US Allies Set to Plead With Trump to Stand Behind Ukraine
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Ukraine President Volodymyr Zelenskiy and his European allies arrive in Washington on Monday anxious to find out what Donald Trump committed to at his summit with Vladimir Putin and apprehensive that he'll force Kyiv into making unpalatable concessions.
Trump will host Zelenskiy and several European leaders to set out terms for a potential peace deal he discussed with Putin at last Friday's meeting in Alaska. While the US is expected to focus on territorial concessions demanded by Russia, Kyiv will seek to pin down possible security guarantees, according to a person familiar with the matter.
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CNBC
12 minutes ago
- CNBC
Dollar dithers as markets digest Ukraine summit, await Fed comments
The dollar slipped against major peers on Tuesday as markets assessed the outcome of a summit between leaders from the U.S., Europe and Ukraine, while awaiting policy cues from an annual Federal Reserve symposium later this week. The euro and sterling hovered between modest gains and losses against the dollar and were last up about 0.2% and 0.1% at $1.1683 and $1.3520, respectively. The Japanese yen and Swiss franc ticked higher as well. U.S. President Donald Trump told his Ukrainian counterpart Volodymyr Zelenskiy on Monday that the United States would help guarantee Ukraine's security in any deal to end the war with Russia. Trump made the pledge during a summit at the White House, where he hosted Zelenskiy and a group of European allies following his meeting on Friday in Alaska with Russian President Vladimir Putin. The developments did little to give clear direction to foreign exchange markets while European equities posted modest gains. Given that European energy costs are relatively low and undisrupted, developments related to the Russia-Ukraine war are unlikely to be major market movers, said Samy Chaar, chief economist at Lombard Odier. Many investors are away for summer holidays in the northern hemisphere contributing to thinner market liquidity. On the macro front, markets are awaiting the Federal Reserve's annual symposium in Jackson Hole for any clues on the likely path of interest rates. Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Analysts reckon that he is unlikely to lock himself onto a monetary path before seeing August's round of data even though money market expectations of a rate cut next month remain above 80%, according to CME's FedWatch tool. "The market is expecting signs that a cut in September is a done deal. I am not sure the market is going to get that," Chaar said. Analysts at DBS expect Powell to deliver a calibrated message, "keeping the door open for an insurance cut to avert a sharper deterioration in the labour market while also cautioning against excessive or rapid rate cuts," they said in a note. The minutes of the Fed's July meeting are due later on Wednesday and could offer insight into policymakers' thinking about the trajectory of interest rates albeit the meeting took place before a weak labour market report prompted markets to price in cuts more aggressively. Elsewhere, the Hong Kong dollar, which the city's de facto central bank allows to trade in a tight range of between 7.75 and 7.85 against the greenback, was one of the biggest movers, trading 0.3% stronger at 7.7944 to its U.S. counterpart as interbank rates surged to a three-month high. Cryptocurrencies were an exception to the otherwise mellow mood in markets, with bitcoin falling 1.5% to notch a third straight day of declines after hitting a record high last week while ether was down 2.7% as well. The Australian and New Zealand dollars were steady while the Swedish Krona rose 0.3% to 9.5360 per U.S. dollar.
Boston Globe
14 minutes ago
- Boston Globe
Takeaways from Trump's meeting with Zelensky and Europeans: Praise, security talks, more meetings
Following the talks, Trump called and spoke at length to Russian President Vladimir Putin who got the red carpet treatment at a summit with Trump last Friday in Alaska, to discuss the extraordinary gathering of allies. Trump said he would now work to arrange a meeting between Zelenskyy and Putin. Advertisement Here are key takeaways: Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Trump says the US could back security guarantees for Ukraine A central question for peace talks is how to prevent further Russian aggression in the future. Trump has ruled out allowing Ukraine to join NATO, which would extend the military alliance's protection to the besieged country. He did, however, express support for security guarantees for Ukraine — though details remain vague. European countries 'want to give protection and they feel very strongly about it and we'll help them out with that,' Trump said. That pleased Zelenskyy, who said the US was offering 'such (a) strong signal.' With Europeans looking to set up a force that could backstop any peace agreement in Ukraine, Trump suggested that Putin would be open to accepting security guarantees. His special envoy, Steve Witkoff, said Sunday that Moscow was open to accepting NATO-style protections for Ukraine. Advertisement European leaders applauded that notion, and the larger meaning it would carry. 