Trump and Iran's president sign initial deal aiming to end war

Originally, the US had demanded that the nuclear material be removed from the country entirely.

On the question of the reopening of the Strait of Hormuz, there will be no charges for ships going through the key waterway for 60 days, according to the agreement.

But the memo leaves open the possibility of future charges, where there were none before the conflict.

Iran's parliamentary speaker, Ghalibaf, said in an interview aired on state TV that the Strait of Hormuz "will not return to pre-war conditions".

He suggested the country would charge ships crossing the key passage after the 60-day period in the agreement had lapsed.

While Trump has previously ‌vowed to obliterate Iran's ballistic missiles, he said at the G7 that it would be "OK" for Tehran to have such weapons "if other countries have them".

The first point of the agreement declares the "immediate and permanent termination of military operations on all fronts, including in Lebanon".

But Israel has said it had no plans to withdraw its troops from Lebanon, and it launched attacks on Hezbollah on Wednesday.

Trump has been growing concerned that Israeli military operations against Hezbollah could upend a deal with Iran. He admonished Israeli Prime Minister Benjamin Netanyahu at the G7 on Wednesday.

The US president said that Netanyahu was a "good man", but he could do with "a little softer touch".

"You don't have to knock down a building every time someone walks into it that's from Hezbollah," Trump said.

After dinner at Versailles, Trump began his journey back to Washington, where the peace plan with Iran has unsettled lawmakers on both sides of the aisle - including members of his own political party.

Republican Louisiana Senator Bill Cassidy, who recently lost his re-election bid to a Trump-backed challenger, said: "This is the worst foreign policy blunder in decades."

Republican Texas Senator Ted Cruz, an Iran hawk in Congress, questioned the $300bn fund for Iran.

"Giving billions of dollars to theocratic lunatics who want to murder us is not a good idea," Cruz told reporters. "I think the president, unfortunately, is receiving bad advice."

Earlier on Wednesday, US officials held a media briefing, where they read out the text verbatim from the memo and denied the US was required to pay "a cent of money" to Iran under the $300bn fund.

As a hypothetical example, one official said that if Iran "behaves", Emirati authorities could build a power plant in Iran, with US blessing.

At G7, Trump said reports that the US would give Iran money under a $300bn fund were a "fake story".

"We don't give them money," he says. "We don't give them any of that."

But he also said Iranian assets frozen during the war should be returned.

"It's not our money, it's their money, and we froze it," Trump said. "At a certain point in time, I guess we're going to have to give it back."

He has previously railed against former US President Barack Obama for unfreezing $1.7bn in Iranian assets, including interest, under a 2015 nuclear agreement with the country. Trump scrapped the Obama era deal during his first term in the White House.

Democrats, meanwhile, were withering in their assessment of Trump's plan.

New Hampshire Senator Jeanne Shaheen told the BBC that it was "a very bad deal" and did not address issues such as Iran's support for regional proxies, like the militant group Hezbollah, or its missile programme.

"It's not accomplished any of the aims that President Trump laid out at the start of the war," she said.