Whose side is he on? U.S. threatens to cut arms supplies to Ukraine as Trump announces ‘ceasefire’ that is immediately ignored by Russia

Good morning. On Fortune’s radar today:

Ukraine’s steelmakers are on the brink of collapse from Russian bombing.

Trump announces mystifying “ceasefire”—and threatens to end arms supplies to Ukraine.

Polls show Trump’s approval ratings among Republicans are in decline.

“Dutch disease”: Is AI crowding out investment from other areas of the economy?

Markets: Resilient, given the circumstances.

Most Americans are working longer hours.

Women are paying $4,500 to scream in the woods.

‘If nothing is done, it’s almost inevitable’: Ukraine’s Yuriy Ryzhenkov on why steelmaking is on the brink of collapse as Russian bombing intensifies 

Yuriy Ryzhenkov is that rare CEO who has led his firm of 33,700 people during a never-ending war. He is the chief executive of the largest steelmaker in Ukraine, Metinvest. More than 8,000 of his employees are fighting Russian forces. Factories are under constant bombardment. Hundreds of Metinvest colleagues have been killed. 

Amid the flames and destruction, Ryzhenkov says that this period of the war is as tough as anything the company has seen since Russia’s full-scale invasion of Ukraine more than four years ago. 

“The blockade of the seaports is more severe now than it was in 2022,” Ryzhenkov, who became CEO in 2013, tells me. “We’ve been hit numerous times. Our facilities have been hit over the last four and a half years, and even though we were restoring them after every hit, you lose. You get weaker with every such attack.” 

Read Kamal Ahmed’s interview with Yuriy Ryzhenkov here.

Trump threatens to end arms supplies to Ukraine as he funds Russian diesel

U.S. officials made a series of phone calls to their NATO counterparts threatening to stop supplying arms and intelligence to Ukraine, the FT reports. President Trump also announced an “energy ceasefire” on Truth Social, which was immediately broken by a Russian bombing raid on a Kharkiv power plant. Moscow has not commented.

Ukrainian President Volodymyr Zelensky told Axios the ceasefire "was news for me.” After the bombing, he said, "It's clear Putin doesn't read Truth Social," according to the BBC.

The events suggest that Trump made the announcement without informing either side.

At the same time, Trump’s deal to buy previously sanctioned Russian diesel........

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