Donald Trump tells Moscow to reach peace deal with Kyiv in 10-12 days or face severe tariffs
has given
Russia
'10 or 12 days' to reach a peace deal with Ukraine.
The US president slashed the 50-day deadline he had issued to Moscow earlier this month to end Europe's biggest war since 1945 or face 'severe' tariffs on its trade.
Ukraine
welcomed Mr Trump's intention to bring the deadline forward by almost a month and his admission he was 'very disappointed' by Russian president
Vladimir Putin
and 'not so interested in talking [to him] any more'.
'I'm going to make a new deadline of about 10 or 12 days from today. There's no reason in waiting … I want to be generous, but we just don't see any progress being made,' Mr Trump said beside British prime minister
Keir Starmer
in Scotland on Monday.
READ MORE
Earlier, as the leaders stood on the steps of his hotel in Turnberry, Mr Trump said: 'We thought we had it settled numerous times. And then president Putin goes out and starts launching rockets into some city like Kyiv and kills a lot of people in a nursing home or whatever. You have bodies lying all over the street, and I say, 'That's not the way to do it'.'
Mr Trump said he had 'spoken to president Putin a lot. I always got along with him very well', but was now 'very disappointed in him'.
Since Mr Trump started his second term at the White House in January, Ukraine has urged him to put more pressure on Russia to abandon its full-scale invasion of almost three-and-a-half years, which he said he would be able to end 'in one day' during his re-election campaign.
Kyiv agreed in March to a US proposal for a full 30-day ceasefire if Russia also pledged to stop fighting, but over summer the Kremlin's forces have intensified ground attacks on eastern Ukraine and drone and missile strikes across the country.
Andriy Yermak, chief of staff to Ukrainian president
Volodymyr Zelenskiy
, quickly thanked Mr Trump on social media 'for standing firm and delivering a clear message of peace through strength' and for 'shortening the timeline he gave Putin, because he believes the answer is obvious'.
'Putin respects only power – and that message is loud and clear. When America leads with strength, others think twice,' Mr Yermak said.
Mr Zelenskiy is pushing for a peace summit with Putin, but says Ukraine will not accept terms that would amount to capitulation – including demands currently set out by Moscow.
The
Kremlin
insists it respects Mr Trump's push for peace and is willing to hold talks, but only when Ukraine accepts the permanent occupation of five of its regions, abandons any hope of joining
Nato
and complies with other restrictions on its sovereignty.
Mr Trump announced on July 14th he would impose 'severe' tariffs on some Russian exports and on countries that buy them unless a peace deal was agreed within 50 days.
The main target would be oil, which is still a huge revenue-earner for the Kremlin and a major contributor to its war chest.
Russia's army enjoys a large advantage over Kyiv's forces in numbers and arms supplies and it continues to make slow gains in parts of eastern Ukraine.
Ukrainian troops are holding their ground in most areas and claim to have retaken some territory in the northern border region of Sumy in recent days.
Russian national airline Aeroflot cancelled dozens of flights on Monday due to what it called an IT fault.
Two pro-Ukrainian hacker groups said they had destroyed thousands of the company's servers and stolen a vast amount of passenger and other data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
15 minutes ago
- Irish Times
Russian strikes on penal colony in Zaporizhzhia kill 16, says Ukraine
Russian strikes on a penal colony in the frontline region of Zaporizhzhia in southwestern Ukraine overnight killed 16 people and injured at least 35, regional Ukrainian military and the local governor said. Zaporizhzhia governor Ivan Fedorov, writing on the Telegram messaging app, said that the correctional facility's buildings were destroyed, and nearby private homes were also damaged. Ukrainian president Volodymyr Zelenskiy's chief of staff, Andriy Yermak, condemned the strikes as 'another war crime' committed by Russia. '(Russian president Vladimir) Putin's regime, which also issues threats against the United States through some of its mouthpieces, must face economic and military blows that strip it of the capacity to wage war,' Mr Yermak said on X. READ MORE Russian forces have regularly attacked Zaporizhzhia, using drones, missiles and aerial bombs, since the start of the war that Moscow started with its invasion of Ukraine in 2022. Russia unilaterally declared early in the war its annexation of parts of Zaporizhzhia and areas in and around three other Ukrainian regions. Kyiv and its Western allies called the move an illegal land grab. Mr Fedorov said that Russian forces launched eight strikes on the Zaporizhzhia district, reportedly using high-explosive aerial bombs. There was no immediate comment from Russia. Both sides deny targeting civilians in their strikes, but thousands of civilians have been killed in the conflict, the vast majority of them Ukrainian. - Reuters (c) Copyright Thomson Reuters 2025
Irish Times
2 hours ago
- Irish Times
Trade deal fallout and how to start accumulating wealth