'When we speak about security guarantees, we speak about the whole security of the European continent,' French President Emmanuel Macron said. Macron said talks to determine what the U.S. is willing to provide will start as soon as Tuesday. European leaders praise Trump but say tough work is still ahead The Europeans came to show a united front on Ukraine, and many used public comments to heap praise on Trump. That was striking given tensions over Trump's threats to impose steep tariffs and other issues. Ahead of their meeting, NATO Secretary General Mark Rutte called Trump 'dear Donald' and said of fighting in Ukraine: 'If we play this well, we could end it.' In an interview later with Fox News Channel, Rutte called Trump 'amazing' and said potential swaps of Ukrainian territory weren't discussed. 'First, we need full clarity on security guidelines,' Rutte said. Though Ukraine might not have NATO membership, he noted, there would be discussions for security guarantees similar to those extended to members of the alliance. British Prime Minister Keir Starmer said after the meeting that there was 'real progress' and a 'real sense of unity.' Before the leaders spoke privately at the White House, European Commission President Ursula von der Leyen said all the parties were working together on 'a just and lasting peace.' Offering a more measured tone was German Chancellor Friedrich Merz, who said 'the path is open now' to halting the fighting but next steps are 'more complicated.' 'Let's try to put pressure on Russia,' Merz said, adding that he would like to see a ceasefire come together. Advertisement Trump was noncommittal, saying, 'If we can do the ceasefire, great,' but suggested it was far from a dealbreaker. He dropped his push for a ceasefire after Friday's summit, aligning with Putin's position that negotiations should focus on a long-term peace settlement instead. The good feelings extended to Zelenskyy and Trump. After Ukraine's leader praised the 'very good conversation' with Trump, the U.S. president responded, 'Great remarks. I appreciated it.' Speaking to reporters Monday night, Merz said the Russian demand that Ukraine give up unconquered parts of its eastern Donbas region to end the fighting would be equivalent to the U.S. giving up Florida. More formal attire — and a far different reception — for Zelensky The meeting with Trump in the Oval Office on Monday was dramatically different than six months ago, when Trump and Vance harangued Zelenskyy for not being thankful enough for US military support. Trump even seemed to relish a reporter from a conservative outlet asking then why Zelenskyy wasn't wearing a suit at the White House. Ukraine's leader came prepared this time, wearing a black shirt and blazer. The same reporter told Zelenskyy, 'You look fabulous,' and Trump responded, 'I said the same thing.' Then Trump said to Zelenskyy: 'That's the one that attacked you last time.' The Ukrainian president said he remembered, then playfully needled his questioner. 'You are in the same suit,' Zelenskyy said as laughter rippled through the room. 'I changed. You did not.' Ukraine's president usually appears in a trademark hoodie or T-shirt — a show of solidarity with Ukrainian forces on the front lines. Zelensky also expressed gratitude to the US and European allies for supporting his country, and repeatedly thanked first lady Melania Trump for sending a letter to Putin about stopping the killing of children during the war. Advertisement In the Oval Office, Vance gave no public comments. Next steps in the negotiations turn back to Putin Trump, who bragged on numerous occasions during the campaign that he could settle Russia's war in Ukraine in a day, said repeatedly Monday that it was far more complicated than he ever thought it would be. But he also suggested — likely implausibly — that the fighting that has raged for years could wind down quickly. 'A week or two weeks, we'll know whether we're going to solve this, or if this horrible fighting is going to continue,' said Trump, even suggesting the issues yet to be hammered out weren't 'overly complex.' Still, much remains unresolved, including red lines that are incompatible — like whether Ukraine will cede any land to Russia, the future of Ukraine's army and whether the country will ultimately have lasting and meaningful security guarantees. Trump said he had begun arrangements for a face-to-face meeting between Putin and Zelenskyy. But Russian foreign affairs adviser Yuri Ushakov said only that Putin and Trump had a 40-minute phone call and 'spoke in favor' of continuing direct talks between the sides, Russian state news agency Tass reported. Outside the White House, Zelenskyy said no date had been set for such a meeting but that the US suggested it be as soon as possible. 'But for that, agreement of all sides is needed,' he said. He added that the question of territory 'is a matter that we will leave between me and Putin.' Though many European leaders oppose forgoing a possible ceasefire on the road to seeking lasting peace, they have supported a meeting by Trump, Zelenskyy and Putin in the meantime. Macron suggested that another summit could feature the three presidents and also top European leaders. Advertisement 'The idea of trilateral meeting is very important, because this is the only way to fix it,' the French president said.
