With a flood of imported seafood driving the U.S. shrimp industry to the edge of ruin, a consulting company out of Houston is testing truth in menu labeling.
Shrimp on display at Porgy’s, a seafood market and restaurant in New Orleans specializing in Gulf seafood. Local seafood, and especially shrimp, can be frustratingly difficult to find in the U.S., even on the coasts.
Laura Bicker explains how tariffs are affecting US and Chinese toy businesses
"We don't care about sales to the United States," says Hu Tianqiang as one of his toy fighter jets flies past our heads.
It's hard to hear him above the buzzing toy planes and miniature drones, an almost rhythmic backdrop to the cacophony of toys that surround him, all clamouring for the attention of buyers.
Hu's stall, Zhongxiang Toys, sits inside the world's biggest wholesale market in the small Chinese city of Yiwu.
It's a huge showroom of more than 75,000 shops where buyers come seeking just about everything, from twinkling Christmas lights and kitchenware to umbrellas and massage guns. It can take most of the day just to get around one department given each of them has an airport hangar's worth of goods on show.
Yiwu is in the province of Zhejiang, along China's eastern coast. The manufacturing and export hub, home to more than 30 ports, accounted for 17% of all Chinese sales to the US last year.
That puts Yiwu, and this region, at the frontline of the US-China trade war.
Mr Hu, too, is on the frontline. He sits among rows of snazzy toy jets, squeaking dogs, fluffy stuffed animals, barbies and motorcycle-riding spidermen – a sliver of the $34bn (£25bn) worth of toys China exported in 2024.
About $10bn of it went to the US. But now, these Chinese exports to America face up to 245% tariffs. And US President Donald Trump has made it clear that he blames Beijing in particular for cornering too much of the global market.
But things have changed here since Trump's first trade war against China, which kicked off in 2018. It taught Yiwu a lesson, summed up by Mr Hu: "Other countries have money too!"
That defiance has become a familiar theme in the world's second-biggest economy, which is bracing itself for another turbulent Trump presidency.
Beijing, which has been repeatedly telling the world that the US was bullying countries into trade negotiations, has not backed down yet from the trade war.
The propaganda online has ratcheted up, applauding Chinese innovation and diplomacy in contrast to the uncertainty unleashed by Trump. On the country's highly controlled social media, there are plenty of posts echoing the leadership's promise that China will keep fighting.
And in factories and markets, businessmen and exporters now say they have other alternatives, beyond Trump's America. Mr Hu, for instance, says around 20%-30% of his business came from US buyers. But not anymore.
BBC/ Xiqing Wang
China exported $34bn-worth of toys alone in 2024
BBC/ Xiqing Wang
And some $10bn worth of toys go to the US
"We don't care about that 20-30%," Mr Hu says. "We now sell mostly to South America and the Middle East. We are not lacking money, we are rich."
When we ask about Trump, his colleague Chen Lang jumps in, rolling his eyes: "He's cracking international jokes like no other. One day, one joke. Adding tariffs for him is like cracking a joke."
Nearby, one of the thousands of buyers that flock to this market every day is negotiating a price to buy more than 100 robots that turn into cars in a series of beeps and buzzes. After tapping various numbers into a calculator, the final price is written in chalk on the floor.
The buyer, we are told, is from Dubai. The BBC met many others from across Africa and South America.
Lin Xiupeng says he has noticed the shift away from American buyers in his last 10 years in the toy business.
"A few days ago, the shop next to us had an order from a US client. It's worth more than one million yuan. But because of tariffs, the shop owner decided to cancel it," he says, offering us cups of tea.
"They must need China," he says, adding that the country supplies most of America's toys.
"I think there are a lot of businesses in the US protesting these days."
BBC/ Xiqing Wang
People in the toy business that the BBC spoke to said they had plenty of interest from other parts of the world besides the US
Mr Lin is correct. Some toy shop owners in the US have written to the White House describing the tariffs as "disastrous" for their business.
