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An angry White House clash between Ukrainian President Volodymyr Zelenskyy and Donald Trump divided the US president’s fellow Republicans and dimmed prospects that Congress will approve any further aid for Kyiv in its war with Russia. On Saturday, Republican Senator Lisa Murkowski said there were “whispers from the White House that they may try to end all US support for Ukraine... I am sick to my stomach as the administration appears to be walking away from our allies and embracing Putin, a threat to democracy and US values around the world.”

Other Republicans who had long supported Ukraine lashed out at Zelenskyy after Friday’s exchange, in which Trump and Vice-president JD Vance berated the Ukrainian leader before the world’s media, accusing him of disrespect. Senator Lindsey Graham called for Zelenskyy to change his tune or resign, just hours after attending a friendly meeting between Zelenskyy and a dozen senators.olo

“What I saw in the Oval Office was disrespectful, and I don’t know if we can ever do business with Zelenskyy again,” Graham, a close Trump ally, told reporters as he left the White House after the clash, which drove relations with Kyiv’s most important wartime ally to a new low. “He either needs to resign and send somebody over that we can do business with, or he needs to change,” the South Carolina senator said.

Senator Bill Hagerty of Tennessee, who was ambassador to Japan during Trump’s first term, posted on X: “The United States of America will no longer be taken for granted.” But even as most Republicans rallied behind Trump and Vance, some joined Democrats in defending Ukraine.

New York Representative Mike Lawler, in a post on X, called the Oval Office meeting “a missed opportunity for both the United States and Ukraine—an agreement that would undoubtedly result in stronger economic and security cooperation.”

Representative Don Bacon, a moderate Republican from Nebraska, threw his support behind Kyiv. “A bad day for America’s foreign policy. Ukraine wants independence, free markets and rule of law. It wants to be part of the West. Russia hates us and our Western values. We should be clear that we stand for freedom,” he said in a statement.

Neither of the Republican lawmakers criticized Trump or Vance.

Minerals deal

Zelenskyy was in Washington to sign an agreement to jointly develop Ukraine’s rich natural resources with the United States. The Ukrainian leader had seen the meeting with Trump and Vance as an opportunity to persuade the US not to side with Russian President Vladimir Putin in his war with Moscow’s smaller neighbor. Instead, Zelenskyy was told to leave and the agreement was left unsigned.

Kyiv’s backers had hoped the deal would help win more support from Trump’s Republicans—who hold slim majorities in the Senate and House of Representatives—for future aid. Congress has approved $175bn in assistance since Putin launched his full-scale invasion three years ago, but the last measure passed in April, when Democrats controlled the Senate and Democrat Joe Biden was in the White House.

Even then, congressional Republicans slow-walked the bill under pressure from candidate Trump, who has been skeptical of further military aid to Ukraine, leading to delays in delivering weapons that put Ukrainian troops on the back foot in the battlefield. If Trump, the party leader, had skin in the game and was promoting a “very big” minerals deal he had negotiated, analysts said, it would likely have rallied Republican support for Ukraine aid.

Some Republicans who have advocated for assisting Ukraine said they hoped relations could be rebuilt. Representative Michael McCaul, chairperson emeritus of the House Foreign Affairs Committee, said he still hoped for a real and lasting peace that ensures Ukraine would be free from further Russian aggression.

“I also urge President Zelenskyy to sign the mineral deal immediately,” the Texas lawmaker posted on X. “It will create an economic partnership between the United States and Ukraine. It is in both of our interests to get this deal done.”

Reuters

British Prime Minister Keir Starmer will try to revive hope for peace in Ukraine at a meeting with Volodymyr Zelenskiy and other Western leaders on Sunday, two days after the Ukrainian leader and U.S. President Donald Trump clashed in Washington.

After a heated row with Trump, who threatened to stop support for Ukraine after accusing Zelenskiy of being ungrateful for U.S. aid, the Ukrainian leader flew to London on Saturday to be greeted on Downing Street with a long, warm hug from Starmer.

