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00:00will not receive maybe cheaper projects from abroad, inflation will rise.
00:06So that's not in Trump's interest, I would say.
00:09So let's have a look what he really does with tariffs,
00:13because he cannot do a make-everything-in-America program,
00:19because that would very clearly fire up inflation to a level that the American people would not appreciate.
00:27So I think take it with a grain of salt.
00:30Tariffs will be an issue, but I don't think that he will become a completely protectionist economy
00:36or protected economy, now Ukraine and Russia.
00:40The situation on the ground is dire.
00:42You have a war that lasted now, it seems, more than two years, two and a half years.
00:48The Russians have no problem, or they have problems to get soldiers to the front.
00:53They now take North Korean soldiers, even though 12,000 is not such a big number.
00:58The losses are, at some stage, the losses were 1,500 persons a day on the Russian side,
01:04if the sources can be trusted.
01:07So for them it comes with heavy losses, which in Russia under this clear dictatorship
01:15is apparently not a problem, or at least is not discussed publicly.
01:19In Ukraine there is a clear fatigue, a war fatigue.
01:22You see people being worn out, they are tired, they don't want that anymore.
01:27And it's, of course, a much smaller population, so they have a big disadvantage when it comes to Russia.
01:34So under these circumstances I find it remarkable that the Russians are not progressing more.
01:40I think they are slowly, slowly gaining territory,
01:44but it's not that they can sweep the Ukrainian side out or something.
01:49That's not possible.
01:50What we see is a very tough and extremely tedious and bloody war activities along the front.
02:01At the same time I think now rather frantically people behind the curtains
02:07try to find out what a new administration can deliver.
02:11I am of the person, my personal opinion, I'm not an expert on Russia and Ukraine,
02:15but my personal opinion is if Trump strikes a deal it can't be a deal with a complete loss of face.
02:21So he can't get something that Putin will declare as a 100 percent victory.
02:31So that would, he doesn't look, he doesn't want to look bad internationally.
02:38So I think there must be something in for the other side too.
02:43I think Zelensky has underlined that he's willing to negotiate now.
02:48He sees that there is a momentum right now.
02:51And I would say if Trump says I solve it in 24 hours, this might be a little exaggerated,
02:58but let's take him by his word and find out what he has to offer on the table
03:05and let's find out whether the Russians agree to it.
03:10I think that, I mean, it might sound a little crazy, but maybe it's also a chance
03:15that we have this change of government in the U.S.
03:17and maybe there is a more dynamic or more of a momentum that comes up to solve this conflict.
03:23I mean there is a very clear willingness or preparedness I think in Ukraine to settle.
03:30I think this is, but not under the conditions the Russians say.
03:35The conditions are absolutely unacceptable.
03:37They say we want the 25 percent, even the regions they didn't conquer so far,
03:43and they say no military alliance, eternal neutrality, and no foreign soldiers on Ukraine.