The United States and Iran have signed a memorandum of understanding, which includes a 60-day ceasefire and the reopening of the Strait of Hormuz. The agreement also paves the way for sanctions relief and a $300 billion reconstruction incentive for Iran. President Donald Trump and Vice President JD Vance electronically signed the accord, with a formal ceremony scheduled for Friday in Switzerland.
The agreement leaves the most difficult points of contention, such as Iran's nuclear program, to the next phase of negotiations. Trump warned that any Iranian violation of the terms would spark a renewed US military campaign.
The memorandum of understanding includes provisions for the removal of US naval blockades, the safe passage of commercial vessels, and the termination of sanctions against Iran. The US has also undertaken to develop a plan for the reconstruction and economic development of Iran, with a minimum of $300 billion in funding.