Zelenskiy will receive a pledge of support from Starmer and other European leaders, who face the stark question of whether they can take over the lead in providing Kyiv with weapons and finance before any peace talks begin.

Lacking the weaponry and depth of ammunition stocks of the United States, European leaders have so far offered expressions of support after the Zelenskiy row, with Germany calling for the release of 3 billion euros ($3.1 billion) for Ukraine.

On Sunday, Starmer will hope they will offer more concrete means to support Ukraine and try to revive a possible peace deal with Russia by convincing Trump Europe can step up to defend itself. Some leaders might also encourage Zelenskiy to go back into talks with the U.S. leader.

"Three years on from Russia's brutal invasion of Ukraine, we are at a turning point," Starmer said in a statement, offering his "unwavering support for Ukraine" by doubling down on providing capacity, training and aid to Kyiv.

"In partnership with our allies, we must intensify our preparations for the European element of security guarantees alongside continued discussions with the United States."

At a meeting that has taken on added significance, Starmer will start Sunday by holding talks with Italian Prime Minister Giorgia Meloni after welcoming Zelenskiy on Saturday with a clear message of support for a visibly shaken leader.

They will then be joined by French President Emmanuel Macron, the EU's Ursula von der Leyen, NATO Secretary General Mark Rutte and leaders from Germany, Denmark, Netherlands, Norway, Poland, Spain, Canada, Finland, Sweden, the Czech Republic and Romania. Turkey's foreign minister will also attend.

BAD END TO GOOD WEEK

Zelenskiy's row with Trump on Friday ended a week when Europe had appeared to be in a better position in its drive to encourage Trump to continue to offer support to Ukraine after cordial visits to Washington by Macron and Starmer.

Both had pressed the U.S. leader to offer what is known as "a backstop" to a potential European peacekeeping force in the event of a deal between Kyiv and Moscow. While they had failed to secure a promise from Trump, he had not totally rejected the idea.

But the rest of Europe is a long way from falling in behind the French and British leaders' plans to safeguard a peace deal, and Starmer will hope to take on a leadership role by suggesting Britain become a bridge between Europe and the United States.

Sunday's meeting is a boost for Starmer, whose team felt his meeting with Trump last week had gone better than expected with Trump praising the British leader and even suggesting Ukraine could regain some lost territory in peace talks.

Friday's disastrous meeting poisoned that mood, and Sunday's summit and an extraordinary EU one in Brussels next week will prove crucial to establishing whether European leaders can offer Ukraine something concrete and repair the damage done.

Italian Prime Minister Giorgia Meloni has also called for an emergency summit involving the United States, European nations and allies to discuss how "to deal with the great challenges of today, starting with Ukraine".

On Sunday, European leaders are expected again to press for peace talks to include Ukraine, to strengthen Kyiv's position and to secure the necessary security guarantees to ensure a long-lasting peace and to deter any future Russian attack.

That would mean persuading Washington to offer a back stop, possibly in the form of air cover, intelligence and surveillance and a greater as yet unspecified threat if Putin again sought to take more territory.

Starmer will update other leaders on his meeting with Trump, when the U.S. president praised his efforts to increase defence spending and offer to deploy peacekeeping troops.

For now, Starmer wants to lower the temperature after the row in Trump's Oval Office.

Some leaders will also urge Zelenskiy to try to rebuild bridges with Trump. NATO's Rutte and Polish President Andrzej Duda have urged the Ukrainian leader to find a way to restore the relationship.

Nils Schmid, foreign policy spokesperson for Chancellor Olaf Scholz's Social Democrats, told Reuters on Saturday that Europe needed to maintain its contacts with Trump.

"Generally speaking, we don't know where Trump will stand on all these issues in three or six months' time," he said. Reuters

Ukrainian President Volodymyr Zelenskiy is leaving the White House early on Friday after a contentious Oval Office meeting with President Donald Trump, a White House official said.

Zelenskiy is "not ready for Peace if America is involved," U.S. President Donald Trump said in a post on Truth Social on Friday, following a contentious meeting between the leaders in the Oval Office.

