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Ukraine has agreed terms with the United States on a crucial minerals deal, a Ukrainian government source has told Sky News.

There has been no confirmation from the US side yet but Donald Trump said on Monday evening that his Ukrainian counterpart “would like to sign the minerals deal with me”.

The accord, once signed, could unlock a new long-term partnership between Kyiv and Mr Trump‘s White House after weeks of increasingly tense exchanges.

The source said there was a plan for the document to be signed “very soon”.

This could even be during a face-to-face meeting between Ukrainian President Volodymyr Zelenskyy and Mr Trump.

The US president told reporters on Tuesday evening that his Ukrainian counterpart is “coming to visit on Friday”.

He added: “We have pretty much negotiated our deal on rare earths.”

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A Ukrainian government source has also said Mr Zelenskyy will meet with Mr Trump in Washington on Friday and that the meeting was proposed by the American side.

Meanwhile, Ukrainian officials have said Kyiv has agreed a framework for an economic deal with the US which will see them trade rights to rare minerals in exchange for continued aid.

The deal sets out the terms to create a new fund to invest in Ukraine’s minerals, rare earth materials and other valuable natural resources.

It no longer contains an initial demand by the United States for a right to $500bn (£394bn) in potential revenue from the resources.

Mr Zelenskyy had previously described such a high price as not being a “serious” conversation.

Mr Trump, however, views the minerals transaction with Ukraine as a fair way to recoup the billions of dollars that the US has given Kyiv – via weapons and financial support – to assist the armed forces in their fight against Russia’s full-scale invasion over the past three years.

The document also does not provide a commitment from Washington to give security guarantees to Ukraine in the wake of any ceasefire deal with Vladimir Putin – something that Kyiv desperately needs and has been asking for.

More granular details about the new partnership are expected to be fleshed out in coming discussions.

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Pay back the billions of aid, Trump tells Ukraine

What minerals does Ukraine have and why does Trump want them?

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The two sides have “agreed on a framework agreement on how to create a fund that will be filled with a share of minerals” and other natural resources, the government source said, speaking on condition of anonymity.

“This is a political step to ensure that resource revenues are used for the security and reconstruction of Ukraine.”

The fund would comprise US money that would be invested in Ukrainian natural resources, with profits shared between Washington and Kyiv, it is understood.

The Financial Times first reported on the agreement being reached. It said the final version of the deal was dated 24 February.

“The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture,” Olha Stefanishyna, Ukraine’s deputy prime minister and justice minister who has led the negotiations, told the newspaper on Tuesday.

The development comes after Mr Trump shocked European leaders last week by calling Mr Zelenskyy a “dictator with no elections”.

He added that the Ukrainian president “better move fast or he is not going to have a country left” after Mr Zelenskyy had accused him of living in a Russian-made “disinformation space”.

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Is Trump and Macron’s bromance still intact?

French President Emmanuel Macron flew to Washington to meet with Mr Trump on Monday for talks on Ukraine amid fragile relations between the US and Europe.

Meeting in the White House on the third anniversary of Russia’s war in Ukraine, the French president said he and Mr Trump “made substantive steps forward during our discussions”.

It comes as UK Prime Minister Sir Keir Starmer prepares to meet with Mr Trump at the White House on Thursday.

Mr Starmer and Mr Macron spoke on the phone on Tuesday and “agreed that President Trump’s leadership in working towards a durable peace in Ukraine was welcome”, a Downing Street spokesperson continued.

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Thousands protest against Donald Trump and Elon Musk at rallies in all 50 US states

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Thousands protest against Donald Trump and Elon Musk at rallies in all 50 US states

Thousands of people gathered in various cities across the US as protests against Donald Trump and Elon Musk took place in all 50 states on Saturday.

Around 1,200 demonstrations were planned in locations including Washington DC, New York City and West Palm Beach, Florida – just miles away from where the US president has this weekend played golf.

The “Hands Off!” protests were against the Trump administration’s handling of government downsizing, human rights and the economy, among other issues.

In Washington DC, protesters streamed on the grass in front of the Washington Monument, where one person carried a banner which read: “Make democracy great again.”

Demonstrators hold up their banners during a 'Hands Off!' protests protest against President Donald Trump at the Washington Monument in Washington, Saturday, April 5, 2025. (AP Photo/Jose Luis Magana)
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Thousands gathered in Washington DC to rally against various Trump policies. Pic: AP

A demonstrator twirls a ribbon during a "Hands Off!" protest against President Donald Trump at the Washington Monument in Washington, Saturday, April 5, 2025. (AP Photo/Jose Luis Magana)
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Pic: AP

Another protester took aim at Mr Trump‘s handling of Russia and Ukraine, with a placard that read: “Stop Putin’s puppets from destroying America.”

Tesla boss Mr Musk also featured on many signs due to his role in controversial government cuts as head of the newly created Department of Government Efficiency (DOGE).

