A new deal between the U.S. and Ukraine is being described as a 50/50 partnership that includes the development of mineral, oil and gas projects. CBS News' Ramy Inocencio reports.

Washington

Russian forces have invaded Ukraine from land, air and sea with strikes causing widespread damage. Global leaders have condemned the move and imposed sanctions.

Ukraine Invasion

The United States and Ukraine have solidified a new partnership that allows the U.S. access to Ukraine's rare earth minerals. The agreement, which has been described as a 50-50 partnership, involves the development of mineral, oil, and gas projects. Ukrainian officials have confirmed that the partnership does not entail any debt obligations for Kyiv. 

U.S. Treasury Secretary Scott Besant lauded the deal as part of the Trump administration's efforts to secure a ceasefire between Russia and Ukraine. He emphasized that the agreement demonstrates a commitment to a peace process focused on a free, sovereign, and prosperous Ukraine. Despite this development, hostilities persist in Ukraine, with recent Russian drone attacks in the port city of Odessa resulting in casualties.

The agreement comes after protracted negotiations, reportedly set back by a previous meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky. The discussions resumed recently, leading to the finalization of the partnership. The agreement creates a joint investment fund granting both nations equal control over Ukraine's natural resources, with funds earmarked for future US military support and Ukraine's reconstruction.



U.S. and Ukraine sign long-awaited minerals deal

After months of negotiations, the U.S. and Ukraine have now signed an agreement granting America access to Ukraine's rare earth minerals. Ukrainian officials say this deal is a 50-50 partnership with no debt obligations for Kiev either. U.S. Treasury Secretary Scott Besant praised the agreement as the Trump administration tries to secure a ceasefire between Russia and Ukraine. Today's agreement signals clearly to Russian leadership that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term. It's time for this cruel and senseless war to end. Now, despite the agreement, fighting in Ukraine continues with Russian drone attacks overnight killing at least two people and injuring 15 others in the Ukrainian port city of Odessa. That's according to Ukrainian emergency services. For more on all of this, I'm joined now by CBS News Foreign Correspondent, Ramey Innocencio in our London bureau. Hey there, Ramey, good morning to you. How does this deal just announce compared to previous suggestions President Trump made of what he wanted? Errol, yeah, good morning. That's good to look back here because for starters, there has been a lot of drama around this deal. It was set to be signed back in February, if you remember, when Zelensky flew to meet Trump, but there was that spectacular meltdown that was being broadcast to the world when Trump said, you don't have the cards to negotiate. But then fast forward to just last week and then the two met again. That was at the Vatican, Pope Francis's funeral. There you see there and it was much more peaceful, appeared to be detente there, a possible turning point and then boom, now we have an agreement. And this is a joint investment fund that gives the US and Ukraine equal control of Ukraine's natural wealth that's under its soil. Each side would invest the same amount of funds to find, to extract and develop those resources. A lot of it has not been found officially yet. Money coming out would then go towards paying the US for its military support in the future, but isn't backward looking, and that was Trump's original demand, to pay for something like tens of billions of dollars for support. Funds would also go towards Ukraine's reconstruction. Those are the outlines of the deal as we see it right now.

Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Kerrville

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

Ödemiş

Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

Hamas says it is  'positive' about latest ceasefire proposal

President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

Global Tariffs

Trump signs "big, beautiful bill" as tariff deadline looms

Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

Floods kill at least 13 in Texas, over 20 missing from summer camp

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

Zelenskyy, Trump agree on joint defense efforts in phone call

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

See The Full Story

Ukraine Invasion