'Now in effect': Trump and Iran's Pezeshkian sign peace deal
What's the story
US President Donald Trump and Iranian President Masoud Pezeshkian have formally signed a memorandum of understanding to end the US and Israel's war on Iran, with the White House confirming that the agreement is now in effect. The signing took place during a dinner with French President Emmanuel Macron at the Palace of Versailles after the G7 Summit. "Can confirm the signing," a US official said, confirming reports that President Trump personally signed the agreement during this event.
Confirmation
Deal signed ahead of schedule
Iran also confirmed the signing of the deal, dubbed the "Islamabad Memorandum of Understanding." Iranian Foreign Ministry spokesman Esmaeil Baqaei said, "The text of the Islamabad Memorandum of Understanding was finalized with the signatures of the presidents -- now it is time to test the implementation of the agreement," The formal signing was originally scheduled for Switzerland on Friday. That meeting between the US and Iranian delegations is still expected to take place as planned, sources told Axios.
Agreement details
US to lift naval blockade of Iran
The peace deal calls for an "immediate and permanent termination of military operations on all fronts, including in Lebanon." Under the agreement, the US will lift its naval blockade of Iran within 30 days. During this period, shipping traffic is expected to return to pre-war levels. The US also commits to withdrawing its forces from near Iran within 30 days after a final deal is reached.
Vessel traffic
Conflict began on February 28
The agreement further states that "Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days." The 14-point agreement also states that Iran will never acquire a nuclear weapon and pledges a $300 billion fund for the country's "reconstruction and economic development," but the US is not obligated to contribute. The signing ends a conflict that began on February 28 when the US and Israel launched strikes on Iran.