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