President Trump’s second-term foreign policy has centered on direct engagement with major powers amid the ongoing Ukraine conflict, stalled denuclearization efforts, and trade negotiations. Recent developments include Trump’s public openness to a trilateral meeting with Chinese President Xi Jinping and Russian President Vladimir Putin as soon as November, potentially on the sidelines of the Asia-Pacific Economic Cooperation summit, focused on nuclear arms control and related issues. Separate bilateral contacts, including recent discussions with Ukrainian President Volodymyr Zelenskyy and other regional leaders at the United Nations, alongside sanctions adjustments and energy deals with Moscow, shape trader assessments of likely encounters. Scheduled summits and ongoing diplomatic channels through year-end remain key variables that could shift probabilities for specific counterparts.