US releases tentative agreement with Iran

Yesterday, the US officially released the “memorandum of understanding” reached with Iran, a 14-point list of provisions that President Trump and Iranian President Masoud Pezeshkian also electronically signed yesterday. The document is expected to kick off negotiations on a final settlement in Switzerland tomorrow.In exchange for Iran reopening the Strait of Hormuz and pledging not to procure or develop nuclear weapons, the agreement outlines a number of economic benefits:It establishes a $300 billion fund to help rebuild the country, though President Trump said the US would not contribute to it.The US will waive all sanctions on Iran and unfreeze funds if the country meets the US’ nuclear terms.In what’s viewed as a big win for Iran, it is allowed to sell oil immediately.Trump said he was motivated to make a deal to avoid being compared to Herbert Hoover, who was president during the 1929 stock market crash that preceded the Great Depression. “I didn’t want to see an economic catastrophe,” Trump said.Iran and the US have 60 days to finalize negotiations, which will likely focus on Iran’s nuclear program in the long term.Looking ahead: President Trump told the press that he may pass responsibility for the deal to Vice President JD Vance, saying, “If it works out, I’m going to take the credit. If it doesn’t work out, I’m blaming JD.”—MM