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Trump deal fart 39. Shall we call this the FIFA Peace Prize deal. (As a quick aside, how about that Socceroos parked bus?)
“The Deal with the Islamic Republic of Iran is now complete,” Trump said in a social media post. “I hereby fully authorize the toll free opening of the Strait of Hormuz and, simultaneously herewith, authorize the immediate removeal of the United States Naval blockade.”
Here are the terms as best we know them, which is not well.
| Ceasefire | Extension of the existing ceasefire for 60 days while negotiations continue toward a permanent agreement. |
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| Strait of Hormuz | Iran immediately reopens the Strait of Hormuz to commercial shipping. |
| Naval Blockade | The U.S. lifts restrictions/blockade measures on Iranian ports within 30 days. |
| Oil Exports | Temporary waiver of U.S. oil sanctions, allowing Iran to resume oil exports during negotiations. |
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| Frozen Assets | Release of roughly US$24–25 billion of frozen Iranian funds, either immediately or in stages. |
| Nuclear Weapons | Iran commits not to develop, acquire, or procure nuclear weapons. |
| Nuclear Activity | Iran freezes expansion of its current nuclear activities during the 60-day negotiation period. |
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| Enriched Uranium | Negotiations to determine the disposition of Iran’s highly enriched uranium stockpile; some reports say dilution under international supervision. |
| Regional Conflict | End to hostilities on all fronts, including Lebanon and Hezbollah-related fighting. |
| Future Talks | Launch of detailed negotiations for a permanent settlement within 60 days. |
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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