live U.S., Iran reach preliminary peace deal, Friday signing expected
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a pre...
U.S. President Donald Trump has signed an executive order pushing back the implementation date for his proposed “reciprocal” tariffs to 1 August, according to The White House.
The implementation of new trade measures, originally set for 9 July, has been postponed. The White House said this extension allows affected countries more time to respond before tariffs take effect.
In an executive order published by The White House, President Trump extended the suspension outlined in Executive Order 14266 until 12:01 a.m. eastern daylight time on 1 August 2025.
“I have determined, based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension effectuated by Executive Order 14266 until 12:01 a.m. eastern daylight time on August 1, 2025,” Trump said.
The order also confirmed that a separate tariff suspension on China, under Executive Order 14298 from 12 May, remains unchanged.
On Monday, Trump posted letters on Truth Social addressed to world leaders, notifying them of tariffs ranging from 25% to 40%. Countries include South Africa, Malaysia, Thailand, Indonesia, and others.
The most significant letters were sent to Japan and South Korea, each informed of 25% tariffs on all exports to the U.S. Trump noted these rates could be adjusted based on each country’s response and the state of bilateral relations.
This action is part of Trump’s wider plan to rebalance trade with key partners, targeting nations that apply lower tariffs to U.S. goods than those imposed on their own exports, with the aim of correcting these imbalances.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Iran's nuclear program to further negotiations.
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