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Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

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PoliticsUkraine
Europe

‘Europe must do the heavy lifting’ says U.K. PM as European allies cement cooperation with Zelensky after Trump row

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March 3, 2025, 4:22 AM ET
Ukraine's President Volodymyr Zelensky (L), Britain's Prime Minister Keir Starmer (C) and France's President Emmanuel Macron (L).
Ukraine's President Volodymyr Zelensky (L), Britain's Prime Minister Keir Starmer (C) and France's President Emmanuel Macron (L).Justin Tallis - WPA Pool/Getty Images

Ukrainian President Volodymyr Zelensky said Monday he would work with Europe to set terms for a possible peace deal to present to the United States, after allies gathered in London pledged to spend more on security and assemble a coalition to defend any truce in Ukraine.

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The weekend crisis talks, which brought together 18 allies, came at a delicate moment for war-battered Ukraine, facing uncertain US support and on the back foot against Russia’s three-year invasion.

Days earlier, US President Donald Trump berated Zelensky in front of reporters at the White House, heightening fears he intends to force Kyiv into a peace deal that gives Russian President Vladimir Putin what he wants.

But European leaders closed ranks in support of Kyiv, with Zelensky saying afterwards the summit cemented their commitment to work towards peace.

“We need peace, not endless war,” he said on Telegram.

“In the near future, all of us in Europe will shape our common positions — the lines we must achieve and the lines we cannot compromise on,” he added. “These positions will be presented to our partners in the United States.”

UK Prime Minister Keir Starmer likewise said that Britain, France “and others” would work with Ukraine on a plan to stop the fighting, which they would then put to Washington.

And French President Emmanuel Macron, flying back from the summit, told Le Figaro newspaper that France and Britain wanted to propose a partial one-month truce “in the air, at sea and on energy infrastructure”.

Starmer and Macron have said they are prepared to deploy British and French troops to Ukraine to help preserve any truce.

With no guarantee of US involvement, “Europe must do the heavy lifting”, Starmer said.

One-month truce

Macron told Le Figaro that a truce would not, initially at least, cover ground fighting.

The problem was that it would be very difficult to enforce given the size of the front line, he said.

Peacekeepers would be deployed at a later date, he said, adding: “There won’t be European troops on Ukrainian soil in the coming weeks.”

Macron also suggested that European countries should raise their defence spending to between 3.0 and 3.5 percent of GDP to respond to Washington’s shifting priorities and Russia’s militarisation.

While recently reinaugurated Trump has cast himself as a mediator between Putin and Zelensky, his approach has sidelined Kyiv and Europe while pursuing rapprochement with the Russian leader.

This shift was on full display at the Oval Office meeting with Zelensky, who Trump accused of not being grateful enough for US aid and not being “ready” for peace with Russia.

Starmer, who had met Trump just days earlier, insisted the United States was “not an unreliable ally”. Any deal “must have strong US backing” to succeed, he said.

But after the leaders gathered on Sunday, European Commission chief Ursula von der Leyen warned the continent urgently had to rearm to “prepare for the worst”.

And Polish Prime Minister Donald Tusk called for the United States and Europe to show Putin “that the West has no intention of capitulating before his blackmail and aggression”.

On Sunday, Trump dismissed concerns over his closeness with Russia, saying the United States should worry “less” about Putin and more about domestic crime.

‘Constructive’ approach

Trump’s Republican party has largely fallen in line behind his pivot towards Moscow’s narrative on the Ukraine war.

Top officials have suggested Zelensky should step down to ensure a peace deal.

“We need a leader that can deal with us, eventually deal with the Russians, and end this war,” Mike Waltz, Trump’s national security adviser, told CNN.

US House Speaker Mike Johnson said Zelensky either “needs to come to his senses and come back to the table in gratitude, or someone else needs to lead the country.”

Zelensky has repeatedly suggested he would resign in exchange for NATO membership for Ukraine — a goal scorned by Trump.

“If there is NATO and the war is over, it means I fulfilled my mission,” Zelensky said Monday.

He also stressed the need to keep Washington onside, and signalled his readiness to sign a mineral deal coveted by Trump.

“I am ready to engage in any kind of constructive format in relations with the US,” he said.

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