Timing’s everything for Donald Trump.  

The time for sacking Mike Waltz was, clearly, not before the 100-day milestone – the measure of his performance in office.

The national security adviser had his card marked from the day the ‘Signalgate’ scandal broke.

Trump latest: Waltz ‘leaving White House’ hours after TV appearance

In any other government, at any other time, political expediency would have demanded his immediate sacking.

To have shared sensitive military information on a group chat is a most reckless error of judgement.

Bad enough that the information reached the inbox of a US journalist – who knows who else might have accessed the information in what is a commercially available app? China, Russia? Iran, the very country that backs the Houthi rebels who were under attack?

Initially, Donald Trump defended Waltz as a “good man” who had “learned a lesson”. The president will have known, though, that he’s a man who has fundamentally weakened him.

Waltz’s mistake put the lives of US service personnel at risk and called into question the credibility of his ultimate boss.

The emoji-laden group chat read like the stuff of excited youngsters breathlessly sharing gossip.

It was recklessness over responsibility at the heart of government, and it reflected on the commander-in-chief and his judgement in appointing Waltz in the first place.

To keep him in post for weeks following the scandal looked like an acceptance, of sorts, and it didn’t look good. If there are questions about the circumstances surrounding Waltz, there are, too, about Trump’s defence secretary, Pete Hegseth.

Hegseth was also part of the Signalgate group chat and more.

Separately, he shared messages on Signal with his wife and brother about military strikes. Both are involved with the Pentagon, but are nowhere near the security clearance typically required to access that kind of detail.

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If Waltz committed a sackable offence, why didn’t Hegseth?

It’s a question that won’t go away.

The answer, I suspect, is that Donald Trump invested considerable political capital in forcing Hegseth into position, in spite of strong opposition.

In a story that acknowledges weakness at the heart of government, Donald Trump has his limits.

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.”