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A photovoltaic power station with a capacity of 0.8 MW covers an area of more than 3,000 square metres at the industrial site of the Chernobyl Nuclear Power Plant, Kyiv region, Ukraine, on April 12, 2025.
The US-Ukraine minerals deal is finally done
Two months after their infamous White House fight, the US and Ukraine announced on Wednesday that they had finally struck a long-awaited minerals deal.
What’s in this deal? Leaked versions of the agreement signal that it creates a joint US-Ukraine investment fund to prospect for Ukraine’s critical minerals.It’s also believed to include US access not just to critical minerals but also to Ukraine’s oil, gas, and energy infrastructure. The minerals include lithium, titanium, and large reserves of graphite, an essential component in the batteries that power electric vehicles. Ukraine also claims significant quantities of rare earth metals that power a wide range of consumer products and high-tech weapons.
Will the deal help end the war? Ukraine’s President Volodymyr Zelensky has argued the deal would give Washington a stake in Ukraine’s peaceful future, making it less likely that US President Donald Trump would halt all US support for Ukraine’s defense against Russian invaders. Trump prides himself on his ability to cut big deals and will protect an agreement once signed. The president noted during a press event at the White House yesterday that the US presence in Ukraine “will keep a lot of bad actors out of the country.” That’s clearly what Kyiv is hoping for.
But this deal, however lucrative for the US and useful for a Ukraine desperate to keep Trump onside, doesn’t change the reality that Kyiv and Moscow’s visions for Ukraine’s future are fundamentally incompatible. That said, anything that keeps Washington invested in Ukraine’s defense will be greeted as good news in Kyiv.
One last step. Ukraine’s parliament must still ratify the framework for the deal before it becomes law.
Rescuers search for a 17-year-old and his parents near an apartment building hit by a Russian missile strike, amid Russia's attack on Ukraine, in Kyiv, on April 24, 2025.
A “critical” week for Ukraine
US Secretary of State Marco Rubio said Monday that this week is “very critical” for Donald Trump’s plan to end the war in Ukraine. Russia’s Vladimir Putin made news on Monday by offering a three-day ceasefire beginning on May 8, a move perhaps motivated by skeptical recent comments from Trump on Russia’s willingness to bargain in good faith.
The list of issues still separating Russia and Ukraine remains long, but the larger reason for doubting the war will end soon is a near-complete lack of trust between Moscow and Kyiv and each government’s hope that it can still improve its position on the battlefield.
For Ukraine, there are new signs of hope. In recent days, reports have emerged that Russia’s wartime economy has begun to sputter – Goldman Sachs reports that Russia’s annualized economic growth has fallen from about 5% at the end of last year to below zero now. The boost that Russia’s shift to wartime production provided the country’s economy appears to be used up. In addition, the lower global oil price is biting into Russia’s export revenues, particularly from economically slumping China.
Ukrainian forces can also take heart from the early successes of its plan to build more and better drones domestically, including smaller exploding models that can be controlled remotely from underground bunkers.
For now, all eyes remain on Trump and his waning patience with a war he’s so far proven unable to stop.
Ukrainian President Volodymyr Zelensky and US President Donald Trump meet while they attend the funeral of Pope Francis at the Vatican on April 26, 2025.
Funeral diplomacy: World leaders push for peace in Rome
Has the pope’s funeral set the stage for peace in Ukraine? At the Vatican on Saturday, US President Donald Trump sat down with Ukrainian President Volodymyr Zelensky for a meeting the White House described as “very productive,” and which Zelensky said had the “potential to become historic, if we achieve joint results.” Zelensky also met separately with Italian Prime Minister Giorgia Meloni, UK Prime Minister Keir Starmer, and French President Emmanuel Macron, who later claimed that Ukraine was ready for an “unconditional ceasefire”and that it’s “now up to Russia to prove that it truly wants to end this war.”
Trump also threw the ball into Russia’s court – but it landed more like a grenade. After meeting Zelensky, the US President posted to Truth Social that he feared Russian President Vladimir Putin might have been “tapping” – aka, deceiving – him about his willingness to end the war. The evidence? Russia’s continued bombardment of Ukraine, including an attack Thursday that killed 12 people and injured 90. Trump suggested that now Putin must be “dealt with differently,” possibly through banking or secondary sanctions. At the same time, the US president claimed late Sunday that Ukraine was ready to yield Crimea – Zelensky said last week this was a nonstarter.
