President Donald Trump announced on Tuesday that he expects Ukrainian President Volodymyr Zelenskyy to visit Washington this Friday, signaling his willingness to sign a landmark agreement on critical minerals.
The deal, which would see Ukraine share a portion of its vast rare earth and other mineral revenues with the United States, is touted by Trump as potentially a “trillion-dollar deal.”
“I hear that he’s coming in Friday, certainly it’s okay with me, if he’d like to, and he would like to sign it together with me. And I understand that’s a big deal, very big deal,” Trump said from the Oval Office. He added that the minerals at issue include rare earths and other resources critical to electric vehicles, military hardware, the power grid, and consumer goods.
The agreement remains in negotiations, with major sticking points including the extent of security guarantees for Ukraine and whether mineral rights should be exchanged solely for future U.S. military aid or also cover previous support provided by the Biden administration. Despite the progress, Ukraine has yet to sign the deal as talks continue.
Trump also lambasted his predecessor, stating that “Joe Biden was throwing money around like it’s cotton candy,” and insisted that the U.S. must secure its investments and recover funds spent aiding Ukraine. “We want to be secured. We want to get that money back. The American taxpayer now is going to get their money back plus,” he asserted.
Ukrainian reserves of critical minerals could be worth trillions, with Ukraine holding about 5% of the world’s total mineral resources, according to a 2024 World Economic Forum report. The country is known for its large deposits of lithium, semiconductor-grade neon gas, beryllium, uranium, zirconium, apatite, iron ore, and manganese.
U.S. National Security Adviser Mike Waltz emphasized that any economic investment in Ukraine’s mineral resources would be defended, calling such investments “one of the best security guarantees that Ukraine could hope for.”
In an unexpected twist, Trump also expressed interest in potentially purchasing minerals from Russian territory, noting that Russia “has very good rare earth also” and suggesting that trade deals with Russia could be mutually beneficial. However, he denied any plans to lift sanctions on Russia, even as discussions continue on ending the Kremlin’s war on Ukraine.
The anticipated meeting between Trump and Zelenskyy at the White House is seen as a critical step in finalizing the deal, which could reshape economic and security ties in the region while significantly impacting the global minerals market.
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