NBC News
15 minutes ago
- NBC News
Trump wants a Zelenskyy-Putin meeting and Hurricane Erin threatens North Carolina: Morning Rundown
Trump meets with Ukraine's Zelenskyy and other European leaders at the White House. Hurricane Erin forecast to bring life-threatening surf and rip currents to East Coast. And promising medication for children with an ultra-rare and often fatal disease faces a major FDA setback. Here's what to know today. Trump wants a meeting between Zelenskyy and Putin President Donald Trump said he plans to set up a direct meeting between Russia's Vladimir Putin and Ukraine's Volodymyr Zelenskyy, followed by a trilateral meeting in which he would take part, the latest move in his rapid-fire effort to broker a peace deal in a war that has raged for more than three years. After meeting with Zelenskyy and European leaders yesterday at the White House, Trump detailed his push for further talks in a post on Truth Social. He said he called Putin to discuss arrangements for a meeting. The meeting with Zelenskyy came three days after Trump traveled to Alaska to meet with Putin. And notably, yesterday's affair was a stark contrast to Zelenskyy's last visit to the Oval Office in February. Then, Vice President JD Vance berated Zelenskyy, Trump said Ukraine was 'in big trouble' and the meeting was ultimately cut short. This time, Zelesnkyy ditched his traditional wartime garb for a dark, formal suit. He and Trump discussed whether they can resolve sticking points centered on Ukraine's future security and the status of the territory the Russian military has seized. Zelenskyy said that the meeting went well. Then the pair met with European leaders — including French President Emmanuel Macron, U.K. Prime Minister Keir Starmer, German Chancellor Friedrich Merz — who would play an important part in any peace deal and who are hoping to prevent further Russian attacks. In an exclusive interview with NBC News' 'Meet the Press' moderator Kristen Welker, Macron said he was skeptical that Putin is ready to resolve the conflict and insisted the U.S. should apply pressure on Russia to find a resolution and perhaps introduce more sanctions. See the interview here. Trump also suggested the U.S. may play a part in a peace deal. When asked whether he would deploy American troops to Ukraine, he did not dismiss the idea. Trump said before last week's summit with Putin that he wanted a ceasefire but has since shifted his aim toward a full-fledged peace agreement. Trump aims to end mail-in voting President Donald Trump declared yesterday that he will 'lead a movement' to end mail-in balloting in elections, bringing one of his past fixations back to the spotlight. The issue was seemingly stoked last week when he met in Alaska with Russian President Vladimir Putin. 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Josh Hawley of Missouri has tried to appeal to a working-class base with a mix of economic populism and social conservatism, but in the past few months, his mission has come into conflict with members of his party. Hurricane Erin poses flood risk to North Carolina Hurricane Erin, deemed 'unusually large' by the National Hurricane Center, could bring life-threatening surf and rip currents across the East Coast this week, after the storm passes by the Bahamas and then turns north, forecasters warned. Wind speeds weakened to a Category 3 last night, though the hurricane center warned the storm could strengthen again by midweek. While Erin will remain off coast, officials in North Carolina said the storm could create coastal flooding that could make some roads impassable for days. Storm surge and tropical storm watches have been issued for a large section of the state's coast, and a mandatory evacuation order was issued. Track Erin's forecasted path here. Last weekend, Erin exploded from a Category 1 to a Category 5 storm in a little over 24 hours. That jaw-dropping 'rapid intensification' ranked it among the fastest storms in history to grow at this level, and researchers are taking note. Read All About It A California woman known as the 'Ketamine Queen' faces up to 65 years in prison after she agreed to plead guilty in connection with actor Matthew Perry's fatal overdose. The arrests of delivery drivers in Washington, D.C., by federal immigration agents has had a chilling effect across the city. 'Lafufus,' the knockoff versions of the popular Labubu plush toys, pose a serious choking hazard that could kill young children, the U.S. Consumer Product Safety Commission warned. Yosemite National Park fired a ranger for hanging a transgender pride flag on the iconic El Capitan rock formation. The Dallas Cowboys haven't won big in 30 years, but the team has continued to garner fans' attention and money like no other. Here's why. Staff Pick: Time is running out for kids with a rare disease The family of Gilbert Dryden said an experimental drug called elamipretide is keeping the seven-month old — who has a rare condition called Barth Syndrome — alive and functioning relatively well. But his mother, Madison, estimates his supply of the medication will run out at the end of October. Small studies have suggested that elamipretide is safe and effective in treating the illness. However, a process to bring the drug to the market, which has already spanned more than a decade, has hit several roadblocks and pulled the rug out from under the Drydens and many other families, who rely on elamipretide and are now unsure of what comes next. Correspondent Sam Brock and health reporter Erika Edwards explain how changes in FDA leadership during the Trump administration have added new hurdles to an already complicated approval process. — Elizabeth Robinson, newsletter editor From horror flicks to environmental documentaries, young filmmakers in Salt Lake City, Utah, are writing, producing and directing the work they want to see in the world, often at no cost. That's thanks to the nonprofit media arts center Spy Hop, which since 1999 has offered a year-round curriculum for young people to explore storytelling through film, music and digital media. 'Having free programming really allows young people that find this space to go, 'Oh, my God, I didn't realize anything like this existed, and this is my place, and this is where I'm going to stay for as long as I possibly can,'' program coordinator Adam Sherlock said. See how students' access to state-of-the-art technology and expert mentors helps them execute their visions. 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