U.S. President Donald Trump has decided not to move forward with a rare earth minerals deal with Ukraine — at least for now.
This was reported by Treasury Secretary Scott Bessent to The Telegraph on March 5.
The agreement, which was expected to be finalized on Tuesday evening, was widely anticipated as part of Trump’s pivot toward securing American business interests in Ukraine.
But Bessent confirmed that “no signing is planned”, and White House insiders echoed that “no movement” had occurred on the deal.
Trump’s decision follows the abrupt cancellation of a signing ceremony during Ukrainian President Volodymyr Zelenskyy’s visit to Washington last week.
The agreement was supposed to give U.S. companies access to Ukraine’s critical mineral reserves while ensuring direct investments in the country’s economy.
Trump had previously argued that American mining operations in Ukraine would serve as a deterrent to Russian aggression, stating that Russia would avoid escalation if U.S. workers were on the ground.
In a March 2 post on Truth Social, Trump went further, suggesting that without continued U.S. backing, Zelenskyy would have “no choice but to concede” to Russia.
While the rare earth deal is on pause, it has not been completely ruled out.
Trump’s administration may still use the agreement as a bargaining chip in potential negotiations with both Kyiv and Moscow.