"I have determined that President Zelenskyy is not ready for Peace if America is involved, because he feels our involvement gives him a big advantage in negotiations. I don't want advantage, I want PEACE. He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for Peace,” Trump said.

JOSÉ TORRES, SENIOR ECONOMIST, INTERACTIVE BROKERS, GREENWICH, CONNECTICUT

“Twice today we saw traders come in and defend the pivotal 5840 level on the S&P, a figure that corresponds to a 5% drawdown from the peak. The first time was after monthly consumer spending posted its sharpest month-over-month decline in four years, then the index bounced back. The heated exchange between Trump and Zelenskiy took it down even further, to about 5837, at which point traders stepped in. People are seeing any broad-based drawdown as a reason to come in and buy the dips. Also, right now, the bar is pretty high when it comes to trying to startle markets. We’ve had wild swings on a number of fronts, including geopolitical incidents like this one. So folks are braced for these intraday swings. Ultimately, the market is hoping for peace between Ukraine and Russia, but how that gets done will be pivotal. Anything too one-sided favoring Moscow would be a market negative."

CAROL SCHLEIF, CHIEF MARKET STRATEGIST, BMO PRIVATE WEALTH, MINNEAPOLIS, MINNESOTA

“Markets will continue to be more focused on tariff policy – how much, who, when – and what it implies for business activity and consumers spending and confidence. Most U.S. investors (and voters) pay attention to what hits the pocket book closer to home and Russia/Ukraine has been just one of many global considerations on the edges for a very long time."

“On the other hand, European markets could be more impacted given it would seem increasingly clear that Ukraine’s defense and/or dealing with Russia will be left to them”

ADAM SARHAN, CHIEF EXECUTIVE, 50 PARK INVESTMENTS, NEW YORK

"The market initially sold off because it was a heated and contentious conversation, which is not usually a good thing between two leaders of the world, especially when it has to do with a war. The news, if you watched it live, it was pretty worrisome. It got heated, and Zelenskiy is considered an ally of the U.S... That's why the market sold off, but then cooler heads prevailed. Zelenskiy either is going to make a deal or he's not, and Trump is offering him a deal. He could walk out and they could have a deal next week. But does this mean the market is going to get crushed? No. Nothing has really changed... But the market is under a lot of pressure. All of the post-election gains have been erased. That’s a big sign. And the growth stocks that were leading the market higher over the last several months have now turned lower, and there's a big concern as we go into the weekend that there's going to be the tariffs coming back for Canada and Mexico."

MARSHALL FRONT, SENIOR MANAGING DIRECTOR, FRONT BARNETT, A MERISOW COMPANY, IN CHICAGO

“As an investor you have to wait and see what the outcome is , rather jump to some conclusion. Trump desperately wants to get something done, Zelenskiy wants to get something done, and Putin does too. The question is, where will that settle? We don’t know. The reaction in the market was predictable, when people started to see this show, market sold off. Now that Zelenskiy has left the WH it’s settled."

"On Trump’s pivot on Ukraine policy: “It’s created a lot of uncertainty, on this issue. And uncertainty is something markets abhor. They (Investors) are trying to see, without a lot of information, where things are going."

SPENCER HAKIMIAN, CEO, TOLOU CAPITAL MANAGEMENT, NEW YORK

"This is terrible and very risk off, but it’s very bullish for European defense manufacturers, as they’ll need to arm themselves via domestic producers. We bought those stocks in January for the first time ever."

RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY

"I don't think it hurt the market so much because of what he had to say, but the unconventional nature of it raised the issue for investors of how unpredictable and uncertain the Trump administration can be. The market likes certainty. It likes a plan. There are so many things happening in this government at once - all of which are to some extent groundbreaking - and this just added one more feature to it. So that's where the market (took a) leg down a little bit, thinking this is just a sign of a lack of predictability and more traditional approaches to diplomacy."

