Zelenskyy aims for a ceasefire with Trump before discussing peace

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

At the moment, 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 keep it up within the face of US threats over digital regulation.

Have weekend.

Heavy metallic

Ukrainian President Volodymyr Zelenskyy will meet US President Donald Trump in Washington immediately, in search of to finalise a contentious natural resources deal that would reshape Ukraine’s postwar economic system and safe essential army assist, 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 began talks with Russia over ending the battle 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 stated is being deliberate.

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

These phrases are sure to be ringing in Zelenskyy’s head immediately, notably because the minerals deal contains solely imprecise 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 assets simply to get — because the Ukrainian president put it Wednesday — “not less than 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 % of all revenues earned from the “future monetisation” of pure assets owned by the Ukrainian authorities.

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

Regardless of the uncertainties, the deal is seen by Zelenskyy as a obligatory step in direction of ending the battle on phrases he hopes will probably be beneficial to Kyiv, and is predicted to be signed immediately.

However earlier than the presidents can discuss peace, they might must agree on a ceasefire in their very own confrontation. Photographs have been first fired when Trump final week known as the Ukrainian president a “dictator without elections” and falsely blamed him for starting the war. Zelenskyy responded by saying that Trump was residing in a Russian “disinformation bubble”.

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

Chart du jour: Conflict 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 relatively than caving to the tariff threats coming from Washington, writes Barbara Moens.

Context: US President Donald Trump is considering imposing tariffs on international locations that levy digital providers taxes on American firms, 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 firms 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 published today and previewed by the FT. 

“It can additionally seemingly embolden these similar firms, additional fuelling the polarisation that’s inflicting irreversible injury to Europe’s democracy and core values,” the authors wrote. “The message should be clear: Europe’s digital sovereignty will not be on the market, at any worth.”

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

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

What to observe immediately

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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