President Donald Trump announced that the United States and Iran are beginning discussions on a final deal.
Trump said the memorandum of understanding could be signed Thursday or Friday, opening a round of negotiations to reach a final peace agreement in 60 days.
The current memorandum of understanding, reached over the weekend with Iran, involves the U.S. removing its naval blockade of the Strait of Hormuz within 30 days, Iran ensuring safe passage of commercial vessels through the strait for 60 days, and both parties negotiating a final agreement within 60 days, a senior administration official told reporters on a press call Wednesday.
“This is fundamentally an agreement that allows us to open the Strait of Hormuz immediately, commit the Iranians to destroying the nuclear dust, and then gives us a dial where if the Iranians dial up their good behavior, we respond by dialing up the kind of economic and sanctions relief that can make them a more prosperous country,” the senior official said.
The U.S. will terminate all sanctions if Iran agrees not to procure or develop nuclear weapons. Iran has agreed to destroy its enriched uranium stockpile, the administration official said. The uranium will be down-blended on-site with lower-grade material, under the supervision of the International Atomic Energy Agency.
In a mutual agreement, the U.S. and regional partners will develop a definitive plan of at least $300 billion for the reconstruction and economic development of Iran.
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The U.S. is not required to pay “a cent of money” to Iran or contribute to the fund, the official said. However, if Iran “behaves,” Emirati authorities could build a power plant in Iran.
Trump said the U.S. will resume attacks on Iran if talks on the new deal fail.
“We’re going to bomb the hell out of them if they violate the agreement,” he said at the G7 summit in Evian, France.
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