US and Ukraine sign deal to establish investment fund
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.
President Trump and President Zelenskyy met before the Pope’s funeral last weekend. Pic: Ukrainian Presidential Press Office via AP
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.
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Trump and Zelenskyy’s body language analysed
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.
The United States and European Union have agreed a trade deal, says Donald Trump.
The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.
Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.
The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.
He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.
Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.
He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.
For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.
Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.
In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.
Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.
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At least 11 people have been stabbed at a Walmart supermarket in Michigan, with six in a critical condition.
Officials say a suspect is in custody – and at this stage, it is believed the attack was a “random act” that involved a folding-style knife near the checkout area.
Sheriff Michael Shea told reporters: “Eleven is 11 too many, but thank God it wasn’t more.”
Pic: AP
The suspect, who is from Michigan, is not known to police – and was captured within three minutes thanks to “citizen involvement”.
The attack unfolded in Traverse City – and Tiffany DeFell, who was in the car park at the time, described scenes of chaos.
“It was really scary. Me and my sister were just freaking out,” she said. “This is something you see out of the movies.”
Beyond the six people in a critical condition, it is believed the remaining five were seriously hurt. All 11 are still being treated in hospital.
Pic: AP
Michigan Governor Gretchen Whitmer said: “Our thoughts are with the victims and the community reeling from this brutal act of violence.”
A Walmart spokesperson added that the retailer is working closely with law enforcement.
“Violence like this is unacceptable. Our thoughts are with those who were injured and we’re thankful for the swift action of first responders,” a statement said.
Pic: AP
At this stage, the ages of the victims is unclear – but it is not thought any of the victims were Walmart employees.
Traverse City is about 255 miles northwest of Detroit.
A US passenger plane made a dramatic plunge minutes after take-off to dodge another aircraft – injuring two cabin crew and causing passengers to shoot out of their seats.
The Southwest flight had just taken off from Burbank in California when the pilot received an alert about a nearby plane.
Data from FlightAware shows the aircraft dropped by 91m (300ft) in just 36 seconds. Those on board said they felt panicked, and some feared the plane was about to crash.
Comedian Jimmy Dore posted on X: “Pilot had to dive aggressively to avoid mid-air collision … myself and plenty of people flew out of their seats and bumped heads on ceiling, a flight attendant needed medical attention.”
Stef Zambrano saw a woman who wasn’t wearing her seatbelt thrown out of her seat, who then said: “I want to get off this plane. I want to be on the ground.”
Another passenger, Steve Ulasewicz, told NBC Los Angeles that it felt like the plane was in freefall for 10 seconds.
“People were screaming. You know, it was pandemonium. People thought the plane was going down,” he added.
The aircraft was able to continue to its destination of Las Vegas, where it safely landed without any further incident.
It is believed the Boeing 737 was in the same vicinity as a Hawker Hunter Mk. 58, a British fighter jet.
Southwest is now working with the Federal Aviation Administration “to further understand the circumstances” of the event.
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January: Footage of Washington plane crash
This is the second time in a week that a passenger plane has had to make abrupt flight manoeuvres to avoid a potential mid-air collision.
Concerns have been raised about aviation safety in the US following a series of recent incidents.
In January, a mid-air collision in Washington DC killed 67 people.
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