"The tariffs are taking a hatchet to small businesses across America," Jonathan Cathey, who owns a toy company in Los Angeles, told the BBC over the phone.
He invested his last $500 in his company, Loyal Subjects, in 2009, which he ran from his two-bedroom bungalow in West Hollywood. He says it's now a multi-million-dollar business, but the tariffs could derail his plans.
"The entire toy industry could go under. We are looking at the total implosion of the supply chain. It's going to get really ugly," he warns.
He says swapping suppliers is a huge task: "You need a lot of resources on the ground to produce a toy and many of these Chinese businesses have spent 40 years perfecting their craft."
Trump's crusade
China has been a big part of Donald Trump's first 100 days in office, with his administration going head-to-head with Beijing.
"He seems to be launching a crusade against the whole world," says former Senior Colonel Zhou Bo, who served in the People's Liberation Army. "But of course he's trying to bash China the hardest."
Trump accused China of operating the Panama Canal, which is run by a Hong Kong-based firm, and vowed to take it back. He has been on the hunt for ways to mine rare earth minerals, which China effectively has a monopoly over, making this a key part of any deal with Ukraine. His threats to take Greenland are also likely aimed at curbing China's ambitions in the Arctic.
And, of course, he initiated another trade war, which takes special aim at China's neighbours, such as Vietnam and Cambodia, that have been crucial to its evolving supply chain.
BBC/ Xiqing Wang
Zhou Bo tells the BBC that Trump seems to be launching a "crusade against the whole world"
In the last week, he suggested the levies on Chinese goods could be halved and spoke of "a fair deal with China" that his administration was "actively" negotiating.
But China's Commerce Ministry rebuffed this as "groundless with no factual basis". The headlines in state media haven't spared him either: "Trump is probably the worst president in American history," read one on state TV.
It seems the US president is waiting for his Chinese counterpart Xi Jinping to pick up the phone.
"We in China say – we have to let the bullet fly for a moment," Col Zhou says. "That means in the fog of war, we do not know what will come next. I believe this kind of tit-for-tat would last for maybe one or two months – hopefully not more than three months."
It cannot go on, he adds, because that would not be good.
It's certainly not good for China. Trump's tariffs are not even the biggest challenge facing the country, which is also grappling with domestic economic pain, from low consumption to a housing crisis that has dented people's savings and confidence in the future.
The terrible timing aside, the tariffs are biting Chinese businesses.
The BBC reported from the trading hub of Guangzhou in mid-April that US-China trade was grinding to a halt, with exports to American households piling up on factory floors. That is borne out by this month's economic data, which show that activity in factories has sharply slowed.
BBC/ Xiqing Wang
Traders from everywhere come to Yiwu to buy goods, offering new markets to Chinese exporters
When the BBC rang suppliers to see if shipments to the US had resumed, what emerged was a messy picture. One supplier said he had half-a-million pieces of clothing waiting to ship to Walmart, and a few others echoed his uncertainty. But two exporters we spoke to said some shipments from US retailers had indeed restarted.
The range and complexity of the trade between the two economies, which includes cargo cranes, umbrellas and everything in between, means that it's often down to different businesses and supply chains as to how they deal with the tariffs.
But whatever the business, there is no doubt the American consumer will feel the absence, or potentially higher prices, of Chinese goods.
Opportunities beyond America
The US still relies heavily on Chinese manufacturing to meet its own domestic demand – think phones, computers, semiconductors, furniture, clothes and, of course, toys. Electronics and machinery alone account for more than 50% of US imports.
Walmart and Target reportedly told Mr Trump in a meeting last week that shoppers are likely to see empty shelves and higher prices from next month. They also warned that supply shocks could carry on until Christmas.
Some 90% of all Christmas decorations hung around American homes come from Yiwu in China where sellers, surrounded by signs wishing the world "Feliz Navidad" told us they're now trying to focus on sales to South America.
And that effort is very evident in Yiwu.
In the early morning, before the shutters even open, the cavernous lobby of the wholesale market echoes with voices reciting key phrases.