DAVID WAGNER, HEAD OF EQUITIES AT APTUS CAPITAL ADVISORS IN FAIRHOPE, ALABAMA

“The S&P 500 is starting to see its first pullback of 2025. On the surface, the S&P is -5% off the highs, but there’s been dramatic moves underneath the hood of the index. The point here is: much of the motion looks driven by “positioning unwinds” versus “fundamental distress”. And looking at this past quarter's earnings season helps us validate that thought, as the spread between the Mag 7 and remaining 493 earnings saw its most narrow gap since Q1 2023.

"But, now that earnings season is essentially over now that NVDA is behind us, I'd expect a lot of policy out of Washington DC to dictate some near term volatility in the market. “

JACK MCINTYRE, PORTFOLIO MANAGER, BRANDYWINE GLOBAL, PHILADELPHIA

"It’s disturbing, but maybe this is part of Trump’s way of negotiating … A big driving force of markets now is uncertainty on a lot of different levels, and this is just another part of that. It looked like we were moving towards progress on a peace deal or a ceasefire between Russia and Ukraine and maybe now that gets to come on hold, so you have to price in a little bit more uncertainty. We’re not doing anything, we’re going to let the dust settle." REUTERS

Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trumpclashed at a White House meeting that ended in disaster on Friday, prompting an outpouring of reaction from across the globe.

ZELENSKIY ON X

"Thank you America, thank you for your support, thank you for this visit. Thank you @POTUS, Congress, and the American people. Ukraine needs just and lasting peace, and we are working exactly for that."

In a social media post on Saturday:

"It is very important for us that Ukraine is heard and that no one forgets about it, neither during the war nor after. It is important for people in Ukraine to know that they are not alone, that their interests are represented in every country, in every corner of the world."

CANADIAN PRIME MINISTER JUSTIN TRUDEAU ON X

"Russia illegally and unjustifiably invaded Ukraine. For three years now, Ukrainians have fought with courage and resilience. Their fight for democracy, freedom, and sovereignty is a fight that matters to us all. Canada will continue to stand with Ukraine and Ukrainians in achieving a just and lasting peace."

GERMAN CHANCELLOR OLAF SCHOLZ

"No one wants peace more than the citizens of Ukraine! That is why we are jointly seeking the path to a lasting and just peace. Ukraine can rely on Germany – and on Europe."

FRENCH PRESIDENT EMMANUEL MACRON TO REPORTERS IN PORTUGAL:

"Russia is the aggressor, and Ukraine is the aggressed people. I think we were all right to help Ukraine and sanction Russia three years ago, and to continue to do so. We, that is the United States of America, the Europeans, the Canadians, the Japanese and many others. And we must thank all those who have helped and respect those who have been fighting since the beginning. Because they are fighting for their dignity, their independence, their children and the security of Europe. These are simple things, but they're good to remember at times like these, that's all.

ITALIAN PRIME MINISTER GIORGIA MELONI

"Every division of the West makes us all weaker and favours those who would like to see the decline of our civilisation. Not of its power or influence, but of the principles that founded it, first and foremost freedom. A division would not benefit anyone. What is needed is an immediate summit between the United States, European states and allies to talk frankly about how we intend to deal with the great challenges of today, starting with Ukraine, which we have defended together in recent years, and those that we will be called upon to face in the future. This is the proposal that Italy intends to make to its partners in the coming hours."

SPOKESPERSON FOR BRITISH PRIME MINISTER KEIR STARMER

"He retains his unwavering support for Ukraine and is playing his part to find a path forward to a lasting peace, based on sovereignty and security for Ukraine."

AUSTRALIAN PRIME MINISTER ANTHONY ALBANESE

"We will continue to stand with Ukraine for as long as it takes, because this is the struggle of a democratic nation versus an authoritarian regime led by Vladimir Putin, who clearly has imperialistic designs, not just on Ukraine, but throughout that region."

CANADIAN FOREIGN MINISTER MELANIE JOLY ON X

"Canada remains committed to providing the necessary assistance to ensure Ukraine's security, sovereignty, and resilience."

DENMARK'S FOREIGN MINISTER LARS LOKKE RASMUSSEN ON FACEBOOK

"It's a punch in the gut for Ukraine. ... There must be room for robust conversations - even between friends. But when it happens in front of rolling cameras like that, there is only one winner. And he sits in the Kremlin."

