Zelenskyy goals for a ceasefire with Trump earlier than discussing peace

Good morning. A (troubling) scoop to begin: Germany’s current election was topic to “clear” and “successful” manipulation by Russia and different overseas actors, the pinnacle of the Bundestag’s intelligence committee informed the Monetary Instances.

Right now, our Kyiv bureau chief previews Volodymyr Zelenskyy’s go to to the White Home, and our know-how correspondent hears a requirement for the European Fee to maintain calm and keep it up within the face of US threats over digital regulation.

Have a great weekend.

Heavy metallic

Ukrainian President Volodymyr Zelenskyy will meet US President Donald Trump in Washington at this time, in search of to finalise a contentious pure sources deal that would reshape Ukraine’s postwar financial system and safe essential navy assist, writes Christopher Miller.

Context: The assembly is the primary between the 2 leaders since Zelenskyy visited Trump in New York Metropolis in September, forward of the US election, and because the US final week started talks with Russia over ending the struggle in Ukraine, with out involving Kyiv.

It’s an opportunity for Zelenskyy to see Trump in particular person earlier than the US president meets Russian President Vladimir Putin, a gathering that Washington and Moscow have stated is being deliberate.

Zelenskyy is pushing for agency US safety commitments, however Trump on Wednesday stated he was “not going to make security guarantees beyond very much . . . We’re going to have Europe do that”.

These phrases are sure to be ringing in Zelenskyy’s head at this time, notably because the minerals deal contains solely imprecise references to safety assurances.

Zelenskyy’s negotiators informed the FT that they’d fought tooth and nail concerning the joint improvement of Ukraine’s mineral sources simply to get — because the Ukrainian president put it Wednesday — “at least one sentence mentioning [security] guarantees, and it is there”. But it surely’s squishy.

The deal would set up a US-Ukraine funding fund, with Ukraine allocating 50 p.c of all revenues earned from the “future monetisation” of pure sources owned by the Ukrainian authorities.

Whereas supposed to assist the nation’s restoration, it leaves questions over possession and income distribution. Trump has described it as “payback” for US support, estimating it may generate $350bn for the US and $100bn for Europe.

Regardless of the uncertainties, the deal is seen by Zelenskyy as a essential step in the direction of ending the struggle on phrases he hopes will likely be beneficial to Kyiv, and is predicted to be signed at this time.

However earlier than the presidents can speak peace, they might must agree on a ceasefire in their very own disagreement. Pictures had been first fired when Trump final week known as the Ukrainian president a “dictator without elections” and falsely blamed him for beginning the struggle. Zelenskyy responded by saying that Trump was dwelling in a Russian “disinformation bubble”.

Their assembly may decide Ukraine’s future. However first, they might must resolve if they’ll even discover frequent floor.

Chart du jour: Conflict rumblings

Carmakers led a decline in European shares yesterday, after US President Donald Trump threatened to hit EU items with 25 per cent tariffs.

Beat the bully

Researchers argue that the EU ought to double down on regulating Huge Tech reasonably than caving to the tariff threats coming from Washington, writes Barbara Moens.

Context: US President Donald Trump is contemplating imposing tariffs on nations that levy digital providers taxes on American firms, simply as Brussels’ investigations into tech giants together with Apple and Meta for presumably breaching EU digital market guidelines come to a head subsequent month.

Huge Tech firms have been lobbying in opposition to the EU’s digital guidelines and been emboldened by the US administration’s backing.

Giving in to Huge Tech in worry of retaliation from Trump “will only result in further interference and bullying”, argue the European Coverage Centre, Konrad Adenauer Stiftung and Open Markets Institute in a joint paper printed at this time and previewed by the FT. 

“It will also likely embolden these same corporations, further fuelling the polarisation that is causing irreversible damage to Europe’s democracy and core values,” the authors wrote. “The message must be clear: Europe’s digital sovereignty is not for sale, at any price.”

As an alternative, Brussels ought to step up relating to European digital sovereignty, not simply by imposing its digital rule ebook but in addition by contemplating bolder measures, resembling extra antitrust motion, banning sure providers and even utilizing powers to power company break-ups.

It may additionally use its so-called anti-coercion instrument if Trump made good on his threats, which might permit hitting Silicon Valley with retaliatory commerce measures and limiting commerce in providers — one thing the European Fee is already contemplating. 

What to look at at this time

1. Ukrainian President Volodymyr Zelenskyy meets US President Donald Trump in Washington.

2. US state secretary Marco Rubio hosts Greek overseas minister George Gerapetritis.

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