In the long and uneasy story of nations trying to stop wars they started, an American president stood in France and promised that an interim memorandum with Iran would be signed within days, reopening a strait that had choked the world's energy supply since the conflict began in late February. He defended it partly by pointing to the shadow of economic collapse, reminding listeners that unchecked escalation could have pulled the global economy toward another Great Depression. Yet the deal leaves unsettled the questions that made the war worth fighting in the first place, including missiles, nu
Trump Defends Iran Interim Deal, Says Signing Could Come Within Days
Three-month conflict that began February 28 with US and Israeli strikes on Iran disrupted Gulf energy supplies and strained economies worldwide; the article does not quantify casualties.
"If it doesn't work out, I'm blaming JD."
Mark
What is actually in this deal, as far as we know?
Mimi
A draft Bloomberg has seen reopens the Strait of Hormuz quickly and gives Iran immediate waivers on oil sanctions. Nuclear talks come later, inside a 60-day window.
Luke
Worth saying that's a draft. Neither government has published the document, so the terms are reported, not confirmed.
Mark
Why does Trump keep bringing up Herbert Hoover?
Mimi
It's his explanation for stopping the war. He says escalation could have caused an international depression, and oil had already spiked and hurt his party at home.
Luke
That's his stated reasoning. The reporting shows the economic pressure was real, but it can't tell us what weighed most in his decision.
Mark
What are the hawks objecting to?
Mimi
The sanctions waivers up front, the money for Iran, and the missiles being left out. Pence called the waivers a lifeline to the regime.
Luke
And the $300 billion figure is the development program as Trump describes it in the memorandum. He says no U.S. government cash goes into it, but the draft details we have don't show how it's funded.
Mark
He also seemed to soften on frozen assets.
Mimi
Yes, he said they'll have to be given back eventually, citing confidence in the dollar. He had ruled that out before.
Luke
No timing or amount was given. "At a certain point" is not a commitment.
Le Pouls
- A signing ceremony in Switzerland is scheduled within days, but the text itself remains unpublished and its terms are still contested.
- Republican hawks like Mike Pence are sounding alarms that sanctions waivers and frozen billions amount to a lifeline for Tehran.
- The Strait of Hormuz is set to reopen and oil prices have eased below $80, yet the markets are wary of what comes next.
- Missiles and enriched uranium have been pushed into a 60-day negotiation, leaving the hardest questions open as midterm pressure builds.
In the long and uneasy story of nations trying to stop wars they started, an American president stood in France and promised that an interim memorandum with Iran would be signed within days, reopening a strait that had choked the world's energy supply since the conflict began in late February. He defended it partly by pointing to the shadow of economic collapse, reminding listeners that unchecked escalation could have pulled the global economy toward another Great Depression. Yet the deal leaves unsettled the questions that made the war worth fighting in the first place, including missiles, nuclear stockpiles and billions in frozen money, and so it stands as a pause rather than a settlement, a bargain whose true weight will only be known in the sixty days of negotiation still ahead.
At a news conference in France, where he was attending the Group of Seven summit, President Donald Trump said an interim peace deal with Iran could be signed "shortly, tomorrow, maybe the next day." He defended it against Republican hawks who object to the billions of dollars that would flow toward Tehran, and he framed the choice in stark terms: further military escalation could have triggered an international depression, and he did not want to be remembered like Herbert Hoover.
The memorandum would reopen the Strait of Hormuz and grant immediate sanctions waivers on Iranian oil, while nuclear talks and any further financial gains for Iran would come later. The signing is planned for Bürgenstock, Switzerland, with Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. Trump joked that if it failed, he would blame Vance.
The conflict began February 28 with American and Israeli strikes meant to stop Iran's nuclear weapons program. Over three months, Gulf energy supplies dwindled and economies strained. Iran's missiles are not covered by the deal, and Trump said Iran would "have to have some." He also signaled he is now willing to release frozen Iranian assets he once ruled out.