The response? Hours later, Russia launched a large-scale drone and airstrike assault across Ukraine, killing at least four people and injuring several others. Each country also targeted the other overnight with long-range attacks, though there were no immediate reports of casualties. Mediators are now urging the two sides to the table in what US Secretary of State Marco Rubio described as a “critical week” for resolving the conflict.
Oh and by the way. Though it had been known for some time,North Korea formally acknowledged on Sunday that it has been lending troops to the Russian cause. Separately, the Trump administration is reportedly looking to reopen talks with the North Korean regime, after Trump held a pair of talks with Kim Jong Un during his first term in office.A search and rescue operation is underway in the Sviatoshynskyi district after a massive overnight missile and drone attack by Russian troops, Kyiv, Ukraine, on April 24, 2025. At least eight people were killed in the strike, and 77 people sustained injuries.
Another setback for Russia-Ukraine peace talks
It’s all Big Smoke and no fire in London, as US Secretary of State Marco Rubio pulled out of Russia-Ukraine peace talks with a coalition of European leaders that were scheduled to take place in the British capital on Wednesday. The decision came right as Ukrainian President Volodymyr Zelensky rebuffed the Americans’ peace plan that involved formally recognizing Crimea as Russian territory. US special envoy Steve Witkoff, who also canceled plans to be in London, is instead headed to Moscow for his fourth round of talks with Russian President Vladimir Putin.
Breaking overnight. Russia pounded Kyiv overnight with missiles and drone strikes, killing at least eight people and injuring dozens more. It was the heaviest attack on the Ukrainian capital since July. Zelensky was in South Africa when the bombs hit, but he will cut short the trip and return home early.
The Americans pile on the pressure. Rubio warned last week that the US will “move on” from peace talks if a deal wasn’t eminently “doable.” Vice President JD Vance echoed this sentiment on Wednesday. President Donald Trump pushed the Ukrainians to accept the peace deal on Wednesday, while claiming that Russia was on the verge of accepting it.
Would the terms be enough for Russia? It’s unclear, but Putin reportedly offered to pause fighting on Tuesday in an apparent effort to reach a peace deal. On the other hand, the Russian leader’s past comments suggest he wants more.
“Putin last year said he also expects Ukraine to give up control over the parts of the claimed regions that Russia does not yet control,” said Alex Brideau, Russia director at Eurasia Group. “It may also demand new elections, on the assumption that it would lead a government that is friendlier to Russia.”
“Whether that’s realistic,” Brideau added, “Putin appears unwilling to deviate much from these demands.”
Trump’s 4D checkers, China’s opportunity, climate hopes, and more: Your questions, answered
Welcome to another edition of my mailbag, where I attempt to make sense of our increasingly chaotic world, one reader question at a time. If you have a burning question for me before I go back to full-length columns, ask it here and I’ll answer as many as I can in next week’s newsletter.
Let’s dive in (with questions lightly edited for clarity).
Is the US currently a kleptocracy?
The United States is the most structurally kleptocratic of any advanced industrial democracy, with public policy increasingly captured by monied special interests and the rules of the marketplace determined by the highest bidder. The wealthiest Americans not only can fund political campaigns but also buy favorable regulatory and legal treatment and lobby for policies that perpetuate their economic interests. This system is two-tiered alright, but it doesn’t see red and blue – only green.
President Donald Trump is a beneficiary and an accelerant of this disease, but it long predates him. Which is why Trump faced so little pushback from the business world both times he was elected. After all, a system where the connected can buy their preferred policy outcomes is a system much of the private sector is both used to and comfortable with.
Has Trump done to brand USA what Musk did to Tesla?
He’s working on it. The long-term damage to America’s reputational capital has been incalculable (though it hasn’t been as great as the >50% in value Tesla has lost since its mid-December peak). Sometimes you have a personal relationship and someone does something that can’t be unseen. That’s what has happened particularly with Canadians and Europeans of late. I think that damage is permanent. And we are not even 100 days in …
How do other nations view America in light of Trump’s aggressive tariffs, threats, and general disdain for allies?
