India, Dec. 31 -- The world hopes for a quiet 2026, even if it is boring. A year without wars and tariff ambushes, without traumatic morning headlines.

However, hopes can be mirages. Principally, most countries will follow every word and action of (US President Donald) Trump. Trump will be the fulcrum of a transactional world.

Hopefully, Trump's peace plan will be signed by Ukraine and Russia. At least, partially. It meets two central principles. First, Ukraine will not join NATO. Second, Ukraine can join the European Union. The remaining 26 points can be thrashed out. The Ukrainians must live normal lives again, without the fear of bombs raining on them every night. Over a million soldiers and civilians have died in this brutal war.

T...