"Shukran," says the teacher in Arabic. The students repeat it several times to perfect the pronunciation before learning that it means "thank you". "Aafwan" comes the reply, or "you're welcome".
BBC/ Xiqing Wang
Salespeople in Yiwu are learning to speak to buyers from different countries
These are free lessons offered by a local government association. Most of the students are women, dressed in their best to also impress their customers.
"These women are the backbone of trade across China," says one stall holder, who originally from Iran and is giving private lessons to an eager student.
"They're doing these lessons to stay ahead of one another, to stay in competition."
Most of the traders can already speak a few words of English. but now they say they need to greet their new buyers in Spanish and Arabic – a small but crucial sign of China's shifting trade relationships.
Oscar, a Columbian who would only give us his first name, was wandering the halls of the market with bags filled with fluffy bunnies and bears.
He says the US-China trade war offers "many opportunities" for traders from other parts of the world.
"Doing business with China is very important," he insists. "[Doing business with] the US these days, less so."
Voters are set to head to the polls for local and mayoral elections being held in some parts of England on Thursday.
There are local elections to 24 of England's 317 councils and six mayoral authorities on 1 May.
A by-election in Runcorn and Helsby will also decide who becomes the new MP for the constituency in Cheshire.
Polling stations will open at 07:00 BST and close at 22:00 on Thursday, with results to be declared through the night and on Friday.
It is the first big set of polls since Labour's landslide victory in last year's general election.
About 1,650 seats will be contested on 14 county councils, eight unitary authorities, one metropolitan district and in the Isles of Scilly.
The six mayoral elections are taking place in the West of England, Cambridgeshire and Peterborough, Doncaster, North Tyneside and - for the first time - in Hull and East Yorkshire, and Greater Lincolnshire.
The by-election in Runcorn and Helsby was triggered by the resignation of former Labour MP Mike Amesbury following his conviction for assaulting a constituent.
Elections to all 21 county councils in England had been due to take place.
But the government announced elections would be postponed in nine areas, where local authorities are being reorganised.
The areas where there are elections to county councils include: Cambridgeshire, Derbyshire, Devon, Gloucestershire, Hertfordshire, Kent, Lancashire, Leicestershire, Lincolnshire, Nottinghamshire, Oxfordshire, Staffordshire, Warwickshire and Worcestershire.
The other elections are to the unitary authorities of Buckinghamshire, Cornwall, Durham, North Northamptonshire, Northumberland, Shropshire, West Northamptonshire and Wiltshire, plus Doncaster Metropolitan Council and the Isles of Scilly, which has a unique governance structure.
Most of the results are expected to be declared by Friday evening.
There are no local elections scheduled in Scotland, Wales and Northern Ireland.
People who want to vote in person will be asked to show photo ID to do so.
There are more than 20 acceptable forms of ID, including passports, driving licences and - from 1 May - Armed Forces Veteran Cards.
The BBC has published detailed election guidelines outlining its approach to covering polling day.
Like other broadcasters, the BBC is not allowed to report details of campaigning or local election issues on TV, radio or online on polling day until 22:00, when voting closes.
Anyone who wants to vote in May's local elections must register before midnight on Friday.
Voters in some parts of England will elect councillors and mayors on Thursday 1 May.
These are the first local elections since the general election was held in July 2024.
Which elections are taking place on 1 May?
Elections are taking place in 23 councils across England.
All seats will be contested in:
14 county councils: Cambridgeshire, Derbyshire, Devon, Gloucestershire, Hertfordshire, Kent, Lancashire, Leicestershire, Lincolnshire, Nottinghamshire, Oxfordshire, Staffordshire, Warwickshire and Worcestershire
8 unitary authorities: Buckinghamshire, Cornwall, County Durham, North Northamptonshire, Northumberland, Shropshire, West Northamptonshire and Wiltshire
1 metropolitan district: Doncaster
Six mayoral elections are also happening: in the West of England, Cambridgeshire and Peterborough, North Tyneside, Doncaster and – for the first time – in Greater Lincolnshire and Hull and East Yorkshire.
