President Donald Trump signed a memorandum of understanding with Iran at the Palace of Versailles on Wednesday, an agreement that Pakistan’s prime minister said takes effect immediately and reopens the Strait of Hormuz.
Prime Minister Shehbaz Sharif of Pakistan, who said he mediated the talks, announced what he called the “Islamabad Memorandum of Understanding.” He said the document was signed by the presidents of both countries and endorsed by him.
“Islamabad MoU shall enter into force with immediate effect,” Sharif said, adding that Iran would reopen the strait and the United States would lift its naval blockade as a first step.
A 14-point draft memorandum reviewed by Reuters says Iran and the United States would commit to reaching a final agreement within 60 days, a period extendable by mutual consent.
The draft says Iran would never produce nuclear weapons and that the fate of its enriched material would be addressed in a final agreement.
It also calls for an immediate and permanent end to military operations on all fronts, including Lebanon, and a plan to ensure at least $300 billion for Iran’s rehabilitation and economic development.
Trump rejected media reports that Iran would gain access to a $300 billion reconstruction fund under the deal.
We don’t give them money. We don’t give them any of that. — President Donald Trump
Trump said future talks would include Gulf nations and cover non-nuclear matters, including Iran’s conventional ballistic missiles. He said Iran would still need some missiles because other countries have them, rejecting advisers’ calls to bar it from having any.
“It doesn’t work that way,” Trump said.
Trump criticized the Obama-era Joint Comprehensive Plan of Action, calling it “a road to a nuclear weapon.” He also discussed past relations, including the 2020 strike that killed Iranian Gen. Qasem Soleimani.
Trump described Israeli Prime Minister Benjamin Netanyahu as “a good man” who gets “a little excited sometimes” and could use “a little softer touch.”
“You don’t have to knock down a building every time someone walks into it that’s from Hezbollah,” Trump said.
Sharif credited the U.S. negotiating team, including Vice President JD Vance, Steve Witkoff and Jared Kushner, and Iran’s team, including Mohammad Bagher Ghalibaf, Abbas Araghchi and Eskandar Momeni. He also acknowledged Qatar, Saudi Arabia, Turkey and Egypt, and Pakistan’s Field Marshal Syed Asim Munir.
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