Zelenskyy aims for a ceasefire with Trump before discussing peace

Good morning. A (troubling) scoop to start out: Germany’s current election was topic to “clear” and “profitable” manipulation by Russia and different overseas actors, the pinnacle of the Bundestag’s intelligence committee advised the Monetary Instances.

Immediately, our Kyiv bureau chief previews Volodymyr Zelenskyy’s go to to the White Home, and our expertise correspondent hears a requirement for the European Fee to maintain calm and stick with it within the face of US threats over digital regulation.

Have a superb weekend.

Heavy metallic

Ukrainian President Volodymyr Zelenskyy will meet US President Donald Trump in Washington right this moment, in search of to finalise a contentious pure sources deal that would reshape Ukraine’s postwar economic system and safe essential navy help, writes Christopher Miller.

Context: The assembly is the primary between the 2 leaders since Zelenskyy visited Trump in New York Metropolis in September, forward of the US election, and because the US final week started talks with Russia over ending the conflict in Ukraine, with out involving Kyiv.

It’s an opportunity for Zelenskyy to see Trump in particular person earlier than the US president meets Russian President Vladimir Putin, a gathering that Washington and Moscow have mentioned is being deliberate.

Zelenskyy is pushing for agency US safety commitments, however Trump on Wednesday mentioned he was “not going to make safety ensures past very a lot . . . We’re going to have Europe try this”.

These phrases are sure to be ringing in Zelenskyy’s head right this moment, significantly because the minerals deal consists of solely obscure references to safety assurances.

Zelenskyy’s negotiators advised the FT that they’d fought tooth and nail concerning the joint growth of Ukraine’s mineral sources simply to get — because the Ukrainian president put it Wednesday — “a minimum of one sentence mentioning [security] ensures, and it’s there”. Nevertheless it’s squishy.

The deal would set up a US-Ukraine funding fund, with Ukraine allocating 50 p.c of all revenues earned from the “future monetisation” of pure sources owned by the Ukrainian authorities.

Whereas supposed to help the nation’s restoration, it leaves questions over possession and income distribution. Trump has described it as “payback” for US support, estimating it might generate $350bn for the US and $100bn for Europe.

Regardless of the uncertainties, the deal is seen by Zelenskyy as a mandatory step in direction of ending the conflict on phrases he hopes will likely be beneficial to Kyiv, and is predicted to be signed right this moment.

However earlier than the presidents can discuss peace, they might must agree on a ceasefire in their very own disagreement. Photographs had been first fired when Trump final week known as the Ukrainian president a “dictator with out elections” and falsely blamed him for beginning the conflict. Zelenskyy responded by saying that Trump was dwelling in a Russian “disinformation bubble”.

Their assembly might decide Ukraine’s future. However first, they might must determine if they will even discover frequent floor.

Chart du jour: Struggle rumblings

Carmakers led a decline in European shares yesterday, after US President Donald Trump threatened to hit EU items with 25 per cent tariffs.

Beat the bully

Researchers argue that the EU ought to double down on regulating Huge Tech reasonably than caving to the tariff threats coming from Washington, writes Barbara Moens.

Context: US President Donald Trump is contemplating imposing tariffs on international locations that levy digital providers taxes on American corporations, simply as Brussels’ investigations into tech giants together with Apple and Meta for presumably breaching EU digital market guidelines come to a head subsequent month.

Huge Tech corporations have been lobbying towards the EU’s digital guidelines and been emboldened by the US administration’s backing.

Giving in to Huge Tech in worry of retaliation from Trump “will solely end in additional interference and bullying”, argue the European Coverage Centre, Konrad Adenauer Stiftung and Open Markets Institute in a joint paper revealed right this moment and previewed by the FT. 

“It is going to additionally possible embolden these identical companies, additional fuelling the polarisation that’s inflicting irreversible harm to Europe’s democracy and core values,” the authors wrote. “The message have to be clear: Europe’s digital sovereignty is just not on the market, at any worth.”

As a substitute, Brussels ought to step up with regards to European digital sovereignty, not simply by imposing its digital rule e book but in addition by contemplating bolder measures, equivalent to extra antitrust motion, banning sure providers and even utilizing powers to power company break-ups.

It might additionally use its so-called anti-coercion instrument if Trump made good on his threats, which might enable hitting Silicon Valley with retaliatory commerce measures and proscribing commerce in providers — one thing the European Fee is already contemplating. 

What to observe right this moment

1. Ukrainian President Volodymyr Zelenskyy meets US President Donald Trump in Washington.

2. US state secretary Marco Rubio hosts Greek overseas minister George Gerapetritis.

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