“EVIAN-LES-BAINS, France -- President Trump defended on Wednesday his agreement to end the Iran war, saying he wanted to avoid an "economic catastrophe" that could have resulted if the conflict the U.S. launched had continued.
Trump said he was influenced by the stock market's rise as he worked toward a resolution of the conflict. He said he didn't want to be compared with former President Herbert Hoover, who was president during the 1929 market crash that led to the Great Depression.
"He was always the one I didn't want to be," Trump said at the Hotel Royal where he and other world leaders gathered for the Group of Seven meeting. "I didn't want to see an economic catastrophe."
It was an acknowledgment by Trump that his decisions were swayed in part by the global reaction to the three-month conflict, which pushed up energy costs during a midterm election year.
Some of Trump's allies turned against him, saying he abandoned his America First policies on which he campaigned.
In May, when asked to what extent he was motivated by Americans' financial situation to make a deal to end the war, the president replied: "Not even a little bit."
"I don't think about Americans' financial situation," he said at the time, drawing criticism from fellow Republicans. "I don't think about anybody. I think about one thing -- we cannot let Iran have a nuclear weapon. That's all."
While Trump was speaking on Wednesday, senior U.S. officials were reading the text of the agreement to reporters in an attempt to counter what they said were misrepresentations of its terms. While the agreement was announced Sunday, it hasn't been released to the public at Iran's request, according to the officials.
The memorandum of understanding would see Tehran reopen the Strait of Hormuz after the U.S. lifts sanctions on its oil sales, providing the regime with much-needed revenue. Iran also committed not to seek a nuclear weapon -- a statement it has made many times before -- although how it would do so will be the subject of negotiations with the U.S. over the next two months.
In exchange, Iran stands to get substantial financial relief if it complies with U.S. demands to rein in its nuclear program. That starts with a generous immediate waiver of sanctions to let Iran sell oil and reap the benefits, and could grow to include full sanctions relief and access to a $300 billion fund to finance reconstruction after the war.
Officials stressed that the reconstruction plan wouldn't require U.S. funding, but the text read out by a senior administration official states that Washington would grant the licenses, waivers and permissions needed for the relevant financial transactions.
The agreement says the U.S. would make frozen Iranian funds available upon implementation of the memorandum, with the procedures for their release to be worked out during negotiations. Officials said Iran had sought access to the funds upon signing, but that Tehran wouldn't receive money unless it took steps the U.S. viewed as "good behavior."
On Wednesday, Trump defended the deal's pathway to unfreezing Iranian assets. "We have taken a lot of their money -- it's not our money," he said. "At a certain point in time, I guess we're gonna have to give it back."
In the short term, the deal is aimed more narrowly at opening the strait -- with the text noting there will be "no charge for 60 days only" for commercial ships -- in exchange for the U.S. dropping its blockade and allowing Iran to sell oil. The tougher questions and bigger payouts are kicked to a second stage of talks that will begin after the formal signing.
It is a massive gamble for Trump. He is betting the Iranian regime will choose economic progress and ultimately agree for its nuclear program to be dismantled.
U.S. officials stressed that the memorandum isn't a final deal, and that either side can walk away before negotiators reach a full agreement.
Trump threatened Iran with more attacks if it didn't abide by the terms. "If they don't honor that, we'll probably go back to bombing them until they honor it," he said.
Later on Wednesday, Trump said that he supports Iran keeping some of its ballistic missiles.
He said obtaining Iran's highly enriched uranium is "less important" than ensuring that Tehran doesn't get access to a nuclear weapon. The president also signaled that there is some wiggle room in the 60-day negotiation period for completing the terms of the peace deal.
The agreement fails to resolve the underlying issues that sparked wars last June and again in February -- not only Iran's nuclear program, but also its missiles and its support for militias around the region.
The pact was met warmly by G-7 leaders. "I support it, I think it's necessary," said President Emmanuel Macron of France, who hosted the summit. But he conceded that it didn't solve every problem, including the nuclear issue, and that the risk remained that the deal could collapse.
Macron cited his concern of a return to fighting in Lebanon between Israel and Hezbollah, an Iranian proxy militia, or that Tehran could insist on collecting tolls in the strait.
Trump signed the Iran deal for a second time on Wednesday night at a dinner in Versailles Palace, surprising some of his aides and throwing a planned signing ceremony for later this week into disarray.
"I signed it in Versailles," Trump said. "Just signed it."
He previously affixed his digital signature to the 14-point document on Sunday.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Wednesday the memorandum has now been signed by both the U.S. and Iranian presidents, according to state media. A U.S. official said there would be no signing ceremony but that nuclear negotiations between both sides would still take place in Lucerne, Switzerland, Friday to Sunday.” [1]
1. President Defends Deal on Iran War At G-7 --- Threat of 'economic catastrophe,' Trump says, motivated him to end the conflict. Ward, Alexander; Andrews, Natalie; Bergengruen, Vera. Wall Street Journal, Eastern edition; New York, N.Y.. 18 June 2026: A1.
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