They all see the United States as the principal driver of geopolitical uncertainty. In the near term, most countries – especially smaller, poorer ones – will look to cut trade deals with Trump relatively quickly because the alternative, direct confrontation with the world’s sole superpower, is too costly to bear. We’re seeing that already with the Japanese, the South Koreans, and many other delegations coming to Washington to try to do everything they can to secure at least functional relations with the US.
At the same time, every country recognizes the longer-term need to hedge away and “de-risk” from the United States as much and as fast as possible to reduce their exposure to Trump-driven disruption. Even those that manage to come away with deals know the president could change his mind. After spending the last decade focusing on the dangers of having too much exposure to Beijing’s opaque, arbitrary, and personalistic decision-making, policymakers, businesses, and investors all over the world now suddenly see de-risking from the US as the more urgent priority. That’s an extraordinary shift when you stop to think about it.
Granted, de-risking from the US is a tall order given America’s asymmetric power advantages and the global embeddedness of so many of the things it provides – defense, advanced technologies, finance – that are hard to substitute (read: to break free from). But many US allies see no choice but to start seriously looking for alternatives. We’re already seeing the European Union and Latin America speed up their conversations to fast-track approval of the EU-Mercosur trade deal. Trump-aligned India is likewise moving to improve its trade relations with the EU, the United Kingdom, Australia, and others. Canada is trying to engage much more closely with the Europeans. Even Vietnam, which has long harbored deep mistrust of China, signed 45 new economic cooperation agreements with Beijing days after Trump trade czar Peter Navarro rebuffed its offer to lower its tariffs on US goods to zero.
Can China capitalize on Trump’s global trade war to peel off US allies?
Xi Jinping just wrapped up a Southeast Asian charm offensive to try to do exactly that. For the first time since the Vietnam War, most Vietnamese are now more well-disposed toward China than the US. That’s not true everywhere (e.g., the Philippines is still about 80% pro-American), but the trend line is clear. China sees the moment as a historic opportunity to move economically closer to many countries and portray itself as a champion of globalization and a force for stability.
But that doesn’t necessarily mean America’s loss will be China’s gain everywhere. The Europeans don’t suddenly trust the Chinese more just because they now trust the Americans less. They still have big issues with Chinese dumping, overcapacity exports (especially in the auto industry), data surveillance, and other beggar-thy-neighbor practices that have not gone away. Europe’s de-risking will be less about tilting to China and more about strengthening its own capabilities and hedging with pretty much everybody else. Plus, as I mentioned above, while Trump has worked hard to alienate US allies, America remains the only game in town for most Western countries in many strategic sectors and critical networks. Going cold turkey is unthinkable.
If everyone thinks tariffs are a bad idea even for the American economy, why is Trump persisting? Do you see a way the US can win on this?
As much as I’d like to believe so, I just can't see any way the US comes out ahead on this. Myself and others have written extensively about why the tariffs (and the massive ongoing uncertainty surrounding US policy) are an economic lose-lose, not only for America’s trade partners but for American consumers and businesses, and not just in the short term but also in the long run. Rather than boost domestic manufacturing, they will accelerate the country’s deindustrialization. And if the administration had really intended to use the tariffs as a cudgel to forge a united front against China (as Treasury Secretary Scott Bessent and others have claimed), it wouldn’t have slapped punishing duties on friendly countries already inclined to join this alliance before asking for their help. I’m afraid there’s no “4D chess” strategy or master plan.
It’d be one thing if the Trump team were only picking this one fight. But it’s going to be much harder to convince the world not to hedge away from the United States when at the same time as they’re hitting everyone with tariffs, they’re also picking all sorts of fights on other fronts. They are directly and indirectly threatening other countries’ sovereignty and territoriality, whether it’s Greenland and Denmark, Panama, Canada, or Ukraine. They are exporting algorithms and disinformation that undermine democracies around the world. They are destroying the transatlantic alliance. They are aligning with Russia over longstanding allies at the United Nations and the G7. They are driving away foreign tourists and international students. And they’re picking fights domestically, trying to weaken checks and balances, undermine the rule of law, and erode state capacity in ways that will make the US a worse place to live, invest, and do business.
I'd love to be proven wrong, but this policy set looks hands down like the most extraordinary geopolitical own goal I’ve ever witnessed.
Is it possible that Trump is purposely upsetting the economy in an effort to lower interest rates, reduce the US government’s debt servicing costs, and shrink the federal deficit?