In addition, council elections are taking place in the Isles of Scilly.
Elections in East Sussex, West Sussex, Essex, Thurrock, Hampshire, the Isle of Wight, Norfolk, Suffolk and Surrey will be delayed until 2026 as part of a wider shake-up of local government.
Voters in some areas may have several ballot papers for the different elections taking place.
In council elections, voters generally have one vote for each available seat in an election area - known as a ward or division. However, some large wards have several seats.
As in general elections, whoever receives the most votes wins. If, for example, there are three seats available, then the top three candidates win.
Mayors are also elected under this system, known as first-past-the-post.
The rules about postal voting have changed, and you now need to reapply every three years. Any postal vote which was set up before 31 October 2023 will expire on 31 January 2026.
The proxy rules have also changed. Proxy votes in place before 31 October 2023 have already expired, and you must apply for a new one.
You must not take selfies or any other photographs inside a polling station.
With the exception of assistance dogs, animals are not usually allowed in polling stations, but can be admitted at the discretion of the local authority.
You are welcome to bring your children but they must not mark your vote on the ballot paper.
Writing implements are provided but you can bring your own pen or pencil.
You can wear political clothing but you must not discuss any of the candidates inside the polling station.
Some local election results will be announced overnight into Friday 2 May, including three of the mayoral results.
Most of the council seats will be counted on Friday, and no results are expected over the weekend.
It is not clear when the result of the Runcorn and Helsby by-election will be announced. At the general election in July 2024, the outcome was known fairly early - at around 02:25.
The BBC, like other broadcasters, is not allowed to report details of campaigning or local election issues on TV, radio or online on polling day between 06:00 and 22:00, when voting closes.
While polls are open, it is a criminal offence to report any exit polls, which aim to predict election results on the basis of surveys of how people say they have voted.
References to the local elections on the day are normally restricted to uncontroversial factual accounts, such as the appearance of politicians at polling stations, the weather, or practical information about how to vote.
Once the polls have closed at 22:00, the election guidelines no longer apply.
However, the BBC must still report the results with the impartiality required both by Ofcom and the BBC's own Editorial Guidelines.
Writing implements are provided but you can bring your own if you wish.
Can I take a selfie?
You are not allowed to take photos inside a polling station because the Electoral Commission - which oversees UK elections - says it risks the secrecy of the ballot.
The punishment for revealing how someone else voted - even accidentally - is a fine of up to £5,000, or six months in prison.
However, other dogs can be admitted at the discretion of the local authority.
Image source, Getty Images
Can I take my children with me to vote?
Bringing children to the polling station is encouraged, to help educate them about democracy.
But children are not allowed to mark your vote on the ballot paper.
Can I vote if I've been drinking?
People who have been drinking or are drunk can vote, unless they are disruptive.
Can I have help if I am disabled?
Polling station staff can help you, or you can bring someone with you.
In England, anyone over the age of 18 can help you cast your vote. They do not need to be eligible to vote in the election.
Polling stations should have large-print sample ballot papers and tactile voting devices to help people with visual impairments.
You can take your phone into the polling booth to use magnifier or text-to-speech apps, or the phone torch to improve lighting. But you must not take any photos inside the polling station.
Do I have to vote?
Voting in UK elections is not compulsory. It is entirely up to you whether or not to vote.
Can I spoil my ballot paper?
Some people deliberately spoil their vote - for example, by writing a message on the ballot paper as a protest.
These are recorded, but do not count for or against any candidate.
If you sign your ballot and your name is identifiable, the vote does not count.
Do I have to give my details to 'tellers' outside the polling station?
Sometimes so-called "tellers" stand outside the polling station and ask voters for the number on their polling card.
They are volunteers who work for candidates. They use the information to check who has voted, so they can remind people who have not yet done so.
They are allowed to ask for your polling card number, but you do not have to give it to them.
You can use out-of-date photo ID as long as you look the same.
