The US-Iran memorandum of understanding announced on Wednesday amounts to a reopening of the Strait of Hormuz, and a deal to try to reach a final agreement on almost everything else.
President Donald Trump framed it as a major win for the US in a lengthy press conference at the G7 summit in France.
Both countries later confirmed the memo had been signed electronically on Wednesday and was now in effect.
Trump’s Iran deal driven by economics, fear of midterm defeat, not ideology – analysis
US President Donald Trump reportedly received a warning in recent weeks that keeping the Strait of Hormuz closed would “trigger a global recession – not just in the US, but across the entire world.”
The warning came from several economists and senior Trump administration officials.
Donald Trump’s Iran deal met with anger, relief and incredulity
Pakistan’s prime minister has hailed the “peaceful resolution” of the conflict between the US and Iran, while congratulating the leadership of both countries for signing an agreement that he claimed would immediately reopen of the strait of Hormuz.
But amid the celebrations from Shehbaz Sharif – who has served as mediator for the deal – the release of the memorandum of understanding (MOU) that gets the ball rolling on the next 60 days of negotiations between Iran and the US, has proven more divisive, eliciting a mixture of outrage, bewilderment, and relief.
