Treasury Secretary Scott Bessent announced that a Ukrainian delegation is expected to arrive in the United States either later this week or early next week to discuss a proposed economic cooperation agreement between the two countries.
“We believe this deal is so important for the American people, for the Ukrainian people, and for the peace process,” Bessent said, according to Bloomberg.
According to Bessent, the Ukrainians have already hired counsel and the agreement is “ready on our side.”
The US-Ukraine mineral deal involves the creation of a joint reconstruction investment fund, where Ukraine will contribute 50% of its future revenues from natural resources, including minerals and hydrocarbons, to the fund. This agreement aims to facilitate US access to Ukraine’s critical minerals while providing Ukraine with potential future support and investment opportunities.
Kyiv has expressed a cautious stance on the lattest version of minerals deal proposed by the US, emphasizing the need for a mutually acceptable agreement that does not jeopardize Ukraine’s integration with the European Union.
Meanwhile, US President Donald Trump has been pushing for the agreement, warning of potential consequences if Ukraine does not comply.
The Treasury Secretary also addressed the 2017 tax cuts extension efforts. Republican lawmakers are working on a reconciliation package that aims to include an increase in the federal debt limit. Bessent warned that the Treasury’s borrowing authority “is going to run out in June or July.”
Bessent also cautioned foreign economies against retaliatory measures in response to President Trump’s new tariffs. “I wouldn’t try to retaliate,” he told Bloomberg TV. “As long as you don’t retaliate this is the high end of the number.”
Trump recently announced a 10% universal baseline tariff for many trading partners, with higher rates for others – 34% for China and 20% for the European Union.
“This is the high end of the number barring retaliation,” Bessent emphasized. “As far as negotiations go — we’ll see.”
While countries have reached out to Washington about trade talks, Bessent indicated the administration would “let things settle for a while” before engaging further.
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