If you wear a face covering, such as a medical mask or a veil worn on religious grounds, you will be asked to remove it briefly, external so polling station staff can check that your ID looks like you.
What if you don't have an acceptable form of ID?
You can exchange a paper driving licence for a photocard, or apply for a photocard travel pass if you are aged 60 or over, disabled or registered blind or partially sighted.
Of these, 11 involved impersonation at polling stations. One resulted in a conviction and one in a caution, and the police took no further action in the other nine cases.
The Electoral Commission has called on the government to expand the list of accepted ID and to allow voters to cast their ballot without ID if another registered voter could vouch for their identity.
Ukraine has a vast mining industry and large reserves of rare minerals
Both the US and Ukraine have said they are broadly ready to sign a deal which would give American firms access to Ukraine's minerals.
"We are ready to sign this afternoon if they are," US Treasury Secretary Scott Bessent said on Wednesday, adding that Ukraine "decided to make last minute changes" to the agreement.
Ukraine's Deputy Prime Minister Yulia Svyrydenko was flying to Washington on Wednesday after an apparent breakthrough in negotiations.
Earlier, BBC News saw a draft copy of the deal, which provides for the creation of a joint Ukrainian-US investment fund to search for minerals in Ukraine, and set outs how revenues would be split.
On Wednesday afternoon a US source familiar with the talks criticised Ukraine for seeking to re-open some terms that had already been agreed upon over the weekend.
Both US and Ukrainian teams worked through the night on Friday into Saturday to finalise the documents, as well as into the early morning on Wednesday, the source told the BBC.
They added that the sticking points include governance of the fund, the transparency mechanism, and steps to ensure that all funds are fully traceable.
Despite these last minute negotiations, the signing could still happen by the end of Wednesday if the US side believes that Ukraine is complying with already agreed upon terms, the source said.
"Nothing's been removed," Bessent said when asked about any changes to the deal. "It's the same agreement that we agreed to on the weekend. No changes on our side."
Technical documents were signed last week by representatives of both countries.
In Kyiv, Prime Minister Denys Shmyhal said that Ukraine expected the deal to be signed within "the next 24 hours".
"This is truly a good, equal and beneficial international agreement on joint investments in the development and recovery of Ukraine," Shmyhal said.
EPA
Donald Trump and Volodymyr Zelensky spoke face-to-face while they were in Rome for the funeral of Pope Francis at the weekend
Since returning to the White House, US President Donald Trump has repeatedly pushed for an agreement as a prerequisite to offering any future security guarantees to Kyiv, as Ukraine continues to fight against invading Russian forces.
Ukraine is believed to have vast reserves of critical rare minerals like graphite, titanium and lithium beneath its soil. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.
The draft deal also appears to give the US sweeping access to Ukrainian industries beyond minerals.
While it does not specify security support that Washington is willing to provide in return, it states that the deal is "a tangible demonstration of the United States of America's support for Ukraine's security".
The agreement comes days after Trump and Ukrainian President Volodymyr Zelensky held a face-to-face meeting on the sidelines of Pope Francis' funeral, and as talks between Moscow and Washington over a possible ceasefire in Ukraine continue.
The latest Trump-Zelensky talks appeared to be far more amicable than their meeting at the White House in February, and have led to a softening in tone from the US president towards his Ukrainian counterpart in the days that followed, as well as an increased level of criticism of Russia's attacks.
Speaking on Wednesday, Trump said: "As you know, we're looking for rare earth [minerals] all the time.
"They have a lot, and we made a deal, so we can start digging and doing what we have to do. It's also good for them."
The initial agreement was due to be signed in February, but fell apart following the heated exchange between the two leaders, when Trump accused Zelensky of "gambling with World War Three".
The teenagers in Syracuse, N.Y., turned themselves in after the district attorney gave them 48 hours to surrender. He called the episode “hazing on steroids.”
Once a Marxist, he came to embrace hard-right positions, including the falsehood that Mr. Trump won in 2020, and to mentor Stephen Miller, later the Trump adviser.
