Behind the gilded gates of Mar-a-Lago, a war no American soldier is officially fighting is being bargained over by billionaires, ex–White House advisers, and presidents under immense pressure. Trump insisted he would only meet Zelensky if a deal was close; now both sides admit they have never been nearer. U.S. officials say they’ve made more progress in two weeks than in the previous year, sketching out NATO-style security guarantees and a ceasefire framework that could finally silence the guns.

Yet the price of peace is excruciating. Russia still wants all of Donbas. Ukraine demands reciprocal withdrawals and vows any territorial concession must be approved by its people in a referendum that can only occur under a fragile truce. Between those positions lies a proposed demilitarized free economic zone — and the risk that one misstep in Florida could send Europe’s bloodiest war in decades roaring back to life.