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US Chamber takes lead in selling Trump, GOP ‘big, beautiful bill' after Medicaid fight

US Chamber takes lead in selling Trump, GOP ‘big, beautiful bill' after Medicaid fight

The Hilla day ago
The U.S. Chamber of Commerce is taking the lead in helping congressional Republican sell President Trump's One Big, Beautiful Bill Act to a skeptical public after this year's bruising battle over deep Medicaid cuts tarnished the public image of President Trump's signature legislative accomplishment.
The U.S. Chamber, one of the nation's pre-eminent business groups, plans to hold 100 round-table discussions about the trillions of dollars in assorted tax cuts and tax incentives in the law, which Republicans hope will spur economic growth for years to come.
Republican strategists want to avoid the mistakes made during Trump's first term, when strategists now believe they didn't do enough to sell Trump's landmark 2017 Tax Cuts and Jobs Act before the 2018 midterm election.
The GOP paid the political price during Trump's first midterms when Democrats picked up 41 House seats and captured control of the lower chamber.
Some early polling shows that Americans have a largely negative view of the law after Democrats spent months highlighting cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP), cuts that led some Republicans such as Sens. Thom Tillis (R-N.C.) and Susan Collins (R-Maine) to vote against it.
Tillis, after announcing his opposition to the bill, decided not to run for a third Senate term and Collins faces a tough re-election race next year.
A KFF Health Tracking Poll of 1,283 U.S. adults conducted last month found that 46 percent of the public thinks the new law will generally hurt their families while only 26 percent think it will generally help.
And 63 percent of people polled have an unfavorable view of the law while 36 percent have a favorable view.
Tim Monahan, vice president and managing director of government affairs at the U.S. Chamber of Commerce, says a 'lesson learned' after 2017 is that Republicans need to continue talking about the benefits of tax cuts after they've been enacted — a goal that was not fully accomplished after Trump's first tax package passed eight years ago.
'One of the most comprehensive tax reform bills in the history of our country got done and people kind of stopped talking about it,' he told The Hill in an interview.
This year, the U.S. Chamber is making sure that senators and House members are fully armed with data to explain to their constituents at town hall meetings and other venues the tax benefits of the bill and how it could help their local businesses and communities directly.
'We had that top-of-mind going into this whole debate and we produced and continue to update all types of economic and industry data specific to congressional districts and, on the Senate side, on the state level,' Monahan said. 'We thought it would be helpful to take some of these conversations outside of D.C.'
The group has partnered with state and local chambers of commerce to convene lawmakers and local business owners around the country to talk about popular but overlooked provisions of the law.
The Chamber has already held more than 40 roundtable discussions about the bill's benefits with members of the Senate and House, and plans to hold a total of 100 such events.
'Those have proven to be very effective and well-received,' he said.
'This bill, we believe, at this point is largely undefined, which presents an opportunity for us to help define how this is perceived. A lot of people are talking about the Medicaid aspects. There's a lot more than just that in this bill,' he said.
