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The White House has expressed its support for a European-led initiative to bring an end to the ongoing war in Ukraine. However, it has not clarified the United States’ role in these efforts. US President Donald Trump has once again criticized Ukrainian President Volodymyr Zelenskyy, accusing him of refusing to negotiate a peace deal with Russia.

In a recent White House press conference, Trump reiterated his belief that a peace agreement could be quickly reached if Zelenskyy agreed to direct talks with Russian President Vladimir Putin. “If someone doesn’t want to make a deal, they won’t be around very long,” Trump warned, raising eyebrows with his comments about the potential consequences for Zelenskyy’s leadership. His remarks come at a time of growing tensions between the two leaders, dating back to their contentious meeting at the White House.

Trump’s press conference also saw the announcement of a $100 billion (€95.3 billion) investment in the US by Taiwanese chipmaker TSMC. Despite the positive economic news, the US president’s comments about Ukraine took center stage. He suggested that talks between Zelenskyy and Putin could swiftly end the war, but Zelenskyy has expressed skepticism about trusting the Russian president. Zelenskyy has maintained that any ceasefire must be accompanied by security guarantees from the United States and Europe.

The Ukrainian leader, in an interview with a major news outlet, emphasized that an end to the war is still “very, very far away.” Trump responded harshly to this statement, calling it the “worst” possible remark in a post on Truth Social, his social media platform.

Rising Tensions Between Trump and Zelenskyy

The relationship between Trump and Zelenskyy has grown more strained in recent months. Trump and Vice President JD Vance have criticized Zelenskyy for what they see as a lack of gratitude for US support in Ukraine. Their frustration has only intensified since the Ukrainian president’s refusal to engage in peace talks with Russia, further souring relations between the two leaders.

Trump is set to address Congress soon on the future of a US-Ukraine agreement involving rare earth minerals. While he initially refused to sign the deal, citing Zelenskyy’s attitude, Trump has continued to refer to it as a “great” deal. His speech, scheduled for Tuesday, is expected to shed more light on the evolving US position regarding Ukraine and its nuclear resources.

Meanwhile, US Secretary of State Marco Rubio has reassured British officials that the US remains committed to a negotiated settlement to end the war. In a call with UK Foreign Secretary David Lammy, Rubio praised Britain’s efforts to bolster Europe’s defense against Russia and reaffirmed the US’s support for diplomatic solutions.

Trump’s Trade Policies Escalate Tensions with Canada and Mexico

In a separate development, President Trump announced that the US would impose a 25% tariff on imports from Canada and Mexico starting Tuesday. The move has sparked concerns of a renewed trade conflict, which could exacerbate inflation and slow down economic growth.

Trump justified the tariff decision by claiming it was necessary to pressure both nations to take stronger action against fentanyl trafficking and illegal immigration. Speaking in the Roosevelt Room at the White House, Trump declared, “Tomorrow – tariffs 25% on Canada and 25% on Mexico. And that’ll start.” This announcement followed a one-month delay granted to both countries to negotiate concessions, which Trump claimed had not been met.

In addition to the tariffs on Canada and Mexico, Trump also announced plans to double tariffs on all Chinese imports, raising them from 10% to 20%. He accused China of failing to curb the export of fentanyl to the US, which has contributed to the country’s ongoing opioid crisis. Trump’s decision to escalate tariffs on both North America and China is part of his broader strategy to address trade imbalances and bring more manufacturing back to the US.

Canada and Mexico Prepare for Retaliation

The announcement of the tariffs on Canadian and Mexican goods led to immediate market reactions. The S&P 500 dropped by 2% in afternoon trading as investors reacted to the news of potential trade disruptions. Despite the negative economic outlook, Trump remained firm in his decision, signaling that the tariffs would proceed regardless of the potential consequences.

Canadian Foreign Minister Mélanie Joly responded to Trump’s decision by vowing retaliation, pledging counter-tariffs worth $155 billion (€148 billion). She stated that Canada would implement an initial $30 billion (€28.6 billion) in tariffs on US goods if the US moves forward with its plan.

Mexican President Claudia Sheinbaum expressed caution, stating that Mexico would wait to see Trump’s final decision before taking any action. “It’s up to the United States government, the United States president,” Sheinbaum said. “Whatever he decides, we will respond with unity and a clear plan.”

Mexico has already taken steps to address the issue of fentanyl trafficking, deploying 10,000 National Guard troops to curb the flow of illegal drugs into the US. Despite its relatively minor role in the fentanyl crisis, Canada has also taken measures to address the issue, appointing a fentanyl czar to oversee efforts to combat the opioid epidemic.

A Brewing Trade Conflict with Far-reaching Consequences

As tensions rise between the US and its North American neighbors, the potential for a renewed trade war looms large. The tariffs could have far-reaching consequences, not only affecting the economies of Canada and Mexico but also influencing global trade dynamics.

The situation is further complicated by the escalating tensions between Trump and Zelenskyy over the war in Ukraine. With Trump pushing for a quick resolution to the conflict and Zelenskyy expressing his doubts about negotiating with Russia, the international community is watching closely to see how the US will navigate these complex challenges.

As Trump prepares to deliver his address to Congress on the future of the US-Ukraine relationship, the coming days will be crucial in determining whether peace talks can gain momentum or whether the tensions between the two countries will continue to deepen.

For ongoing updates on these developments and more, visit Financial Mirror.