Ukraine tries another round of negotiations today, not with Russia, but with its ally, the United States.

Which paused its aid. So what does the US want from Ukraine? What are the Ukrainians able to offer?

I'm E. Martinez. That's Steve Inskeep, and this is a first from NPR News.

The stock markets had their worst day of the year.

The fear is that the President's repeated tariff changes may cause recession.

There is a period of transition because what we're doing is very big.

Why did the President's response make investors even more concerned?

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Ukraine struck Russia today. It was the biggest ever drone attack on Moscow. According to Russian officials, the drone strikes hit a warehouse, killed and injured people, and briefly shut down the airports. It was a sign that Ukraine still has some striking power, even though it has lost some vital American support. Today, US and Ukrainian negotiators meet to discuss that and much more.

This meeting is happening in Saudi Arabia, and the talks do come with some urgency attached to them. The Trump administration is withholding both military aid and intelligence from a country that, up until now, has been a US ally. President Trump has also talked of sanctions against Russia, but unlike with Ukraine, he has yet to announce a penalty.

Npr Ukraine correspondent, Joanna Kikisis, is covering all this from Kyiv. Hi there, Joanna. Good morning. Let's just remember the backdrop here. Ukrainians and Americans met at the White House Last time they met, it was Volodymyr Zelenskyy who argued with Trump and Vance, President Trump and Vice President Vance, and they then berated him. What does Ukraine hope for this time?

Well, Steve, Ukrainians really hope the White House will change its tone after this meeting and its actions, because the past couple of weeks have really unsettled everyone I've spoken to here, including Roman Koustańko. He's a military commander and lawmaker. He said Ukraine has no choice but to work with the Trump administration, because Ukraine will struggle to defend itself without US support.

He's saying, We have no way out.

We have to manage or we will die. It's not even a choice.

Okay, so they have no choice but to come back to the table. Here they are. President Trump spoke with reporters over the weekend, and he said, of Ukrainians, I want them to want peace, although it is not clear at all what more the President wants than they have offered. So what's on the agenda for this meeting?

Well, Steve, no final decisions are set to be made today. Zelensky is in Saudi Arabia on a state visit, but he said he isn't planning to attend this meeting, and Trump won't be there either. The Ukrainian team includes Zelensky's Chief of Staff, Andriy Germak, as well as Ukraine's Foreign and Defense Minister's Secretary of State, Marco Rubio, is leading the US Delegation. Rubio did say on Monday that he wants Ukraine to show that it's serious about ending the war. He talked about Ukraine making concessions like giving up land taken by Russia. Now, Ukraine has said repeatedly that it's always been serious about ending this war, and it wants a peace deal with security guarantees so Russia does not rearm and attack again.

Also, just a reminder, at this point, we're only talking about concessions by Ukraine. So what concessions might the Ukrainians be willing to make?

Well, Zelensky has already proposed a partial ceasefire covering aerial attacks in the Black Sea. Not sure if Russia would agree to this, but Rubio seemed to welcome the move. And public opinion polls show between 20 and 30% of Ukrainians would consider giving up occupied territory in return for peace. However, Koustenko told us, Look, Ukrainians do not trust Russia to honor any truces. He said Russia also invaded Chechnya and Georgia and violated ceasefires there. The same thing happened to Ukraine after 2014 when Russia first attacked, and eight years later, Russia launched the full-scale invasion. Koustenko is saying, I'm a person who has experienced dozens of truces and all were violated by Russia, so everyone needs to understand that when negotiating this truce.

I guess the Ukrainians want to persuade the Trump administration that a peace deal isn't going to last if it's too easy on Russia. Is that it?

Well, yeah. Every Ukrainian I've spoken to is trying to convince the Trump administration that it's in the US's interest to support Ukraine. Here's Ivana Klimpush Tansada. She's a member of Ukraine's parliament. Is it in the interest of the United States to look weak?

Because I think Ukrainian defeat would a direct defeat of the United States. It's not about make America great again.

It's about make America weak. She said, Look, it's not clear this argument will work, but President Trump does not like looking weak.

Npr's Joanna Kikisis Always strong. Thanks so much.

You're welcome. President Trump's tariff and his remarks about a recession led to the worst day for the stock markets this year.

Now, the DAO tracks 30 major US companies. It fell 2%, almost 900 points. The broader Nasdaq and S&P 500 are also sharply down. Now, these things always move up and down, but the markets overall have given back all their gains since last November's election, and then some.

And NPR financial correspondent Maria Aspen is following all of this. Good morning. Good morning. Okay, so why was there such a big drop yesterday?

Well, President Trump has done and said a lot of different things about tariffs in the past week, and And investors have been feeling the whiplash. Just to recap, Steve, Trump's new 25 % taxes on imports from Canada and Mexico went into effect last week. Then he started giving out reprieves, first to automakers, then to Mexico, then to Canada. But the fact that Trump actually let the tariffs go into effect was a big deal and showed they might be more than just a negotiating tactic. He's continuing to talk about them happening long term despite all the warnings about how much they could hurt the US economy. This all really hit home on Sunday. Fox news anchor Maria Bartaromo, aird an interview with Trump, and this was the bit that got everyone worried.

Are you expecting a recession this year?

I hate to predict things like that.

