The United States and Iran signed a landmark agreement on Thursday, ending three and a half months of conflict that shut the Strait of Hormuz and rattled global energy markets.
President Donald Trump insisted the deal amounts to “unconditional surrender” by Tehran, making the assertion during an interview with Axios on Thursday evening.
Trump said he negotiated the agreement specifically to prevent the conflict from triggering a global economic depression, framing the deal as an urgent economic necessity.
“This is the kind of thing that could cause a worldwide depression,” Trump said, pushing back against critics who argued he should have pressed harder against Iran.
When asked what the war had taught him about the limits of his power, Trump gave a striking response, saying “I haven’t learned that lesson yet. I know there are, but there are no limits.”
The memorandum of understanding includes a 60-day negotiating window to reach a final deal, a reopening of the Strait of Hormuz, and a framework for nuclear negotiations.
Several key details remain unresolved and will be addressed in subsequent talks, leaving significant uncertainty about the durability and scope of the interim agreement.
Shipping activity through the Strait of Hormuz began picking up immediately as the agreement took effect, with cargo ships and oil tankers resuming transit through the narrow waterway.
At least 18 transits were recorded during the June 17-18 period, the highest count for any comparable timeframe since the conflict started, according to maritime intelligence firm Windward.
U.S. Central Command confirmed that American forces had lifted all blockade enforcement on maritime traffic entering and exiting Iranian coastal areas following the signing.
“All U.S. military blockade enforcement efforts have ceased,” CENTCOM said in a social media post, adding that naval forces would remain in the region to monitor compliance.
A White House spokesperson confirmed that Vice President JD Vance canceled a planned trip to Switzerland on Friday, where he had been expected to begin the 60-day negotiations with Iranian officials.
“The plans for the upcoming technical talks have not been finalized, and the U.S. delegation has been prepared to depart at the first available opportunity. But the logistics of these negotiations have never been simple or predictable,” the spokesperson said.
The deal has drawn swift criticism from Democratic lawmakers who argue Trump was not tough enough on Iran, with terms falling short of the president’s stated objectives at the start of the conflict.
Senate Minority Leader Chuck Schumer told reporters that Trump did a “very poor job of negotiating” and said the United States was worse off than before the war began.
“This will be regarded as one of the biggest American disasters, and it’s because Trump started this war,” Schumer said.
Senator Peter Welch estimated the war cost approximately $100 billion and said Iran retained leverage through its control of the Strait of Hormuz, calling the outcome “a failure.”
Trump dismissed the mounting criticism, saying those who believed he was soft on Tehran were either “jealous, bad people or stupid,” and challenged critics to explain what additional weeks of bombardment would have achieved.