The first-stage deal struck by the U.S. and Iran would end the war “on all fronts,” including Lebanon, and offers economic benefits for Tehran, including the release of frozen funds and waivers to export oil.
The White House has not released the 14-point memorandum of understanding. However, Bloomberg News posted a copy it obtained ahead of a Friday signing in Switzerland.
Mr. Trump said no U.S. funds would be used to rebuild Iran after the multi-month conflict, though the memo calls on the American side and partners to create a financing mechanism for reconstruction.
“The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion,” it says.
Mr. Trump, traveling in France, reiterated that the U.S. itself will not give “10 cents” to Iran. He said individuals will be allowed to invest money in the country.
“People can decide to do that, that’s up to them,” Mr. Trump said at the Group of Seven meetings.
The memo says the U.S. will lift sanctions on Iran under a yet-to-be-determined timeline, while Iran “reiterates that it will never produce nuclear weapons.”
“The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement,” the memo says.
A final deal is to be negotiated in the 60 days following the first-stage signing in Switzerland.
Preventing Iran from getting a nuclear weapon is the primary objective of the U.S.-Israel military campaign against Iran, which began Feb. 28 and killed top Iranian leaders while decimating its military infrastructure.
Iran retaliated by closing the Strait of Hormuz, disrupting oil markets and causing higher energy prices.
The memorandum of understanding between the countries requires the U.S. to lift a naval blockade of Iranian ports within 30 days. Iran has the same amount of time to ensure regular traffic in the strait, pending the removal of mines.
The deal says Iran can sell oil, specifically that the “United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.”
The Washington Times reached out to the White House for comment on the memo, as reported by Bloomberg, and whether the language could change before Friday.
Members of Congress and others say they are eager to see the plain text of the memo and get briefed on the emerging deal.
Democrats say Congress ceded too much of its war powers to Mr. Trump during the conflict, which they characterized as a war of choice that caused economic harm, such as high gas prices.
Critics of the emerging deal say it did little except return the world to the status quo, while offering upfront concessions.
Former Vice President Mike Pence said the deal seems to appease Iran with upfront concessions.
“I mean, to throw a lifeline to the Iranian regime when they are weaker and more isolated than they have ever been in history, I think would be a historic error,” he told CNN.
Vice President J.D. Vance and White House officials say the deal is performance-based, so Iran will not get benefits unless it lives up to its commitments.
They say it offers Iran a unique opportunity to open itself to the world and bring greater harmony in the Middle East.
“They will never have a nuclear weapon,” Mr. Trump said at the G7. “It’s a very strong deal.”
Mr. Trump said the markets have “gone wild” and oil prices are close to where they were before the conflict.
The president said the text of the agreement may not be final and, if he does not like the deal, then fighting will resume.
“If I don’t like it, if they don’t behave,” he said, “we’ll go right back to dropping bombs right smack in the middle of their head because they misbehaved for 47 years.”
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