There is a period of transition because what we're doing is very big.

We're bringing wealth back to America. That's a big thing.

So Trump didn't rule out the possibility of a recession. Now, it's important to note that as commerce, Secretary, Howard Lutnik did, he told NBC News in a different interview that there's, quote, no chance of a recession. But yesterday, Wall Street seemed to be listening to Trump, not Lutnik.

I guess we should just state the reality. There's always a chance of a recession. You would hope it would be in the future, but you don't know. I'm also thinking about the narrative that you lay out there, Maria, and it's not solely the threat of Trumps, but also the unpredictable. They're on, they're off, they're sideways. You just don't know. How concerned should investors be?

Well, one of the big concerns over tariffs is that they could really hike the prices consumers pay for everything from cars to groceries. That'll contribute to inflation and hurt the wider economy. We've seen companies, including Target and Best Buy, warn that, yeah, tariffs are going to lead to higher prices. That's a huge consideration for consumers and for consumer-facing businesses. Then, as you point out, Steve, all of the back and forth with tariff policy has created a lot of swings in the stock market, and that volatility makes it hard to plan for both consumers and investors. I talked about this last week with Anna Tavis. She's a management professor at NYU, where she talks to executives across corporate America.

Businesses don't like uncertainty.

Now we're starting to see that uncertainty creeping across our economy. For example, yesterday, Delta Airlines cut its forecast, citing reduced consumer and corporate confidence and economic uncertainty.

I noticed that some stocks are doing worse than others. The tech-heavy Nasdaq had its worst day in years. Is something else going on in the economy we should worry about?

Tech companies like Apple and NVIDIA are some of the hottest stocks, so they're also the most expensive, and some of their Maybe investors may have just been investors realizing we're spending too much for what we're getting. But Trump's comments over the weekend really seem to signal a shift in how he thinks about the market. He used to really rely on the market's performance as a proxy approval rating, and now he seems to be signaling that he's more focused on tariffs, even if the market is unhappy and even if they cause more immediate economic pain.

And, Piers, Maria Aspen, thanks for your insights. Really appreciate it.

Thank you.

Some other news now.

A federal judge in New York ordered the government not to deport a college protest leader who was arrested by immigration officers over the weekend.

Mahmoud Khalil is a lawful permanent resident of the United States, a recent graduate of Columbia University. He was sent to a detention center in Louisiana to wait deportation after his arrest at his university housing on Saturday.

And Pierre's Rylan Barton has been following the story and joins us now. Good morning. Good morning. I'm just getting my brain around the idea that he was taken out of New York and taken all the way to Louisiana. What all is going on here?

Khalil's attorneys filed a habeas corpus petition in federal court in New York. They're challenging his arrest, and we now know there will be a hearing on that on Wednesday. As he said, he's still in detention in Louisiana. His lawyers are trying to get him back to New York. They say that his transfer down there undermines his ability to access legal counsel and his family. President Trump wrote on social media that Khalil's arrest was the first arrest of many to come. He said there are students at Columbia and other universities engaged in, quote, pro-terrorist, anti-Semitic, anti-American activity. Khalil's attorneys say the Trump administration is using him as an example to stifle lawful dissent, which violates the First Amendment. Khalil's wife, who's pregnant, also issued a statement asking for help to bring him back home. She described him as a loving husband and the future father of their baby and someone who's always willing to stand up for the oppressed.

Since you brought up the First Amendment, what does the law say about how that applies specifically to a green card holder? How does all that match up with the facts of this case?

Green card holders have many of the same protections that US citizens have, but they can be deported for certain reasons committing crimes, not updating immigration officials on their whereabouts, for example. The administration says that since Khalil was one of the student leaders active in those protests opposing Israel's war with Hamas in Gaza, he violated the administration's ban on Semitism and supported a group considered to be a terrorist organization by the US, and that's grounds for deportation to them. Khalil's attorney says immigration officials arrested him in the lobby of his university-owned apartment, initially telling him that his student visa had been canceled, but he's not on a visa. He's a lawful permanent resident, a green card holder, and they eventually told him that his lawful permanent residency had been revoked. Trump officials have made several statements about this over the week. Secretary of State, Marco Rubio, said on social media that the administration would revoke the visas or green cards of Hamas supporters so that they can be deported.

How does this fit with the larger policies of the administration? The US Education Department, I know, is telling dozens of universities they're under investigation for anti-Semitism as the administration administration season.

The Department's new secretary, Linda McMahon, told 60 colleges and universities they could lose funding depending on the outcome of investigations they've launched into anti-Semitism on their campuses. This letter they sent out to them also warned that they could lose federal funding if they don't do more to combat anti-Semitism. This list includes a wide range of Ivy League schools like Yale, state schools like Arizona State, small liberal arts colleges like Middlebury College in Vermont. It comes after the administration He canceled almost $400 million in federal funding for Columbia University, accusing it of allowing persistent harassment of Jewish students.

Npr's Rylan Barton. Thanks so much.

Thank you.

That's our first for this Tuesday, March 11th. I'm Steve Inskeep.

I'm E. Martinez. There is an easy way to stay connected to news and podcast from the NPR Network, the NPR app. You can hear community coverage from your local station, stories from around the world, and podcast suggestions based on what you like. Download the NPR app in that app store.

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