Nope. That’s another one of those 4D chess stories flying around, and it’s nonsense. It’s true that a tariff-and-uncertainty-induced US recession can make existing US government debt (and mortgages, car loans, credit card debt, etc.) cheaper to refinance by bringing down long-term interest rates. But if long rates decline because the real economy has deteriorated to the point where the Fed has to cut short-term rates to boost aggregate demand, the money saved on debt interest payments probably will be offset by the lower tax revenue collected and the higher unemployment benefits paid out during the recession. The overall deficit will likely be higher than if said recession hadn’t been engineered in the first place – destroying trillions in economic value and hurting millions of real Americans in the process.
And all this assumes that long rates will in fact go down when the US enters a tariff-and-uncertainty-induced recession, which financial markets are currently telling us is not guaranteed in light of growing inflation and default risks. Thus far, Trump’s stagflationary policy mix and erratic policymaking style have made the world’s safe-haven assets relatively less attractive, prompted investors to sell US bonds, and caused long rates to rise rather than fall.
Will Trump succeed in brokering a ceasefire in Ukraine like he promised on the campaign trail?
Only if he’s willing to effectively use both carrots and sticks on Russia and Ukraine alike. So far he hasn’t, deploying mostly sticks (suspending military aid and intelligence sharing) to force the Ukrainians to come to terms and principally only carrots (the promise of sanctions nonenforcement and relief, and even full normalization of relations) to get the Russians to back off their maximalist demands.
Secretary of State Marco Rubio said last week the administration is giving the talks “a matter of days” to make progress or else they’ll walk away from the peace effort altogether. The problem is that Vladimir Putin continues to be uninterested in a durable ceasefire, at least not unless the so-called “root causes” of the conflict are addressed through a permanent settlement. He started this war to change the facts on the ground and is convinced he still has what it takes to win it. What’s more, he’s betting that if he can keep slow rolling the peace talks and convince Trump that it was Kyiv’s intransigence that tanked them, Russia could plausibly get a US rapprochement while it continues to wage war against a Ukraine deprived of US assistance. I’m not a betting man, but at this point, it’s a reasonable wager for Putin to make.
What do you expect from incoming German Chancellor Friedrich Merz?
Less capacity to spend and lead than many people hope, despite having managed to pass a historic fiscal package through the Bundestag lifting the country’s “debt brake” for defense spending and creating a 500 billion euro special fund for infrastructure investments. The incoming coalition is serious but relatively unpopular and divided, facing a stronger-than-ever far-right Alternative for Germany leading the opposition in the new parliament.
This political weakness, combined with the sheer scale of the challenges it faces, will water down the government’s ambitions. Germany is undergoing a severe, decade-long economic crisis. Merz will be under considerable pressure to jumpstart growth quickly amid global trade wars and under tight budget conditions. Just a few weeks ago, he was well-disposed to take on a European leadership role. Now that talk is no longer cheap, his constraints and risk tolerance will change. And if the Germans won’t step up, who in Europe can?
Is climate action possible in a disintegrating world? Have the odds of avoiding catastrophic climate change worsened in the past three months?
I’m more optimistic here. We’ve already broken the back of the most catastrophic climate change scenarios. Economic self-interest – not ideology or idealism – is driving the clean energy revolution as technological innovation and steep learning curves have dramatically reduced the price tag of clean power technologies, making them the cheapest and most profitable option in a lot of markets regardless of politics. Deep-red Texas and Florida lead the US in solar and wind power deployment. China is set to hit its emissions peak several years ahead of schedule. Europe sees renewables as an energy security imperative. Emerging markets from India to Indonesia and Pakistan are eager to develop using cheaper and cleaner domestic energy sources than high-volatility, dirty imported fuels.
I don’t want to be glib. The planet is still heating up faster than we’d like, and the present state of geopolitics – from Trump’s “drill, baby, drill” to the G-Zero vacuum of global climate leadership – will slow the pace of decarbonization. With every fraction of a degree of warming causing bigger and more frequent disasters, lower growth, and more deaths, that’s not good news. But for every environmental regulation repealed, clean energy policy revoked, fossil fuel project approved, and international commitment abandoned, there’s another, much more structural force pulling even harder in the opposite direction. As my colleagues and I put it in Eurasia Group’s 2025 Top Risks report, the global energy transition “has reached escape velocity.”
