President Trump had trailed a 'big announcement' on Ukraine and Russia coming today - and we even had Mark Rutte, the head of NATO in the White House for the occasion. And ... well, while it wasn't nothing, there are good reasons to think that Trump's threat of secondary tariffs (unspecified, but set at 100%) with a 50 day deadline - may not get the job done. But at least it means that America won't be actively undermining the defence of Ukraine any more, and that actually matters. So that's something. Let's discuss.