From Semafor Flagship
Intelligence for the New World Economy
Washington denied visas to five European citizens, including a former EU commissioner, for “censorship” of US social media.
Thierry Breton was the architect of the EU’s Digital Service Act, which imposed stringent content moderation requirements on tech platforms. The US secretary of state said Breton and the four others were “radical activists… targeting American speakers and American companies.” The State Department is also taking aim at the UK’s Online Safety Act, which requires age verification on sites hosting adult material.
Transatlantic tensions are high: Washington’s recently released strategy document seemed to disparage the US-Europe alliance, the two sides disagree over the route to peace in Ukraine, and President Donald Trump called European leaders “weak.”
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Ukrainian troops withdrew from Siversk, a strategically significant town that had helped Kyiv slow the Russian advance.
- Meanwhile Ukrainian President Volodymyr Zelenskyy said Russia had launched a “massive” overnight bombardment targeting his country’s energy infrastructure, prompting power cuts as winter temperatures plummet.
- The attacks, which killed at least three people, reportedly involved as many as 600 drones.
Attempts at a ceasefire have stalled in recent weeks, with recent US intelligence reports warning that Russian President Vladimir Putin’s aim of capturing all of Ukraine and even other parts of Europe that belonged to the Soviet Union remains unchanged despite Western sanctions.
Russian President Vladimir Putin with Chinese Premier Li Qiang. Ramil Sitdikov/Pool/Reuters.Russia’s ambassador to China said Western sanctions on both nations had only helped bring them closer together, with the envoy claiming bilateral ties are at their “highest level in history.”
Since Russia launched its full-scale invasion of Ukraine almost four years ago, Western leaders have repeatedly pressed China to condemn Moscow’s offensive. But Beijing has remained steadfast in its support for its neighbor, extending Russia an economic lifeline by boosting trade: Russian pipeline gas exports to China have increased almost 25% this year, helping the Kremlin offset plummeting European purchases.
Just this month, Chinese leader Xi Jinping again rejected an overture from his French counterpart. “No matter how the external environment changes… major powers should always demonstrate independence,” he said.
U.S. President Donald Trump’s mass recall of ambassadors will leave Washington without top-level representatives in more than half the countries of sub-Saharan Africa, highlighting the White House’s shift away from the continent.
Less than a year into his second term, Trump has upended US-Africa relations: His administration’s sudden cuts of aid to the continent have left dozens of countries struggling to get by, while his tariff regime has compounded the economic pressure on many.
Nonetheless the Trump administration has vied to outcompete China on strategic projects in Africa, especially those focused on rare earths — key for the defense and tech industries — the vast majority of which are controlled by Beijing.
- The deployment came as the UN Security Council met to discuss Washington’s campaign against Caracas.
Though the Trump administration initially claimed its operations in the Caribbean were focused on halting drug trafficking, senior officials have in recent weeks confirmed the true goal is ousting Venezuelan President Nicolás Maduro from power, with the US ambassador to the UN on Tuesday vowing to deprive the regime in Caracas of resources.
The US campaign on Venezuela threatens to spiral into a wider geopolitical conflict, with Chinese and Russian officials condemning Washington’s blockade of the South American nation.
The US Supreme Court blocked the deployment of National Guard troops to Chicago, in a setback for President Donald Trump.
The White House had said the troops were necessary to fight crime, but city officials objected.
Trump has deployed, or threatened to deploy, the Guard to several other cities, often over the heads of local authorities, and the SCOTUS decision could make it easier for other jurisdictions to block the move.
The decision is a rare high court loss for the administration, The Washington Post noted: The court has a 6-3 conservative majority, and has backed the White House in decisions to freeze foreign aid, fire officials at independent agencies, and strip protection from immigrants.
Global corporate debt sales neared record levels in 2025, driven by low rates and the race to fund AI infrastructure.
Relatively cheap borrowing, as trade tensions ease and the worst of the post-COVID-19 inflation cools, is also a factor, the Financial Times reported. Despite fears of an AI bubble, issuance is expected to increase further next year to beyond the pandemic record, a Goldman Sachs report forecast.
Stringer/Reuters
Tingshu Wang/Reuters
David ‘Dee’ Delgado/Reuters 
Dado Ruvic/Illustration/File Photo/Reuters
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