After months of fraught negotiations, the EU and US finally have a trade agreement, or at least the bones of one. While much is yet to be worked out, it is clear that it is being seen as a win for the US and loss for the EU. Jack Power and Harry McGee report on the deal, while Colin Gleeson and Paul Colgan report on the reaction to it. Jack also has details of how the deal was done. Ruchir Sharma meanwhile, looks at what the world got wrong about tariffs. Irish financier Paul Coulson has agreed to cede entire control of Ardagh Group, the glass bottles and drink cans giant he built up over the past 25 years, to a group of its bondholders in exchange for a share of a $300 million (€257 million) pay-off. Joe Brennan has the details, as well as how Coulson got to this point . In Your Money, Siobhan Maguire looks at how to accumulate wealth . Do you have to make many, sharp choices. Or do you need to be patient? READ MORE Dominic Coyle meanwhile answers questions on whether you can pay into an Irish pension while being based in the UK, and whether an inheritance from the US is liable for tax in Ireland. The hospitality group which operates Hogan's pub on Dublin's South Great George's Street has lodged plans for a new pub restaurant at the former Ballsbridge Post Office in Dublin 4. Gordon Deegan has the plans. A pay increase of more than €23,000 was approved for the new chief executive of the Housing Agency after negotiations between two government departments. As Ken Foxe reports, the Housing Agency said their preferred candidate, Martin Whelan, had been paid a higher salary than that in his previous role in the National Treasury Management Agency. Aquila European Renewables (AER), the UK-based green energy company that took on a secondary listing in Dublin two years ago, has hit a hurdle in its plans to wind down as the potential buyer of a large portion of its assets scaled back its bid. Joe has the story. Finally, Leah McMahon, financial planner with Limerick-based Castle Capital and Rose of Tralee contestant takes us through her finances . If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
2 hours ago
- Irish Times
Trump's tariffs: What the world got wrong about US president's trade policy
At the beginning of the year, the world was in striking agreement on one point: if US president Donald Trump proceeded with tariffs, it would strengthen the dollar and trigger stagflation. Chief executives, investors and commentators all said the same. Economists estimated that every percentage point increase in the tariff rate would shave 0.1 per cent off US growth and add 0.1 per cent to inflation. But so far, the consequences have been far less disruptive than just about anyone expected. Some analysts still think that's because Trump's threats have been mostly posturing. But the effective US tariff rate has already risen from 2.5 per cent to 15 per cent. Tariff revenue is rolling in at an annual rate above $300 billion (€249 billion), roughly four times the pace this time last year. Many economists had assumed that, by lowering imports, tariffs would strengthen the dollar almost automatically, as an accounting identity. Instead, it suffered its worst fall over the first half of a year since the early 1970s. READ MORE [ EU-US tariffs deal at 15% preferable to 'ruinous' trade war, says Taoiseach Opens in new window ] This unexpected turn is now attributed to the fact that the dollar started the year historically overvalued. Many foreigners were heavily exposed to dollar assets. Of late, they have been hedging those risks and investing more outside the US. Many countries are increasingly attractive places to park money, in part because tariff threats inspired them to push economic reform and cut trade deals with non-US partners. The bigger mystery is why the stagflationary impact of tariffs has yet to materialise in the aggregate data. Is the US really enjoying a free lunch, taking in $300 billion a year in tariff revenues with none of the expected heartburn? By some estimates, foreign exporters are indeed absorbing 20 per cent of the costs – a much larger share than they did in response to tariffs in Trump's first term. The remaining 80 per cent, however, is still getting paid in roughly equal shares by US corporations and consumers. The likely answer is that the negative economic effect of tariffs is being countered by other forces, including the mania for artificial intelligence (AI) and more government stimulus. Since January, estimates of what the big tech companies will spend this year on building out AI infrastructure have risen $60 billion to $350 billion. Smaller businesses are scrambling to catch the wave too, further boosting growth. And all this excitement is neutralising the fear that trade policy uncertainty would dampen animal spirits and freeze new capex. How will the updated National Development Plan shape Ireland in years to come? Listen | 35:59 AI-driven bullishness is also lifting growth by keeping financial conditions loose, even with higher interest rates. According to a new index from the Federal Reserve, those conditions would be neutral, not loose, were it not for the stock market, which has continued rising this year due largely to AI stocks. Meanwhile, the promise of tax relief makes it easier for US corporations to absorb a larger than expected share of the tariff costs, rather than pass it all on to consumers. Trump's 'big, beautiful Bill' is expected to save US businesses about $100 billion this year and more than that in 2026, mainly in tax breaks. That is not to say tariffs have no negative economic effect. The costs are starting to show up in higher prices for big household appliances, sporting goods and toys. Yet the overall inflation rate has been held in check by falling rents and prices for other kinds of goods, including used cars and energy. And those prices are declining for reasons unrelated to tariffs; used-car prices are still retreating from highs created by supply disruptions during the pandemic. So economists were not entirely wrong about the tariffs. And stagflation may yet materialise, particularly if the average effective rate continues to climb. But so far, even a much higher rate has not been enough to overwhelm the larger forces sustaining growth and containing inflation. In a way, what we are seeing is a replay of 2023. That year, too, many expected a big shock (then mainly from Fed rate rises) to dramatically slow US growth, only to find the impact offset by the AI spending boom and the US government's seemingly bottomless capacity to keep doling out fiscal support. What the world got wrong, then and now, starts with its mental frameworks. The timeworn mistake of employing simple models, in which a headline-grabbing input A leads in a straight line to outcome B, has been greatly magnified by the global obsession with Trump. He is the only input anyone cares to analyse any more. But complex economies are rarely shaped by just one factor, not even a shock as big as Trump's tariffs. – Copyright The Financial Times Limited 2025
