The United States is no longer considering signing a rare earths and minerals agreement with Ukraine, US Treasury Secretary Scott Bessent said, as Washington shifts its focus toward pushing for a peace deal, reported TASS.

"It is impossible to have an economic deal without a peace deal. The sine qua non for an economic deal is that Ukrainian leadership wants a peace deal," Bessent said in an interview with CBS.

When asked whether the minerals deal remained on the table, he replied, "Not at present."

The decision follows a tense Oval Office meeting on February 28 between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, which was meant to conclude with the signing of the agreement. Instead, the televised exchange descended into a heated confrontation, with Trump scolding Zelenskiy for being "disrespectful" to the United States and Vice President JD Vance criticising him for failing to express gratitude for US aid.

A planned joint news conference following the meeting was abruptly cancelled. Trump later posted a statement on Truth Social, accusing Zelenskiy of being unwilling to negotiate peace with Russia.

According to a White House official cited by Reuters, Trump made the decision to cancel the minerals agreement signing ceremony.

Zelenskiy’s visit was intended to secure US investment in Ukraine’s rare earth and critical minerals sector, a key component of the country’s economic recovery strategy. However, the breakdown in talks underscores growing friction between Kyiv and Washington as Trump signals a potential shift in US policy toward Russia and the war.