President Donald Trump declared that the recently signed agreement with Iran amounts to an "unconditional surrender" by Tehran, emphasizing his belief in having nearly unlimited power to negotiate. The deal, inked on Thursday after months of conflict that had closed the strategic Strait of Hormuz and unsettled global energy markets, begins a 60-day window for further negotiations toward a final resolution. Trump stated that his priority was to avoid the conflict sparking a global economic depression, underscoring the fragile economic stakes tied to the region.

The preliminary memorandum includes reopening the Strait of Hormuz, a vital passageway for world oil shipments, and a framework for ongoing nuclear discussions. Following the deal, maritime activity in the Strait increased notably, with recorded transits reaching a peak since the conflict began. The U.S. military has halted blockade enforcement in the area but will maintain naval presence to monitor compliance with the agreement’s terms.

The administration faced logistical challenges in scheduling follow-up talks, leading to the cancellation of Vice President JD Vance’s planned trip to Switzerland to initiate the 60-day negotiation period. Officials conveyed that while the U.S. team was prepared to proceed, complexities in organizing the discussions have delayed definitive plans. The evolving situation reflects the intricate nature of reaching a lasting accord amid persistent tensions.

The deal has drawn sharp criticism from some lawmakers who argue that it falls short of the original U.S. war aims. Senate Minority Leader Chuck Schumer and Senator Peter Welch labeled the outcome a failure, criticizing Trump for inadequately leveraging the conflict to achieve regime change or curb Iran’s missile and nuclear programs. Trump dismissed these critiques, asserting that further military action would not have solved the impasse and warning that prolonged conflict risked a worldwide economic depression.