Both sides have suffered losses, but Ukraine has borne the greater burden. From my stand point the Ukrainian haven't just lost soldiers; they have also lost countless civilians, immigrants, homes, land, and families. While the president may have his reasons for his speech, if it is intended as a mechanism to end the war, its effectiveness remains uncertain.
Ukraine and its European allies are powerless without the US. Trump has decided to please his friend Putin. Ukraine have no other option that to accept a US-Russia tailored deal or continue fighting. And without the support of the US, Ukraine is doomed to fail. Sadly, Ukraine is becoming the loser.