Trump Says U.S.-Iran Memorandum Includes $300 Billion Fund and Hormuz Transit Access, but Text Remains Unreleased

President Trump stated on June 16 that he will release the full text of a memorandum of understanding with Iran after the signing ceremony scheduled for June 19. The document states that Iran will arrange safe passage for commercial vessels at no charge for 60 days and that the United States will lift its blockade of the Strait of Hormuz entirely within 30 days.

It also includes a plan for a $300 billion fund for Iran's reconstruction and economic development.

Trump stated that mine-clearing operations in the Strait of Hormuz will begin after the June 19 signing and estimated those operations will take 40 to 50 days. On June 15 the IRGC Navy said it had issued no transit permits in the prior 96 hours and that the strait remained closed to all vessels. Trump said on the same day that some vessels had begun transiting via the southern highway.

He also said of Iran's enriched nuclear material, "You could make the case, why even bother? " CIA Director John Ratcliffe, Secretary of State Marco Rubio, and Secretary of Defense Pete Hegseth expressed concerns about the memorandum in internal discussions, according to Axios. On June 16 Trump criticized Israel's actions in Lebanon and suggested Syria should deal with Hezbollah.

He stated, "The current Iranian leadership are very rational people. They are nice to deal with, they are strong and smart people. " Accounts differ on the contents and implications of the memorandum.

One report states that the MOU includes provisions for a $300 billion reconstruction fund for Iran and immediate oil sales by Iran. Another report states that the MOU conditions benefits on Iranian performance and does not grant immediate concessions.