EM LATAM CREDIT: Total Play Launches $870 Million Offer to Swap Debt" - BBG

• PM Justin Trudeau continues to see if he can convince Donald Trump to water down or cancel a 25% tariff, while struggling to win a unified position from provincial and opposition leaders on how to proceed.
• Conservatives poised to bring non-confidence motions this week against Trudeau's Liberals, asking the NDP to agree to a statement that reflects its past criticism of the government. Motions are unlikely to pass because NDP says it won't play Conservative political "games."
• Finance Minister Freeland will present a fiscal update sometime this month, as budget office says CAD40b deficit anchor is being broken.
• Liberals have been unable to advance most legislation for weeks as Pierre Poilievre’s Conservatives use what the government calls a filibuster around documents it’s been asked to turn over.
• Polling aggregator 338Canada shows Conservatives likely to win majority government if election were held now.
• Sample headlines: A Trudeau government trademark: Act now, mop up later (Globe and Mail); Justin Trudeau’s ‘carbon tax’ is ‘wrong,’ Ontario Liberal Leader Bonnie Crombie says (Toronto Star); Chrystia Freeland answered Senate questions on the GST break. It did not go well (Globe).

• CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

Reuters reporting that Ukraine, “aims to hold a meeting of key European allies in December,” according to Ukrainian President Volodymyr Zelenskyy’s spokesperson. The spokesperson noted that the meeting is needed, “to coordinate joint position and ensure Ukraine is strong for talks and on battlefield.”

• The meeting is another signal that ceasefire talks between Ukraine and Russia could take place in the early days of the administration of US President-elect Donald Trump. Trump met with French President Emmanuel Macron and Zelenskyy yesterday – the first Trump-Zelenskyy meeting since the US presidential election. Axios reports: “A source familiar with the meeting said it lasted 45 minutes and was "good and fruitful."”
• Trump said after the meeting, in a wide-ranging post: “There should be an immediate ceasefire [in Ukraine] and negotiations should begin.” In his first network media interview since winning re-election, Trump said he is “actively” working towards a ceasefire but declined to reveal whether he had spoken with Russian President Vladimir Putin.
• Zelenskyy wrote on X: "President Trump is, as always, resolute. I thank him. ... We all want this war to end as soon as possible and in a just way… We spoke about our people, the situation on the ground, and a just peace."
• The prospect of a ceasefire may be bolstered by the rapid capitulation of Bashar al-Assad’s regime in Syria, which appeared to demonstrate that the war in Ukraine has drained Moscow’s resources to such an extent that it couldn’t defend its most important regional partner.