The US Treasury has announced it has agreed to establish an American-Ukrainian reconstruction investment fund.

For Ukraine, the economic deal was seen as possibly key to ensuring its access to future US military aid in its war against Russia.

President Trump had previously called for Kyiv to compensate Washington for billions of dollars in assistance to help repel the Kremlin’s forces.

A senior Ukrainian official said on Wednesday the US will make “direct financial contributions” to the fund and “may also provide new assistance” such as air defence systems for Ukraine.

In return the US is set to get preferential access any new deals concerning Ukraine’s mineral resources.

Trump latest: Deal shows Trump ‘committed to free Ukraine’

The US Treasury said “in recognition of the significant financial and material support” the US has provided to the “defence of Ukraine… this economic partnership positions our two countries to work collaboratively and invest together to… accelerate Ukraine’s economic recovery”.

US treasury secretary Scott Bessent said: “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”

He also said “this partnership allows the US to invest alongside Ukraine, to unlock Ukraine’s growth assets, mobilise American talent, capital and governance standards that will improve Ukraine’s investment climate and accelerate Ukraine’s economic recovery”.

Donald Trump indicated in February he wanted access to Ukraine’s rare earth materials, describing it as reimbursement for the billions of dollars in aid the US has given to Kyiv.

But talks stalled after a heated Oval Office meeting between him and Ukraine’s President Volodymyr Zelenskyy, and reaching an agreement since then has proven difficult amid strained relations between Washington and Kyiv.

Why is US interested in Ukraine’s raw materials?

The US is seeking access to over 20 raw materials seen as strategically critical to its interests, including some non-minerals such as oil and natural gas.

Among them are Ukraine’s deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, that is used for nuclear power, medical equipment and weapons.

Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.

On Wednesday, Ukraine’s first deputy prime minister Yulia Svyrydenko said she had signed the agreement in Washington DC to create the investment fund.

She wrote on X: “Together with the United States, we are creating the fund that will attract global investment into our country.

“Its implementation allows both countries to expand their economic potential through equal cooperation and investment.

“The United States will contribute to the fund. In addition to direct financial contributions, it may also provide new assistance – for example air defence systems for Ukraine.”

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The announcement comes as the Trump administration is pushing to stop the war, which erupted in February 2022 when Russia launched a full-scale invasion.

Russian President Vladimir Putin backs calls for a ceasefire before peace negotiations, “but before it’s done, it’s necessary to answer a few questions and sort out a few nuances,” Kremlin spokesman Dmitry Peskov has said.

Mr Putin is also ready for direct talks with Ukraine without preconditions to seek a peace deal, he added.

On Monday, the Russian leader declared there would be a three-day ceasefire from 8 May to 10 May.

Mr Zelenskyy wants an immediate ceasefire lasting at least 30 days.

Donald Trump has celebrated the 100th day of his second term with a campaign-style rally in Michigan.

During his 90-minute speech the US president mocked Joe Biden, falsely claimed he won the 2020 presidential election and defended his decision to impose tariffs on countries around the world.

Speaking in front of electronic screens reading “100 days of greatness”, Mr Trump attacked “radical left lunatics”, briefly took on a heckler and boasted about his administration’s “mass deportation” efforts.

“Removing the invaders is not just a campaign pledge,” he said. “It’s my solemn duty as commander-in-chief. I have an obligation to save our country.”

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He played a video of migrants his administration claims are gang members arriving at a notorious prison in El Salvador, with those in the crowd cheering the images of deportees having their heads shaved.

During his speech, during which he called up several of his top team to the stage, Mr Trump claimed his administration has delivered “most profound change in Washington in nearly 100 years”.

Mr Trump also briefly touched on tariffs, saying China, which is facing tariffs of 145%, “has taken more jobs from us than any country has ever taken from another country”.

But he said his tariffs did not mean Beijing and Washington cannot “get along” and said he thought a trade deal with China was near, adding: “But it’s going to be a fair deal.”