Demonstrators march during a "Hands Off!" protest against President Donald Trump on Saturday, April 5, 2025, in New York. (AP Photo/Andres Kudacki)
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Demonstrators in NYC. Pic: AP

People take part in the nationwide anti-Trump “Hands Off” protest in Atlanta, Georgia U.S., April 5, 2025. REUTERS/ Megan Varner
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People marching in Atlanta, Georgia. Pic: Reuters

Hundreds of people show up to protest President Donald Trump at Centre Congregational Church in Brattleboro, Vt., during a national "Hands Off" protest on Saturday, April 5, 2025. (Kristopher Radder/The Brattleboro Reformer via AP)
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A rally in Vermont. Pic: The Brattleboro Reformer via AP

Terry Klein, a retired biomedical scientist, said she drove to the rally to protest Mr Trump’s policies on “everything from immigration to the DOGE stuff to the tariffs this week, to education”.

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“I mean, our whole country is under attack, all of our institutions, all the things that make America what it is,” she added.

A drone view shows a protest at the Utah State Capitol building in a demonstration that is part of larger "Hands off" events organized nationwide against U.S. President Donald Trump, in Salt Lake City, Utah, U.S., April 5, 2025. REUTERS/Jim Urquhart
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A drone view of the protest at the Utah State Capitol building. Pic Reuters

People participate in a protest at the Utah State Capitol building in a demonstration that is part of larger "Hands off" events organized nationwide against U.S. President Donald Trump, in Salt Lake City, Utah, U.S., April 5, 2025. REUTERS/Jim Urquhart
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A protester sports a Handmaid’s Tale costume. Pic: Reuters

People participate in a protest at the Utah State Capitol building in a demonstration that is part of larger "Hands off" events organized nationwide against U.S. President Donald Trump, in Salt Lake City, Utah, U.S., April 5, 2025. REUTERS/Jim Urquhart
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Pic: Reuters

Some at the various protests carried Ukrainian flags, while others sported rainbow attire and waved rainbow flags in support of the LGBTQ+ community.

Other protesters wore Palestinian keffiyeh scarves and carried “Free Palestine” signs.

Protesters refuse to take Donald Trump’s policies lying down

It was built to honour George Washington, a founding father of the United States.

And in the shadow of the 555ft Washington Monument, protestors were refusing to accept Donald Trump’s policies lying down.

“Stand tall,” they chanted, again and again.

“In every city, stand tall. In every state, stand tall. In truth, stand tall. In justice, stand tall.”

Those words, shouted by thousands on the city’s iconic mall, were reinforced by the words on their placards and t-shirts.

A minister, wearing a t-shirt with ‘Troublesome Priest’ printed on it, told me she found what was happening in the US government “appalling and immortal”.

One man said he had won the long-distance award, having travelled 2,750 miles from Hawaii for the protest.

“I finally reached a breaking point,” he added. “I couldn’t take it anymore.”

Another woman said: “We have to speak up, we have to act, we have to do something, because this is not America.”

I asked her what she would say to those who argue the people did speak when they elected Donald Trump as president.

She replied: “Some people have spoken and then some people have not and those of us that have not, we need to speak now.”

Thousands marched in New York City’s midtown Manhattan and in Boston, Massachusetts, while hundreds gathered in the sunshine outside the Utah State Capitol building in Salt Lake City, and in the rain outside the Statehouse in Columbus, Ohio.

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Mr Trump – who shook financial markets with his tariffs announcement this week – spent the day in Florida, playing a round of golf before returning to his Mar-a-Lago residence.

People protest in Manhattan, during a demonstration that is part of larger “Hands Off!” events organized nationwide against U.S. President Donald Trump, in New York City, New York, U.S., April 5, 2025. REUTERS/Caitlin Ochs
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People protest in Manhattan. Pic: Reuters

Activists protest President Donald Trump, who was a few miles away at his Trump National Golf Club, during a "Hands Off!" demonstration Saturday, April 5, 2025, in Palm Beach Gardens, Fla. (AP Photo/Alex Brandon)
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Activists in Palm Beach Gardens, Florida. Pic: AP

Some four miles from Mar-a-Lago, more than 400 people gathered – and drivers honked their horns in support of protesters who held up signs including one which read: “Markets tank, Trump golfs.”

The White House has said Mr Trump plans to go golfing again on Sunday.

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Global markets have given Trump a clear no-confidence vote - and his fickleness is making the problem worse

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

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He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

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There were no winners from Trump’s tariff gameshow
Trade war sparks ‘$2.2trn’ global market sell-off

These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

Trump tariffs latest: US stock markets tumble

All three of the US’s major markets opened to sharp losses on Thursday morning.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025. Pic: AP
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The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

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Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

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The latest numbers on tariffs

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

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How is the world reacting to Trump’s tariffs?

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

Read more:
Do Trump’s ‘Liberation Day’ tariff numbers add up?

Tariffs about something more than economics: power

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

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