Trump, commenting after a cabinet meeting, said Treasury Secretary Scott Bessent had told him the rare earths agreement with Ukraine was as good as finalised.
"They'll sign it shortly," Trump said on Monday.
The president reiterated his false claim that Europe had only given Ukraine aid as a loan and that the United States was the only one pumping money into the country.
Ukrainian President Volodymyr Zelenskiy travelled to Washington on February 28 to conclude the raw materials deal but left without signing it after being publicly rebuked by Trump and his Vice President JD Vance.
Shortly after taking office in January, Trump linked US aid for Kiev, which has been defending itself against a Russian invasion for more than three years, to access to Ukraine's stockpiles of rare earths.
The exploitation of raw materials in Ukraine is considered strategically important and economically lucrative, however a large proportion of the materials are located in Ukrainian territories currently occupied by Russia.
Meanwhile, US and Russian officials wrapped up day-long talks on Monday focused on a narrow proposal for a ceasefire at sea between Kyiv and Moscow, part of a diplomatic effort that Washington hopes will help pave the way for broader peace negotiations.
Even as the meeting was under way in Saudi Arabia, where a Ukrainian delegation was present on the sidelines, a Russian missile strike damaged a school and a hospital in Ukraine on Monday, wounding at least 74 people.
The talks, which focused among other issues on trying to reach a Black Sea maritime ceasefire deal, were portrayed by Washington as a step in Trump's effort to end the three-year-old war.
But there was no immediate word on whether an agreement had been hammered out or progress had been made.
Zelenskiy said on X that "Russia remains the only actor dragging this war out, jeering at both our people and the global community. To push Russia toward peace, we need strong moves and strong actions".
A Russian source told Reuters that the talks had concluded late on Monday and a draft joint statement sent to Moscow and Washington for approval, with the parties aiming to release it on Tuesday.
Kremlin spokesman Dmitry Peskov said earlier that no documents would be signed, the TASS agency reported.
Earlier on Monday, Trump himself listed other issues he said were on the table: "We're talking about territory right now. We're talking about lines of demarcation, talking about power, power plant ownership."
Last week, Russia rejected a proposal by Trump for a full 30-day ceasefire in Ukraine, and it has so far agreed only to a moratorium on attacking energy infrastructure.
As Monday's talks were being held in Riyadh, Russian missiles struck the city of Sumy in northeastern Ukraine. Several high-rise residential blocks were damaged along with a school and hospital, regional governor Volodymyr Artiukh said in a video filmed in front of a blaze producing a column of smoke.
The schoolchildren were in a shelter at the time, averting worse casualties, he added.
"Moscow speaks of peace while carrying out brutal strikes on densely populated residential areas in major Ukrainian cities," Ukrainian foreign minister Andrii Sybiha said.
"Instead of making hollow statements about peace, Russia must stop bombing our cities and end its war on civilians."
Trump, who has scaled back US diplomatic backing for Ukraine and shifted publicly to a stance far less critical of Russia than that of his predecessor Joe Biden, says he aims to bring a quick end to the war.
But although Ukraine had previously agreed to Trump's proposal for a ceasefire, Putin agreed only to pause attacks on energy targets. Kyiv then said it would also accept a moratorium on hitting energy targets if a formal document is signed.
Even as the talks unfolded, Moscow launched three straight nights of air attacks on Kyiv, filling the air above the capital with anti-aircraft fire. One person was wounded and homes were damaged in the surrounding region.
Russia, for its part, said it had downed 227 Ukrainian drones in the last 24 hours. Firefighters in its southern Krasnodar region also battled for a fifth day to put out a blaze at an oil depot struck in a Ukrainian drone attack last week.
The White House says the initial aim of the Saudi talks was to secure a maritime truce in the Black Sea, allowing the free flow of shipping.
with Reuters
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