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 .

This story was originally featured on Fortune.com