Would you ride Moose like a jockey if given the opportunity?
I’d train him with a well-disposed toddler first. That would be must-see television. Any volunteers?
Military chaplain conducts Easter service for Ukrainian service members of the "Khartia" 13th Operational Brigade, near a front line, amid Russia's attack on Ukraine, in Kharkiv region, Ukraine on April 20, 2025.
Ukraine-Russia ceasefire collapses amid US threats to quit peace process
An Easter ceasefire declared by Russian President Vladimir Putin appears to have collapsed, with both Russia and Ukraine accusing each other of violations. Ukrainian President Volodymyr Zelensky posted to X Sunday afternoon that as of 8 p.m. local time, the Russian army had violated the ceasefire over 2,000 times. Conversely, Russia claimed Ukraine breached the ceasefire by launching hundreds of drone attacks. The 30-hour pause, which began Saturday at 6 p.m., followed intense fighting in the region of Kursk, as well as a 277-person prisoner swap earlier that day.
Could peace talks collapse as well? On Friday, US President Donald Trump and Secretary of State Marco Rubio expressed growing impatience with the pace of negotiations. After Rubio warned that the US might abandon the process within days if no progress is made, Trump remarked that if “for some reason” one of the countries made negotiations very difficult, “We’re just going to say you’re foolish, you’re fools, you’re horrible people, and we’re going to just take a pass.”
Administration officials are reportedly frustrated by Zelensky’s accusation that US envoy Steve Witkoff was “spreading Russian narratives” as well as Russia’s foot-dragging in negotiations. A US official said the parties would meet again in London this week. It is unclear what would happen if the US were to walk away, with Zelensky warning in a “60 Minutes” interview earlier this month that if Putin’s advance is not contained, the conflict “could escalate into a world war.”
How Ukraine feels about negotiating with Russia
What would Ukraine be willing to offer Russia to bring an end to the war? It’s a question that’s been asked over and over, but now seems closer to reality than any point since the fighting began. As the White House negotiates with the Kremlin for a ceasefire deal, would Kyiv be willing to cede territory to get Moscow to the negotiating table? On GZERO World, Ian Bremmer sat down with former Ukrainian foreign minister Dmytro Kuleba for a sober assessment of the war—and what it will take to end it. According to Kuleba, who resigned last September amid a cabinet shuffle, Ukraine is ready to compromise, but not if it means giving away the rights to what millions of Ukrainians see as historically, legally theirs. A nation that abandons its dream, he warns, is “determined to lose.” It will also take more than concessions from Ukraine to achieve a meaningful ceasefire. According to the foreign minister, the Trump administration needs to start getting tough on Putin to make it clear to him Russia can’t win this war on its own.
“The goal of President Trump to end the war is commendable,” Kuleba explains, “The problem is that his strategy is to leverage Ukraine with sticks while leveraging Russia with carrots.”
Watch the full GZERO World episode: Will Russia agree to a ceasefire in Ukraine?
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔).GZERO World with Ian Bremmer airs on US public television weekly - check local listings.
Will Russia agree to a ceasefire in Ukraine?
President Trump has made it clear: He wants a ceasefire in Ukraine. The White House has been engaging with Russia diplomatically, while making it clear to Kyiv that ongoing US military support isn’t a guarantee. The problem? Moscow has so far shown no interest in meaningful compromise. Instead, the Kremlin is slow walking negotiations and increasing demands for concessions, all the while advancing on the battlefield and targeting Ukraine’s population centers with drone strikes. The delay tactics are testing the patience of the friendliest White House it’s faced in years. But will the Trump administration actually start piling the pressure on Russia? And even if Putin makes a deal, can Kyiv trust him to honor it? On GZERO World, Former Ukrainian Foreign Minister Dmytro Kuleba joins Ian Brmmer to discuss President Trump’s negotiation strategy, Russia’s goals, and Ukraine’s uncertain future.
“Did Putin come to Ukraine to take part of it or all of it?,” Kuleba explains, “If you believe Putin came after the whole of Ukraine because it is so important to him to get it under his control, then there is no ground to negotiate.”
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔).GZERO World with Ian Bremmer airs on US public television weekly - check local listings.