The U.S. Chamber and the Nebraska State Chamber of Commerce hosted Sen. Pete Ricketts (R-Neb.) on Monday for a roundtable discussion in Omaha.
Ricketts in a statement noted that passage of Trump's tax bill allowed the average Nebraska family to avoid a potential tax hike of $2,443.
Todd Bingham, the president and CEO of the Nebraska Chamber of Commerce said provisions in the bill restoring full research and development expensing and 100-percent bonus depreciation would send a clear signal to businesses in the state to ramp up investments.
These meetings have highlighted other elements include as the enhancement to the employer-provided childcare tax credit, higher limits for Dependent Care Flexible Spending Accounts, and tax-preferred 'Trump accounts for children born between 2025 and 2028, to which the government will provide a $1,000 credit.
'Permanency on the tax side provides predictability for businesses,' said Monahan, of the U.S. Chamber. 'The 100-percent bonus depreciation for new capital investments, increased interest deductibility limits, immediate [research and development] expensing — in some cases retroactive going a couple years back — and then some of the benefits for child care. Those are some of the key things we're talking about.'
The Chamber hosted a roundtable with Sen. Marsha Blackburn (R-Tenn.), who announced plans Wednesday to run for governor, in April.
It has also held events with Reps. Don Bacon (R-Neb.); Mike Collins (R-Ga.), who will run for Sen. Jon Ossoff's (D-Ga.) seat next year; Vince Fong (R-Calif.); Young Kim (R-Calif.); Mike Lawler (R-N.Y.) and David Valadao (R-Calif.), to name a few other participants.
Several of the Republicans on that list face potentially tough re-election races next year.
Republicans are hoping the economic boost provided by Trump's tax cuts will help offset the headwinds created by the president's global trade war, which has already begun to bite into earnings at major companies such as Ford Motor, UPS, Whirlpool and Caterpillar.
The purpose of the discussions with Republican lawmakers over the August recess is to counter the Democratic attacks framing the law as a tax windfall for billionaires at the expense of middle- and lower-class Americans who will see their healthcare costs rise because of the failure to extend Affordable Care Act subsidies and provisions to cut nearly $1 trillion in federal Medicaid spending.
Democrats and their union-affiliated allies say they will use the August recess to highlight the cuts to Medicaid and the looming expiration of the Affordable Care Act health insurance subsidies in states and congressional districts around the country.
Arizona Sen. Mark Kelly and former Social Security Commissioner Martin O'Malley held a town hall meeting in Tucson Tuesday to highlight what they say will be the negative impacts of Trump's bill.
Kelly and O'Malley, a former Biden administration official, say that the Republican-passed laws will throw more than 300,000 Arizonans off their health insurance, increase the cost of care and undermine the future solvency of Social Security and Medicare.
The U.S. Chamber sought to counter that messaging earlier this year by holding a roundtable discussion with Rep. Juan Ciscomani (R-Az.) and Susanne P. Clark, the president and CEO of the Chamber of Southern Arizona.
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Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed
Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed

