Trump says he will go to Saudi Arabia to reach $1T deal

U.S. President Donald Trump said on Thursday he likely will make his first trip abroad to Saudi Arabia to seal an agreement for Riyadh to invest upwards of $1 trillion in the U.S. economy, including purchases of military equipment.

Talking to reporters in the Oval Office, Trump said he would probably travel there in the next month-and-a-half. He noted that the first overseas trip of his first term was to Riyadh in 2017 to announce Saudi investments estimated then to be worth $350 billion.

"This time, they've gotten richer, we've all gotten older," said Trump. He said that, at his behest, the Saudis were willing to invest $1 trillion over four years in American companies including purchases of U.S. military equipment.

"And they've agreed to do that, so I'm going to be going there, and I have a great relationship with them, and they've been very nice," Trump said.

Jared Kushner, the president's son-in-law and Middle East adviser during his first term, started a private equity firm that received $2 billion in Saudi investment after Trump left office.

Trump has also recently presided over a string of announcements about companies investing heavily in the U.S. economy including Taiwan Semiconductor Manufacturing and Apple.

Talks to end Russia-Ukraine war on horizon?

The development comes as Trump's administration works on a framework for a peace agreement between Ukraine and Russia.

Trump’s special envoy, Steve Witkoff, told reporters at the White House that discussions are underway to coordinate a meeting with Ukrainian officials, likely in Riyadh or Jeddah, to advance negotiations.

Ukrainian President Volodymyr Zelenskyy confirmed he will travel to Saudi Arabia on Monday to meet with Crown Prince Mohammed bin Salman ahead of talks later in the week with U.S. officials.

“Next week, on Monday, my visit to Saudi Arabia is planned to meet the crown prince,” Zelenskyy wrote on the Telegram messaging app. “After that, my team will remain in Saudi Arabia to work with our American partners. Ukraine is most interested in peace.”

Trump and Zelenskyy had tense discussions at the White House on Feb. 28, but the two sides have since resumed work on a revenue-sharing minerals deal.

In his speech to a joint session of Congress on Tuesday, Trump said he had received a letter from Zelenskyy in which the Ukrainian leader stated he was “ready to come to the negotiating table as soon as possible.”

Referring to the planned meeting in Saudi Arabia, Witkoff said, “I think the idea is to get down a framework for a peace agreement and an initial ceasefire as well.”