FORMER RUSSIAN PRESIDENT DMITRY MEDVEDEV, DEPUTY CHAIRMAN OF RUSSIA'S SECURITY COUNCIL, ON TELEGRAM

"A brutal dressing down in the Oval Office."

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN ON X

"Your dignity honors the bravery of the Ukrainian people. Be strong, be brave, be fearless. You are never alone, dear President.

"We will continue working with you for a just and lasting peace."

MOLDOVAN PRESIDENT MAIA SANDU ON X

"The truth is simple. Russia invaded Ukraine. Russia is the aggressor. Ukraine defends its freedom - and ours. We stand with Ukraine."

SPANISH PRIME MINISTER PEDRO SANCHEZ ON X

"Ukraine, Spain stands with you."

HUNGARIAN PRIME MINISTER VIKTOR ORBAN ON X

"Strong men make peace, weak men make war. Today President @realDonaldTrump stood bravely for peace. Even if it was difficult for many to digest. Thank you, Mr. President!"

NORWEGIAN PRIME MINISTER JONAS GAHR STOERE IN STATEMENT TO TV2

"What we saw from the White House today is serious and disheartening. Ukraine still needs the US's support, and Ukraine's security and future are also important to the US and to Europe. President Volodymyr Zelenskiy has strong support in Ukraine, broad support in Europe, and he has led his people through a very demanding and brutal time, under attack from Russia. That Trump accuses Zelenskiy of gambling with World War III is deeply unreasonable and a statement I distance myself from. Norway stands with Ukraine in their struggle for freedom. We hope that the Trump administration also understands the importance of a just and lasting peace in Ukraine."

CZECH PRESIDENT PETR PAVEL ON X

"We stand with Ukraine more than ever. Time for Europe to step up its efforts."

DUTCH PRIME MINISTER DICK SCHOOF

"The Netherlands continues to support Ukraine. Especially now. We want lasting peace and an end to the war of aggression that Russia has started. For Ukraine, for all its inhabitants and for Europe."

ESTONIAN FOREIGN MINISTER MARGUS TSAHKNA ON X

"The only obstacle to peace is (Russian President Vladimir) Putin's decision to continue his war of aggression. If Russia stops fighting, there will be no war. If Ukraine stops fighting, there will be no Ukraine. Estonia's support to Ukraine remains unwavering. Time for Europe to step up."

POLISH PRIME MINISTER DONALD TUSK ON X

"Dear @ZelenskyyUa, dear Ukrainian friends, you are not alone."

GEORGIAN PRIME MINISTER IRAKLI KOBAKHIDZE

"Yesterday, once again, a clear line was drawn between the war party and the peace party. I am referring not so much to the debate between Trump and Zelenskiy, but to the subsequent reactions to this debate. President Trump and his peace efforts were condemned one after another by people responsible for allowing a bloody war and callously sacrificing Ukraine and the lives of thousands of Ukrainians."

GREEK FOREIGN MINISTER GEORGE GERAPETRITIS

U.S. support in the conflict in Ukraine is necessary, although Europe still needs to upgrade its own defence infrastructure, the minister said.

SWISS PRESIDENT KARIN KELLER-SUTTER ON X

"Switzerland remains firmly committed to supporting a just and lasting peace, while condemning Russia's aggression against a sovereign state."

JOHANN WADEPHUL, DEPUTY OF CONSERVATIVE PARTY-GROUP IN GERMAN PARLIAMENT, THE PARTY OF INCOMING CHANCELLOR FRIEDRICH MERZ, ON X

"The scenes from the White House are shocking. How can you stab the president of an invaded country in the back like this? Free Europe will not betray Ukraine!"

ITALIAN DEPUTY PRIME MINISTER MATTEO SALVINI, LEADER OF THE FAR-RIGHT LEAGUE PARTY ON X

"Aim for PEACE, stop this war! Come on @realDonaldTrump".  Reuters