“I think it’s going to work out,” he says. “They want to make a deal. We’re going to make a deal. But it’s going to be a fair deal.”

He claimed his administration had “already ended inflation”, but last month the Bureau of Labor Statistics said while inflation slowed in March over the past year, it had in fact risen 2.4%.

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‘You haven’t seen anything yet’

Mr Trump, who has frequently criticised Federal Reserve chair Jay Powell in recent weeks, said: “Interest rates came down, despite the fact that I have a Fed person who’s not really doing a good job, but I won’t say that. I want to be very nice. I want to be very nice and respectful to the Fed.

“You’re not supposed to criticise the Fed. You’re supposed to let him do his own thing. But I know much more than he does about interest rates, believe me.”

Mr Trump also defended his administration’s steep tariffs on cars and car parts, hours after he signed an executive order aimed at easing the impact of his tariffs on US carmakers.

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“We’re here tonight in the heartland of our nation to celebrate the most successful first 100 days of any administration in the history of our country,” Mr Trump said.

He later added: “We’ve just gotten started. You haven’t even seen anything yet.”

From the White House these past 100 days, I’ve chronicled the whirlwind that’s reshaping America.

Getting beyond the West Wing and out of Washington has been harder. The volume of news has necessitated a near-constant presence in the US capital.

Every single day, there has been something. Of course, this has been entirely intentional for the president and his team of proud disrupters.

They pledged to govern differently, and on that promise, they have more than delivered.

To fix America, Donald Trump first had to convince people that it is broken. Many didn’t need convincing. Look for decline here and you’ll easily find it; communities left behind.

Look for bureaucracy and waste – you’ll find that too. Common sense silenced by wokism? Many can relate to that. Immigration out of control? Politicians have been struggling with that for decades.

In just 100 days, Mr Trump has harnessed all of that into a package of change that feels like nothing short of a revolution.

Despite the tsunami of news, my colleagues and I have managed to escape from the White House. And it is there, beyond Washington, that the more subtle but no less profound changes to the fabric of this nation can be felt.

Whether it be innocuous tattoos that might now be associated with gang membership, free speech opinions penned on social media, or the willingness just to chat about politics, one startling thing I have observed these past 100 days is a growing sense of fear.

A passion for politics

Anyone who has worked as a foreign correspondent in America will tell you that Americans love to give their opinion on politics. And they do it, always, with word-perfect articulation. There is no better place in the world for a ‘voxpop’.

There is a passion for politics that I haven’t seen anywhere else I’ve lived and worked. Until now. Over these past 100 days, I have increasingly found a reticence that reflects an America changed by this president and his style.

I’m in Detroit at the moment, in Michigan, the battleground state that helped to deliver Donald Trump the presidency back in November. I was here back then, too, and recall the enthusiasm with which people would discuss the upcoming election. There was enthusiasm for Trump and enthusiasm for Harris.

An indictment of the times

Now the response to my questions is, so often, “no thanks, I’d rather not”. Sometimes people ask where the report will be seen. “Will it be on in America?” Think about it – this is America. What an indictment of the times, that people fear offering their opinion – whatever side of the aisle they sit.

Very often, it’s businesses that are extremely cautious of being associated with one political view or another. Such is the animosity now between the two sides.

After a day of perseverance in Detroit this week, a few folk did talk to us. Their answers were revealing.

In a park, I met Marie Freeman who said people are now “more angry”. Her view is that America has lost something over these past 100 days.

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“I definitely want us to move forward in a positive, more empathetic way. I think with Trump being such a hardcore president, we lose the empathy, we lose the grace for our fellow neighbours. We’re all so angry because we’re under angry leadership. And that’s not good.”

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She articulated a vibe which I recognise in so many parts of this country right now. A lack of grace and empathy.

Yet, yards away, a couple walking their cats stopped to chat. I asked how they would rate these past 100 days. Two tens out of ten for Trump’s performance.