The White House released the details of Trump's agreement with Iran on Wednesday.
A senior U.S. official briefed reporters on a 14-point memorandum of understanding expected to be signed Friday in Switzerland. Vice President JD Vance will attend.
Trump had signaled the release was coming earlier this week.
A SENIOR UNITED STATES OFFICIAL HAS READ OUT THE IRAN MEMORANDUM OF UNDERSTANDING.@townhallcom WAS ON THE CALL:
— Cameron Arcand (@cameron_arcand) June 17, 2026
- The United States of America, and Islamic Republic of Iran, and their allies in the current war, by signing this MOU, declare the immediate and permanent…
The agreement begins with a full stop to the fighting on all fronts, including Lebanon.
The United States of America, and Islamic Republic of Iran, and their allies in the current war, by signing this MOU, declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other.
This is not the final deal. It's a framework. Negotiators have 60 days to get the permanent agreement done.
The United States of America, and the Islamic Republic of Iran commits to negotiating and achieving the final deal in maximum 60 days — extendable with mutual consent.
The agreement also seeks to restore commercial traffic through the Persian Gulf and Strait of Hormuz. Iran would facilitate the safe passage of commercial vessels, while the United States would begin removing maritime restrictions outlined in the agreement.
Read More: Trump Is Pursuing a Peace Deal With Iran, but Is Such a Thing Possible Given the Differences?
Trust but Verify on Steroids: Trump’s Big, Beautiful Iran MOU
On sanctions, the U.S. would eventually terminate all of them: U.N. resolutions, IAEA resolutions, every unilateral U.S. sanction, on a schedule tied to the final deal. But the oil waivers kick in immediately.
The United States of America undertakes, but immediately upon the signing of this MOU, and until the termination of sanctions, the U.S. Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking, transactions, insurances, transportation, etc.
Iran formally reaffirms it won't build a bomb.
The Islamic Republic of Iran reaffirms that it shall not procure or develop nuclear weapons.
Iran's nuclear program would remain frozen during negotiations. The agreement also calls for negotiations over the country's stockpile of enriched material under International Atomic Energy Agency supervision.
The number that will get the most attention: $300 billion.
The United States of America undertakes with regional partners to develop a definitive mutually agreed plan with at least USD 300 billion for the reconstruction and economic development of the Islamic Republic of Iran.
On verification, officials were blunt.
"We're not going to be taking their word for anything," the senior U.S. official said.
The U.S. will work with the IAEA to monitor compliance.
"The final deal will be endorsed by a binding [United Nations Security Council] resolution."
If signed Friday, as planned, the ceasefire, oil waivers, and maritime provisions take effect immediately while both sides begin negotiating the final deal.
Editor’s Note: Thanks to President Trump and his administration’s bold leadership, we are respected on the world stage, and our enemies are being put on notice.
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