The Trump administration on Tuesday publicly outlined the contents of its new memorandum of understanding with Iran, revealing plans for immediate waivers on Iranian oil exports, a framework for at least $300 billion in reconstruction and economic development, and a 60-day negotiation period aimed at securing a final agreement on Iran’s nuclear program.
During a call with reporters, senior U.S. officials read portions of the agreement and defended controversial provisions that would allow Iranian crude oil exports to resume immediately while broader negotiations continue.
“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,” the agreement states, according to officials.
Officials declined to provide the written text of the agreement.
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An official emphasized the oil waivers are the only major benefit Iran will receive before a final agreement is reached, arguing the move would increase transparency into Iranian oil sales while helping reduce global energy prices.
But the administration’s willingness to grant immediate oil export waivers comes despite officials’ own skepticism about Iran’s intentions.
While defending the agreement, one senior U.S. official said negotiators entered talks with “the full expectation that they will lie and they will cheat,” arguing that any final agreement would require extensive monitoring and enforcement mechanisms.
Officials said on Monday that Trump, Vice President JD Vance and Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf signed the agreement digitally Sunday, but a formal signing ceremony is planned for Friday. Negotiations over a final agreement will begin over the weekend after the memorandum deal is signed Friday.
In negotiations aimed at a final agreement, the memorandum also calls for the U.S. and regional partners to develop a plan worth at least $300 billion for the reconstruction and economic development of Iran. Officials stressed the provision does not commit the U.S. to providing the funds, arguing instead that it would permit outside investment if a final deal is reached and Iran complies with its obligations.
While the agreement guarantees toll-free commercial transit through the Strait of Hormuz during the 60-day negotiating period, it leaves longer-term arrangements to future talks between Iran, Oman and other Gulf states.
A senior U.S. official maintained that regional partners would not support any framework that allowed Iran to charge tolls for passage along the waterway.
During the 60-day negotiation period, the U.S. will not impose any new sanctions or deploy any new troops, per the agreement.
“The United States of America further undertakes to remove its forces from the proximity of the Islamic Republic of Iran within 30 days after the final deal,” the document reads, according to officials.
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The agreement stops short of resolving the central dispute over Iran’s nuclear program. Instead, it commits both sides to negotiate the fate of Iran’s enriched uranium stockpile and future enrichment activities as part of a final agreement.
Officials said the minimum outcome would involve down-blending enriched material under International Atomic Energy Agency supervision but acknowledged that key details remain unresolved.
Administration officials described the provision both as a significant concession that Iran offered to dilute its stockpile of nearly 900 pounds of near weapons-grade 60% enriched uranium and as a “flaw” that the nuclear specifics of the deal are not yet resolved.
“Of course that’s a flaw, and we will push for more than that. But the fact that they’re conceding to that is a major, major win for the United States of America. They’re saying we will destroy the enriched stockpile, and this is how we’re going to do it at a minimum,” one senior U.S. official said.
The memorandum also envisions the eventual termination of United Nations sanctions, primary U.S. sanctions and secondary sanctions as part of a final agreement. Officials argued that broader sanctions relief remains contingent on Iranian compliance with future nuclear commitments, pushing back on criticism that Tehran would receive major economic benefits without making concessions.
Despite defending the framework agreement, administration officials repeatedly emphasized that they remain skeptical of Iran’s intentions and said any final deal would require extensive verification and enforcement measures.
Later in the call, another official said the administration would quickly abandon negotiations if it concluded Iran was “just dragging us along and kind of bulls**ting us.”
Officials said the provision meant that American forces would return to their posture levels prior to Operation Epic Fury.
Despite the agreement being announced Sunday, officials waited until Wednesday to reveal the text at Iran’s request, according to officials.
“We were trying to accommodate their domestic messaging and their domestic politics,” an official said.
Asked whether Israeli Prime Minister Benjamin Netanyahu had been provided the agreement, the official said Netanyahu “has not asked us for a copy of it,” while maintaining that Israeli officials had been repeatedly briefed on the substance of the negotiations.
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