The Trump administration on Tuesday publicly outlined the contents of its newly signed 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 Tehran'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.They declined to provide the written text of the agreement. 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.President Donald Trump (C) gestures as he addresses the media alongside United States Trade Representative Jamieson Greer (L), US Commerce secretary Howard Lutnick (2L), US Secretary of State Marco Rubio (2R) and US Secretary of Treasury Scott Bessent (R) during a closing press conference at the G7 summit, in Evian, eastern France (Mandel NGAN / AFP via Getty Images)SCOTT BESSENT CALLS OUT 'TERRIBLE FRAMING' DURING CLASH WITH NBC NEWS HOST ON IRANIAN OILIn 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 it...