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Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed

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"The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Trade Desk (TTD) stock fell by more than a third during premarket trading on Friday after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. If losses hold, the decline in Trade Desk stock would wipe out more than $12 billion from the company's market capitalization. The stock was off by 38% just after the opening bell. The Trade Desk, which specializes in helping advertisers buy and optimize digital ad campaigns, has concentrated on large global advertisers, making them more vulnerable to tariff uncertainty. "The impact of tariffs and related policies on these [large] businesses are very real," Green said on the earnings call. "Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Stocks rise at the open US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. Gold rises after US Customs determines the metal is subject to Trump's tariffs Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. 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"The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

US and Russia plan truce deal to cement Putin's gains in Ukraine
US and Russia plan truce deal to cement Putin's gains in Ukraine

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US and Russia plan truce deal to cement Putin's gains in Ukraine

(Bloomberg) — Washington and Moscow are aiming to reach a deal to halt the war in Ukraine that would lock in Russia's occupation of territory seized during its military invasion, according to people familiar with the matter. US and Russian officials are working toward an agreement on territories for a planned summit meeting between Presidents Donald Trump and Vladimir Putin as early as next week, the people said, speaking on condition of anonymity to discuss private deliberations. The US is working to get buy-in from Ukraine and its European allies on the deal, which is far from certain, the people said. Putin is demanding that Ukraine cede its entire eastern Donbas area to Russia as well as Crimea, which his forces illegally annexed in 2014. That would require Ukrainian President Volodymyr Zelenskiy to order a withdrawal of troops from parts of the Luhansk and Donetsk regions still held by Kyiv, handing Russia a victory that its army couldn't achieve militarily since the start of the full-scale invasion in February 2022. Such an outcome would represent a major win for Putin, who has long sought direct negotiations with the US on terms for ending the war that he started, sidelining Ukraine and its European allies. Zelenskiy risks being presented with a take-it-or-leave-it deal to accept the loss of Ukrainian territory, while Europe fears it would be left to monitor a ceasefire as Putin rebuilds his forces. Russia would halt its offensive in the Kherson and Zaporizhzhia regions of Ukraine along the current battlelines as part of the deal, the people said. They cautioned that the terms and plans of the accord were still in flux and could still change. It's unclear if Moscow is prepared to give up any land that it currently occupies, which includes the Zaporizhzhia nuclear power plant, the largest in Europe. The White House didn't reply to a request to comment. Kremlin spokesman Dmitry Peskov didn't immediately respond to a request to comment. Ukraine declined to comment on the proposals. The agreement aims essentially to freeze the war and pave the way for a ceasefire and technical talks on a definitive peace settlement, the people said. The US had earlier been pushing for Russia to agree first to an unconditional ceasefire to create space for negotiations on ending the war that's now in its fourth year. Having returned to the White House in January on a pledge to rapidly resolve Europe's worst conflict since World War II, Trump has expressed increasing frustration with Putin's refusal to agree to a ceasefire. The two leaders held six phone calls since February and Trump's envoy Steve Witkoff met with Putin five times in Russia to try to broker an agreement. Trump hasn't implemented any direct measures against Moscow so far, though he doubled tariffs on Indian goods to 50% this week for its purchases of Russian oil, sparking outrage in New Delhi. He has demanded that Putin agree to a ceasefire by Friday or the US would act to impose tariffs on countries buying Russian oil to ramp up economic pressure on Moscow. Putin has repeatedly insisted that his war goals remain unchanged. They include demands for Kyiv to accept neutral status and abandon its ambition of NATO membership, and to accept the loss of Crimea and the other four eastern and southern Ukrainian regions to Russia. Parts of Donetsk and Luhansk have been under Russian occupation since 2014, when the Kremlin incited separatist violence shortly after the operation to seize Crimea. Putin declared the four Ukrainian regions to be 'forever' part of Russia after announcing that he was annexing them in September 2022, even as his forces have never fully controlled those territories. Ukraine cannot constitutionally cede territory and it has said it won't recognize Russian occupation and annexation of its land. It's still unclear if Putin would agree to take part in a trilateral meeting with Trump and Zelenskiy next week, even if he had already struck an agreement with the US president, the people added. The Russian leader told reporters on Thursday that he didn't object to meeting Zelenskiy under the right conditions, though he said they don't exist now. Multiple officials, including in the US, have expressed skepticism over Putin's willingness to call a halt to the war and whether he's genuinely interested in a peace deal that would fall short of his stated goals in Ukraine, according to the people. Trump said on Thursday that he'd be willing to meet with Putin, even if the Russian leader hadn't agreed to also sit down with Zelenskiy, apparently overriding earlier suggestions of a trilateral meeting. 'I don't like long waits,' Trump told reporters in the Oval Office. 'They would like to meet with me and I will do whatever I can to stop the killing.' Kremlin foreign policy aide Yuri Ushakov said Thursday that Russian and US officials are finalizing details for a meeting within the next few days and that they have agreed on a venue, which he didn't name. The US had previously offered to recognize Crimea as Russian as part of any deal to halt the war, and to effectively cede Russian control of parts of other Ukrainian regions. As part of those earlier proposals, control over areas of Zaporizhzhia and Kherson would be returned to Ukraine. ©2025 Bloomberg L.P. 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US and Russia Plan Truce Deal to Cement Putin's Gains in Ukraine
US and Russia Plan Truce Deal to Cement Putin's Gains in Ukraine

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US and Russia Plan Truce Deal to Cement Putin's Gains in Ukraine

