Trump's second-term diplomacy centers on transactional bilateral engagements amid active conflicts, including joint U.S.-Israeli strikes on Iran in early 2026 and operations in Venezuela. Key drivers of meeting probabilities include scheduled multilateral forums such as the January World Economic Forum in Davos, the July NATO summit in Turkey, and potential side meetings tied to Ukraine negotiations or Middle East realignments. Trader sentiment reflects the administration's pattern of hosting dozens of foreign leaders at the White House annually, alongside outreach to figures in Russia, Gulf states, and Latin America, while structural factors like travel logistics, sanctions regimes, and geopolitical escalations could still alter in-person encounters before year-end.