are likely still feasible?
One area where negotiations can still likely move forward involves the so-called Article 6 rules for the sale and purchase of carbon emissions credits. Talks around Article 6 have resumed this year after their very public breakdown last year at COP28. They will not be dramatically altered by the US election result and are still trending in a positive direction. For the issue of carbon market rules, the US has stuck to a negotiating position that is more aligned with that of emerging markets, meaning it is not a hurdle to reaching a deal in Baku.
What objectives are not?
Negotiations on assistance from developed economies to emerging market economies to finance climate change mitigation efforts is likely an area that will suffer the most at COP29 as a result of Trump’s victory. There was already limited room for consensus on a new umbrella target for global climate finance – the so-called New Collective Quantified Goal, or NCQG. Trump’s election will likely move the conversation even further away from targets like the $1 trillion in annual climate finance deployment that many emerging markets had been pushing for. Another important topic that will be affected by Trump’s election is the next round of country-level climate plans – the so-called nationally determined contributions, or NDCs. By next February, all parties to the Paris Agreement must submit new plans covering their emissions goals until 2035. With Trump’s election and a worsening outlook for agreements at Baku, more of these plans are likely to present cautious targets, which bodes poorly for medium-term efforts to combat climate change.
Where does the COP process go from here?
A second Trump administration will almost certainly withdraw from the Paris Agreement again. Though the COP process already survived one US absence during Trump’s first term, the global climate policy environment faces greater challenges today. The timeframe to meet targets is shorter, and tensions have intensified between industrialized and emerging markets over who bears the most blame for climate change and should pay for mitigation efforts. Many US states, corporations, and financial institutions will remain relevant players at COP and will continue to push the US energy transition forward, but they will not be able to compensate fully for the lack of federal policies. Meanwhile, the US absence will place greater pressure on China and the EU to assume more of a leadership role in COP and shoulder greater financing commitments. This year’s conference will provide some early signals about that, but 2025 — especially the buildup to COP30 — will be the real litmus test.
Edited by Jonathan House, senior editor, Eurasia Group