(Bloomberg) -- Washington and Moscow are aiming to reach a deal to halt the war in Ukraine that would lock in Russia's occupation of territory seized during its military invasion, according to people familiar with the matter. All Hail the Humble Speed Hump Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Major Istanbul Projects Are Stalling as City Leaders Sit in Jail What England's New National Cycling Network Needs to Get Rolling US and Russian officials are working toward an agreement on territories for a planned summit meeting between Presidents Donald Trump and Vladimir Putin as early as next week, the people said, speaking on condition of anonymity to discuss private deliberations. The US is working to get buy-in from Ukraine and its European allies on the deal, which is far from certain, the people said. Putin is demanding that Ukraine cede its entire eastern Donbas area to Russia as well as Crimea, which his forces illegally annexed in 2014. That would require Ukrainian President Volodymyr Zelenskiy to order a withdrawal of troops from parts of the Luhansk and Donetsk regions still held by Kyiv, handing Russia a victory that its army couldn't achieve militarily since the start of the full-scale invasion in February 2022. Such an outcome would represent a major win for Putin, who has long sought direct negotiations with the US on terms for ending the war that he started, sidelining Ukraine and its European allies. Zelenskiy risks being presented with a take-it-or-leave-it deal to accept the loss of Ukrainian territory, while Europe fears it would be left to monitor a ceasefire as Putin rebuilds his forces. Russia would halt its offensive in the Kherson and Zaporizhzhia regions of Ukraine along the current battlelines as part of the deal, the people said. They cautioned that the terms and plans of the accord were still in flux and could still change. It's unclear if Moscow is prepared to give up any land that it currently occupies, which includes the Zaporizhzhia nuclear power plant, the largest in Europe. The White House didn't reply to a request to comment. Kremlin spokesman Dmitry Peskov didn't immediately respond to a request to comment. Ukraine declined to comment on the proposals. The agreement aims essentially to freeze the war and pave the way for a ceasefire and technical talks on a definitive peace settlement, the people said. The US had earlier been pushing for Russia to agree first to an unconditional ceasefire to create space for negotiations on ending the war that's now in its fourth year. Having returned to the White House in January on a pledge to rapidly resolve Europe's worst conflict since World War II, Trump has expressed increasing frustration with Putin's refusal to agree to a ceasefire. The two leaders held six phone calls since February and Trump's envoy Steve Witkoff met with Putin five times in Russia to try to broker an agreement. Trump hasn't implemented any direct measures against Moscow so far, though he doubled tariffs on Indian goods to 50% this week for its purchases of Russian oil, sparking outrage in New Delhi. He has demanded that Putin agree to a ceasefire by Friday or the US would act to impose tariffs on countries buying Russian oil to ramp up economic pressure on Moscow. Putin has repeatedly insisted that his war goals remain unchanged. They include demands for Kyiv to accept neutral status and abandon its ambition of NATO membership, and to accept the loss of Crimea and the other four eastern and southern Ukrainian regions to Russia. Parts of Donetsk and Luhansk have been under Russian occupation since 2014, when the Kremlin incited separatist violence shortly after the operation to seize Crimea. Putin declared the four Ukrainian regions to be 'forever' part of Russia after announcing that he was annexing them in September 2022, even as his forces have never fully controlled those territories. Ukraine cannot constitutionally cede territory and it has said it won't recognize Russian occupation and annexation of its land. It's still unclear if Putin would agree to take part in a trilateral meeting with Trump and Zelenskiy next week, even if he had already struck an agreement with the US president, the people added. The Russian leader told reporters on Thursday that he didn't object to meeting Zelenskiy under the right conditions, though he said they don't exist now. Multiple officials, including in the US, have expressed skepticism over Putin's willingness to call a halt to the war and whether he's genuinely interested in a peace deal that would fall short of his stated goals in Ukraine, according to the people. Trump said on Thursday that he'd be willing to meet with Putin, even if the Russian leader hadn't agreed to also sit down with Zelenskiy, apparently overriding earlier suggestions of a trilateral meeting. 'I don't like long waits,' Trump told reporters in the Oval Office. 'They would like to meet with me and I will do whatever I can to stop the killing.' Kremlin foreign policy aide Yuri Ushakov said Thursday that Russian and US officials are finalizing details for a meeting within the next few days and that they have agreed on a venue, which he didn't name. The US had previously offered to recognize Crimea as Russian as part of any deal to halt the war, and to effectively cede Russian control of parts of other Ukrainian regions. As part of those earlier proposals, control over areas of Zaporizhzhia and Kherson would be returned to Ukraine. 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