Meta warned Wednesday that European users could face a "materially worse" experience following a key regulatory decision by the European Commission.
Meta recently introduced a "consent or pay" model which leaves users to choose between paying for a monthly subscription or letting Meta combine data it has collected on Facebook and Instagram.
Last week, the European Commision - the EU's executive - announced it had decided that the model does not comply with the Digital Markets Act (DMA) and fined Meta €200m (£171m).
"Based on feedback from the EC in connection with the DMA, we expect we will need to make some modifications to our model," Meta said in its quarterly earnings statement.
Meta said it expected those modifications "could result in a materially worse user experience for European users and a significant impact" to its European business and revenue.
The company said those impacts could kick in as soon as the third quarter of this year, and may be in effect while it appeals the decision.
Eric Seufert, analyst at Mobile Dev Memo, said Meta may be trying to strategically turn European users into "vocal cheerleaders" for its products amid a regulatory clampdown.
"What they ultimately want to do is turn public opinion against this regulatory regime which will demonstrably degrade the product offerings that are available to EU residents," Seufert told the BBC in a phone interview after the announcement.
Meta, formerly known as Facebook, includes the social media network in addition to the photo sharing app Instagram and the messaging service WhatsApp.
The Commission has said that Meta's consent-or-pay model does not allow users to freely consent to how their data is used.
The body is currently assessing another option Meta introduced last year, which the company says uses less personal data to display advertisements.
Meta was given 60 days to comply with the DMA's recent decision, or risk further fines.
Apple was also issued a €500m (£428m) fine over its App Store practices last week.
Meta's announcement comes as it released quarterly earnings that beat Wall Street expectations.
The results showed Meta continues to bring in significant advertising revenue.
The company touted its AI tools on Wednesday.
"We're making good progress on AI glasses and Meta AI, which now has almost 1 billion monthly actives," Meta founder and CEO Mark Zuckerberg said in a statement.
"Our community continues to grow and our business is performing very well," he said.
Matt Britzman, senior equity analyst at Hargreaves Lansdown said the results showed that Meta has gone "full throttle on investments in AI" and notes
Britzman also noted the 6% jump in daily active users.
"There had been some concerns that we might see a slowdown in new users this year, but this was a very strong start and a signal to investors that Meta's family of apps has a grip on users that's hard to displace," Britzman said.
The EC fine comes amid what Meta called "an active regulatory landscape" in its earnings report.
The company is currently defending itself at trial in a case brought by the US Federal Trade Commission which alleges that Meta runs a social media monopoly.
The FTC, the top antitrust watchdog in the US, says Meta cemented its monopoly by purchasing Instagram in 2012 and WhatsApp in 2014.
Visitors to the Vietnam Veterans Memorial on the anniversary of the fall of Saigon said they still felt sadness and fury. And some, at last, had a sense of closure.
A National Park Service volunteer, Sam Calabrese, helps a visitor trace a name at the Vietnam Veterans Memorial on Wednesday, the 50th anniversary of the fall of Saigon.
South Africa’s president, Cyril Ramaphosa, is setting up an inquiry into whether past ANC governments interfered with the investigation and prosecution of apartheid-era crimes, amid criticism from the families of victims.
A group of 25 relatives and survivors of apartheid-era deaths and violence sued the government in January, claiming that interference from “the highest levels of government” blocked investigations into cases referred to the National Prosecuting Authority by the Truth and Reconciliation Commission (TRC).
On Wednesday, the presidency said in a statement: “Allegations of improper influence in delaying or hindering the investigation and prosecution of apartheid-era crimes have persisted from previous administrations.
“Through this commission, President Ramaphosa is determined that the true facts be established and the matter brought to finality … President Ramaphosa appreciates the anguish and frustration of the families of victims, who have fought for so many years for justice.”
In 1999, the country’s Truth and Reconciliation Commission (TRC) denied six security officers amnesty for their role in the killings of Fort Calata, Sparrow Mkonto, Matthew Goniwe and Sicelo Mhlauli. The officers were never prosecuted and are all now dead.
