For 48 hours in Ankara, Turkey, it felt as if the world was running on Donald Trump’s schedule.
The market soared. NATO allies are preparing for confrontation. Ukraine wanted reassurance. Iran threatened to overturn the agenda. At one moment, leaders were bracing for a diplomatic crisis. He then described a “love-in” with the president that many feared would further divide the alliance.
During my 25 years at CNBC, I have covered hundreds of major international events, including the G7, G8, and G20 summits, OPEC meetings, climate conferences, and multiple trips to Ukraine. But I have never seen such a dramatic reversal of fortune compressed into just 48 hours and impacting so many global players.
The NATO summit was not just a diplomatic gathering. This served as a real-time demonstration of how quickly the geopolitical landscape can change when President Trump is at the center of it.
Major summits involving the United States inevitably revolve around Washington, but this one felt different. It revolved around one individual, not just one country.
Think about everything that happened during the play. Iran. Russia’s war in Ukraine. Greenland. European security. Spain refused to meet NATO military spending targets. President Volodymyr Zelensky’s uncertain position towards Washington; All the major issues seemed to converge on one summit, but ultimately they all revolved around the president of the United States.
Once again, all European NATO member states, and even Canada, were virtually on trial for their participation in this gathering. President Trump and Secretary of Defense Pete Hegseth have again sharply criticized NATO for its lack of support for Iran and for not spending nearly enough money on its own security.
Additionally, the president once again criticized Denmark for refusing to hand over Greenland for the greater good. Although its greater benefit is a somewhat debatable point. And, of course, Spain was accused of both by being even worse at military spending than the other 30 NATO members.
Mr. Zelenskiy was in the city again to reinforce NATO support. And to be honest, he has no idea what kind of reception he will receive from the leader of the free world.
After that, Mr. Trump made a completely bombshell statement that the memorandum of understanding and ceasefire ended relations with Iran. Markets went south, oil went north.
At this point, the summit seemed headed for confrontation.
Still, optics have changed dramatically. That alone changed the atmosphere, and suddenly there was an air of love in the air.
Even before Trump’s last big press conference, world leaders were quietly telling me that their meetings with Trump had gone well, that he was very happy, that he had listened to all the leaders in the big closed-door meeting, and that he had listened, and that he had left in a good mood.
Wait, was this Donald Trump criticizing his partner just hours before?
Yes, apparently so.
I wasn’t so sure, but I heard it myself from the horse’s mouth just a few hours later, when the President of the United States admitted in front of 1,000 journalists at the summit’s closing press conference that the love-in was real.
Standing alongside Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Mr. Hegseth and Chief of Staff Stephen Miller, the president spoke of “immense love in the room” during the summit. “The togetherness was amazing,” he said. “The love was pretty wild.”
It was a stunning turnaround from the public criticism President Trump was leveling at many of his same allies just hours earlier.
CNBC’s Steve Sedgwick speaks with Finnish President Alexander Stubb at the NATO Summit in Ankara, Turkey.
michael green
The summit revealed clear winners and losers. Turkish President Recep Tayyip Erdoğan appears to be moving closer to winning approval for the U.S. F-35 fighter jet, gaining momentum after hosting a smooth summit.
NATO Secretary General Mark Rutte continued to praise Trump, and in doing so helped keep the US engaged with NATO, at least for now. Despite the initial attacks, Spain and Denmark escaped without major rebuke from the United States during President Trump’s closing press conference.
The other big winner has to be Mr. Zelenskiy. The U.S. president’s reputation seems to have improved as Ukraine stabilized the battlefield despite unfavorable conditions and took the fight deep into Russia. The Ukrainian leader may even have won a contract to build the Patriot missile system, which Kiev has long considered a priority.
loser? Well, clearly President Putin would have been dissatisfied with both NATO’s show of unity, significant progress in defense spending, and Ukraine’s warm reception from Trump.
And what about Iran? Well, that remains a big unknown.
When I had the opportunity to ask the President of the United States a question, I asked him directly, “If we really give up on the ceasefire, what happens next?”
Unfortunately, his answer was unclear. He simply returned to the point that Iran would never monitor its nuclear arsenal.
And perhaps that is the lasting harvest from this extraordinary 48 hours.
The atmosphere inside NATO changed dramatically over the course of the summit, but the biggest questions remain unanswered. What is the future with Iran? Will the improved mood between President Trump and his NATO allies continue beyond this meeting? And what does it ultimately mean for Ukraine?
These questions are far more important than political theater. But if this summit showed us anything, it’s how quickly the geopolitical landscape can change when Donald Trump is at the center of it. Allies, adversaries, and markets alike are learning to adjust in real time.
