President Trump recently approved a minerals deal with Ukraine aimed at enhancing U.S. leverage over Russia during peace negotiations. Treasury Secretary Scott Bessent emphasized the partnership's dual purpose: affirming U.S.-Ukrainian ties and potentially recouping U.S. aid to Ukraine. The agreement includes creating a joint fund from revenue generated by mineral projects in Ukraine. Initial signing attempts faced challenges, but after a heated Oval Office meeting, the Treasury aimed for a more comprehensive agreement that ultimately reflects stronger U.S. support for Ukraine.
"The economic partnership was his idea, and he believed that it would do several things," Bessent said during his keynote address at the Milken Institute Global Conference in Los Angeles.
"The idea was, start with Ukraine, sign a deal that shows that there is no daylight between the US and Ukrainian people," he said.
"Sometimes with a blow-up, you wind up with a better deal," Bessent told his audience at the Beverly Hilton.
"After that blow-up, we at Treasury made the decision to try to make the blow-up into an opportunity..."
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