USA and Iran sign memorandum of understanding: 'It was not easy'

United States President Donald Trump announced the signing of a memorandum of understanding with Iran, describing the negotiation process as "not easy." The agreement was finalized earlier than anticipated during a G7 dinner at the Palace of Versailles.

Trump, flanked by French President Emmanuel Macron and his wife Brigitte Macron, along with U.S. Secretary of State Marco Rubio, signed the document. He later told reporters, "It's signed. I just signed it in Versailles." Iranian state media also confirmed the signing, with Pakistan mediating the agreement which takes effect immediately.

The deal is expected to reopen the Strait of Hormuz, a critical chokepoint for global oil transport, to shipping traffic. This move is anticipated to alleviate concerns for numerous cargo and oil vessels that have been navigating the strait. The earlier-than-expected signing was reportedly to facilitate the prompt opening of the strait and to address the leak of the agreement's 14 points.

The memorandum, reportedly under 800 words, does not offer extensive details on each point, including Iran's nuclear program. However, it mandates the cessation of all military actions, including in Lebanon, and ensures the free passage of ships through the Strait of Hormuz for 60 days. The agreement also outlines the lifting of U.S. sanctions on Iran, particularly concerning oil trade, and a commitment from the U.S. to help Iran access $300 billion for reconstruction and economic development.

This memorandum is considered a preliminary step toward a final agreement, with both countries committed to negotiating and striving for a comprehensive deal within 60 days, though an extension is possible if both parties agree. Trump issued a warning that the U.S. might resort to military action if unsatisfied with the negotiations' progress over time. Iranian Parliament spokesperson Mohammad Bagher Ghalibaf echoed a similar sentiment, expressing lingering distrust toward the U.S.