Donald Trump’s UN address, Xi Jinping’s state visit to Washington and the invitation extended to Vladimir Putin for the Miami G20 summit unfolded within a single week. This analysis examines the hypothesis that Washington is negotiating with the two powers on differentiated terms. Beijing secures bilateral boards, an extended trade truce and an AI incident channel. Moscow gains the prospect of Putin’s return to the leaders’ table without any verifiable concession on Ukraine. The piece compares the US and Chinese readouts, assesses the competition between Pax Silica and WAICO and explains the convergent refusals on arms control. It also traces the G20’s transformation into a forum whose access is apportioned by the host, and outlines scenarios through Miami and the stakes for Europe and NATO’s eastern flank.