Volodymyr Zelenskyy moves to appease Donald Trump – what happens now?
Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler

Donald Trump may have been a bully, but he has “achieved the change of tone he demanded from Ukraine in short order”, says Owen Matthews in The Spectator. His acrimonious public clash with Volodymyr Zelenskyy in the Oval Office last Friday, followed by the suspension of military aid to Kyiv, apparently prompted a rapid change of heart.
Just three days after Zelenskyy was defiantly stating that a peace deal was “very, very far away”, he announced that Ukraine was ready to “work fast to end the war”, describing the meeting with Trump as “regrettable” and saying that Ukraine was willing to sign a rare-earths mineral deal “at any time”. Trump has also managed to get Europe to increase its spending on defence, says Tim Stanley in The Telegraph.
Zelenskyy has been forced to “swallow his pride” to “salvage as much American help” as Trump is willing to give, says The Economist. But it won’t end well for “Ukraine, Europe or even America”. It will just be “less awful” than what would follow from Zelenskyy's “continued defiance” of a president who “catastrophically miscalculates his country’s interests”.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
America has supplied Ukraine with “money, arms, communications and intelligence” and, without its help, unless Europe fills the breach, Ukraine cannot continue fighting for more than a few months.
When Zelenskyy asks for American security guarantees, Trump argues that he is effectively providing them in the form of mining investments, even though American miners wouldn’t offer Ukraine much extra security.
But the unappealing choice for Zelenskyy is a “bad minerals deal without security guarantees, but with the possibility of at least some American support and with a European military presence; or no deal and no American support”.
A geopolitical turn of the screw
Trump’s logic is that a swift end to the war might “help declutter the stage, enabling a strategic rapprochement with Russia” that could in turn help the US to weaken the so-called “no limits” friendship between Moscow and Beijing, says Roger Boyes in The Times.
The secretary of state, Marco Rubio, has extolled the “extraordinary opportunities” offered by a modernising Russia, and there has been talk of Russia’s return to the G8. Zelenskyy never stood a chance once the new US president “started to yawn about a war that interfered in his plan for historic victories elsewhere. The Ukrainians simply became collateral in a geopolitical turn of the screw.”
Washington’s abandonment of Ukraine won’t strengthen America’s hand against China, says Bret Stephens in The New York Times. It will achieve the reverse by demonstrating to Xi Jinping that aggression (Russian, in this case) “ultimately pays”. The betrayal of Ukraine also means the “likely end of Nato”, which is an “invitation to pandemonium”. The idea that the US can’t afford to support Ukraine is “risible”.
In any case, if the US and Europe provided access to Russia’s frozen funds, Ukraine could fund its own war effort. The “more important” question is how much more will we have to spend over decades to defend against an “emboldened” Russia-China-Iran-North Korea axis?
After more than a decade of being Russia’s “main boogeyman” (Putin has long described the invasion as a “proxy war against American aggression”), a volte-face is taking place, says Anton Troianovski in The New York Times. In Russia, the US has gone from evil, hegemonic mastermind of the West to “innocent bystander”.
This normalisation of relations between Russia and the US is bad news, particularly if “Western security fails in Ukraine”, says The Economist. If it does, Russia may start threatening other countries. “World War III would be closer, not further away.”
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Emily has worked as a journalist for more than thirty years and was formerly Assistant Editor of MoneyWeek, which she helped launch in 2000. Prior to this, she was Deputy Features Editor of The Times and a Commissioning Editor for The Independent on Sunday and The Daily Telegraph. She has written for most of the national newspapers including The Times, the Daily and Sunday Telegraph, The Evening Standard and The Daily Mail, She interviewed celebrities weekly for The Sunday Telegraph and wrote a regular column for The Evening Standard. As Political Editor of MoneyWeek, Emily has covered subjects from Brexit to the Gaza war.
Aside from her writing, Emily trained as Nutritional Therapist following her son's diagnosis with Type 1 diabetes in 2011 and now works as a practitioner for Nature Doc, offering one-to-one consultations and running workshops in Oxfordshire.
-
Rolls-Royce stock jumps 15% – could it climb further?
Aircraft-engine group Rolls-Royce’s CEO has been hailed as a hero for spearheading the firm’s recovery. And the future looks bright, says Matthew Partridge
By Dr Matthew Partridge Published
-
Women’s financial freedom: How money has changed in 50 years
Just 50 years ago, women couldn’t apply for a bank account or get a mortgage without a man. This International Women’s Day, we look at the financial freedoms that have changed women’s lives throughout the years, and what more needs to be done.
By Jessica Sheldon Published
-
Kirill Dmitriev: from Wall Street banker to Putin’s emissary to Trumpworld
Profile Kirill Dmitriev is a product of America’s finest institutions and has emerged as the Russian president’s point man in negotiations with Donald Trump
By Jane Lewis Published
-
Key takeaways from the 2025 German election results
Friedrich Merz heralds a new era for Germany, after the German elections revealed a majority of young voters are leaning towards the far-right
By Emily Hohler Published
-
Is Rachel Reeves leading the UK to a spring crisis?
Opinion Rachel Reeves is sleepwalking into an economic catastrophe of her own making. Don’t expect a change of direction, says Matthew Lynn
By Matthew Lynn Published
-
Will Labour rethink the Chagos Islands deal with Mauritius?
Labour hailed its agreement to hand control of the Chagos Islands to Mauritius as a diplomatic coup. The reality is more woeful, says Simon Wilson
By Simon Wilson Published
-
No need to run from the robots: Nobel laureate Daron Acemoglu talks to MoneyWeek
Interview Daron Acemoglu, Nobel Prize winner and professor at MIT tells Matthew Partridge why the gains from AI have been overhyped
By Dr Matthew Partridge Published
-
Donald Trump's tariffs spark a global game of thrones
We don’t know what Donald Trump intends or will do next. That is in itself damaging.
By Emily Hohler Published
-
Will Donald Trump invade Greenland?
Trump has announced renewed interest in taking over Greenland, an autonomous territory of Denmark. Why does he want it and what are the implications?
By Simon Wilson Published
-
What investors can expect from stocks and the economy in 2025
There are reasons for investors to be hopeful about 2025, with slowing interest rates and moderating oil prices. But trouble may be brewing in bond markets
By Alex Rankine Published