The families criticised Ramaphosa’s decision that an inquiry should assess their claims for “constitutional damages” – their high court case asked for 167m rand (£7.3m) to fund further investigations and litigation, as well as memorials and public education – and said that their rights were violated.
They said in a statement that an inquiry would have no authority over these areas and would only be able to offer advice. “This fundamental shortcoming was pointed out to the president’s legal team, as well as the fact that it will likely result in the issues remaining unresolved for years. This will perpetuate the pain and trauma that the families and survivors have experienced for many years.”
South Africa’s governments have been led by the African National Congress party of Nelson Mandela since the end of apartheid over 30 years ago.
In March, Thabo Mbeki, who was president from 1999 to 2008, and the former justice minister Brigitte Mabandla applied to intervene in the families’ high court case. Mbeki has repeatedly denied interfering in decisions to prosecute apartheid-era cases.
Ukraine has a vast mining industry and large reserves of rare minerals
Both the US and Ukraine have said they are broadly ready to sign a deal which would give American firms access to Ukraine's minerals.
"We are ready to sign this afternoon if they are," US Treasury Secretary Scott Bessent said on Wednesday, adding that Ukraine "decided to make last minute changes" to the agreement.
Ukraine's Deputy Prime Minister Yulia Svyrydenko was flying to Washington on Wednesday after an apparent breakthrough in negotiations.
Earlier, BBC News saw a draft copy of the deal, which provides for the creation of a joint Ukrainian-US investment fund to search for minerals in Ukraine, and set outs how revenues would be split.
On Wednesday afternoon a US source familiar with the talks criticised Ukraine for seeking to re-open some terms that had already been agreed upon over the weekend.
Both US and Ukrainian teams worked through the night on Friday into Saturday to finalise the documents, as well as into the early morning on Wednesday, the source told the BBC.
They added that the sticking points include governance of the fund, the transparency mechanism, and steps to ensure that all funds are fully traceable.
Despite these last minute negotiations, the signing could still happen by the end of Wednesday if the US side believes that Ukraine is complying with already agreed upon terms, the source said.
"Nothing's been removed," Bessent said when asked about any changes to the deal. "It's the same agreement that we agreed to on the weekend. No changes on our side."
Technical documents were signed last week by representatives of both countries.
In Kyiv, Prime Minister Denys Shmyhal said that Ukraine expected the deal to be signed within "the next 24 hours".
"This is truly a good, equal and beneficial international agreement on joint investments in the development and recovery of Ukraine," Shmyhal said.
EPA
Donald Trump and Volodymyr Zelensky spoke face-to-face while they were in Rome for the funeral of Pope Francis at the weekend
Since returning to the White House, US President Donald Trump has repeatedly pushed for an agreement as a prerequisite to offering any future security guarantees to Kyiv, as Ukraine continues to fight against invading Russian forces.
Ukraine is believed to have vast reserves of critical rare minerals like graphite, titanium and lithium beneath its soil. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.
The draft deal also appears to give the US sweeping access to Ukrainian industries beyond minerals.
While it does not specify security support that Washington is willing to provide in return, it states that the deal is "a tangible demonstration of the United States of America's support for Ukraine's security".
The agreement comes days after Trump and Ukrainian President Volodymyr Zelensky held a face-to-face meeting on the sidelines of Pope Francis' funeral, and as talks between Moscow and Washington over a possible ceasefire in Ukraine continue.
The latest Trump-Zelensky talks appeared to be far more amicable than their meeting at the White House in February, and have led to a softening in tone from the US president towards his Ukrainian counterpart in the days that followed, as well as an increased level of criticism of Russia's attacks.
Speaking on Wednesday, Trump said: "As you know, we're looking for rare earth [minerals] all the time.
"They have a lot, and we made a deal, so we can start digging and doing what we have to do. It's also good for them."
The initial agreement was due to be signed in February, but fell apart following the heated exchange between the two leaders, when Trump accused Zelensky of "gambling with World War Three".
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