Some allies argue the war should have finished the job, and the enriched uranium dispute now moves into 60 days of difficult talks. Analysts see an uneven bargain, with Tehran gaining new benefits and Washington largely recovering what it had before. The next test is the signing itself, and then the long negotiation that follows.
Standing at a news conference in France on Wednesday, where he was attending the Group of Seven summit, President Donald Trump said the interim peace deal he has reached with Iran could be signed "shortly, tomorrow, maybe the next day." He used the occasion to defend the agreement against a growing chorus of Republican hawks who object to the billions of dollars that would flow toward Tehran.
The document is a memorandum of understanding. A draft seen by Bloomberg calls for the rapid reopening of the Strait of Hormuz and immediate sanctions waivers for Iranian oil. Talks on nuclear issues, and on potential further financial gains for Iran, would come afterward. Neither Washington nor Tehran has officially released the text, though Trump said he will do so soon.
The signing is set for Bürgenstock, a mountain resort town in Switzerland overlooking Lake Lucerne. Vice President JD Vance is to sign for the United States and Iranian Parliament Speaker Mohammad Bagher Ghalibaf for Iran. Asked why he would not attend himself, Trump joked: "This way if it works out, I'm going to take the credit. If it doesn't work out, I'm blaming JD."
Trump also explained why he ended a war he began. The conflict started Feb. 28, when he and Israeli Prime Minister Benjamin Netanyahu bombed Iran, arguing it had to be stopped from building a nuclear weapon. Over three months, Gulf energy supplies dwindled and economic strain spread worldwide. Trump said further military escalation "could have caused an international depression," and invoked Herbert Hoover, the president in office when the Great Depression began. "The one president I did not want to be was the late, great Herbert Hoover," he said.
He defended the parts of the deal that critics dislike most. Iran's ballistic missile program, which Israeli officials and Secretary of State Marco Rubio cited as a justification for the war, is not covered; Trump said missiles will be taken up with the nuclear program in later talks, though Iran will "have to have some because other people have some." Rubio has argued that Iran's missiles and drones could shield a nuclear weapons effort. Trump also defended a $300 billion development program for Iran in the memorandum, saying no U.S. government cash will go into it, that Iran benefits only if it "behaves," and that U.S. forces would strike again if its leaders break the deal.
On one point he shifted. Trump signaled he is ready to release billions in Iranian assets frozen by the United States over the years, something he has previously ruled out. "At a certain point in time I guess we'll have to give it back," he said, adding that otherwise "nobody would ever invest in the dollar again."
Markets have responded with relief: Brent crude fell below $80 a barrel this week, though it recovered slightly on Wednesday. But the memorandum leaves the hardest disputes, including Iran's stockpiles of highly enriched uranium, to a 60-day period of further negotiation. Those talks are likely to be tense. Some GOP allies say Trump is conceding too much and argue U.S. forces should "finish the job." Mike Pence, Trump's first-term vice president, told CNN the deal is "much bigger than a mistake," saying immediate sanctions waivers would be "a lifeline to the Iranian regime."
The politics are awkward for Trump, who for years called the 2015 agreement negotiated under President Barack Obama the "worst deal in history" and a giveaway to Tehran. He scrapped it in 2018 and promised something better. The war, meanwhile, fell short of its aims: Iran's military and economy were battered, but the government stands, despite Trump's earlier claim that Iranians could "take over" it. Tehran showed it could still threaten the region with drones and missiles, and by effectively closing the Strait of Hormuz it sent oil prices soaring, hurting Trump and his party ahead of November's midterms.
Bloomberg Economics analysts Dina Esfandiary and Ziad Daoud described the core trade as the strait's reopening for economic relief, but called it uneven: Tehran's gains would be "plenty and new," while Washington would merely recover benefits that existed before February. The next test is the signing, and then the 60 days of talks.
Citations marquantes
The one president I did not want to be was the late, great Herbert Hoover.— President Donald Trump
It's much bigger than a mistake; the sanctions waivers would essentially be a lifeline to the Iranian regime.— Mike Pence, former vice president, on CNN
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