
The preliminary Memorandum of Understanding signed between the United States and Iran does not, by itself, guarantee the end of Iran’s nuclear program, nor does it automatically grant the right to seize enriched uranium. In addition, it contemplates a reconstruction fund valued at $300 billion, a figure substantially larger than the resources associated with the agreement reached during the Obama Administration as part of negotiations with that country to prevent the development of nuclear weapons.
Let us examine what has now been agreed between the United States and Iran, through the mediation of Pakistan:
- Guarantees Regarding Nuclear Weapons
a. No definitive guarantees yet: The current agreement signed by the government of Donald Trump is an interim memorandum of understanding primarily intended to halt the recent war and reopen the Strait of Hormuz.
b. Deferred verbal commitment: Although the text states that Iran commits not to possess a nuclear weapon, the development of technical restrictions and verification mechanisms has been postponed to a later negotiation phase within a 60-day window. Therefore, this is a ceasefire arrangement rather than a definitive disarmament treaty.
- Seizure of Enriched Uranium
a. No authorization for seizure: The United States will not be able to confiscate or seize uranium located within Iranian territory.
b. Domestic dilution: Iran firmly rejected demands to surrender its uranium reserves. The agreed position consists solely of Iran processing and diluting its highly enriched uranium to render it inert within its own borders.
- Economic Commitments by the United States
a. Reconstruction fund: The plan stipulates that the United States and its regional partners will develop an investment and economic assistance program that includes a minimum reconstruction fund of $300 billion for Iran.
b. Additional benefits: The agreement includes the total and gradual lifting of economic sanctions and the release of all Iranian financial assets frozen abroad.
From an economic standpoint, the agreement promoted by the Trump Administration entails financial commitments and economic support mechanisms significantly broader than those contemplated under the understanding reached during the Obama Administration in 2015.
Whereas the concessions of that administration focused on the release of Iranian funds held in international financial institutions in exchange for commitments related to the nuclear program, the current agreement incorporates a broad economic reconstruction framework aimed at ending military hostilities and facilitating the reopening of trade routes through the Strait of Hormuz.
In conclusion, the United States’ military intervention in Iran represents for President Trump what the Vietnam War represented for President Lyndon B. Johnson: a complex conflict from which it is difficult to find a politically favorable exit.
This is why Trump has been compelled to make concessions in an effort to minimize the political and economic costs that a prolonged conflict would entail.
With the midterm elections approaching in November, White House strategists, aware of the erosion in the President’s public image, will seek to redirect public attention toward developments that can be presented as achievements of his administration. In that context, promoting and encouraging a political transition in Cuba and steering Venezuela toward genuinely free and credible elections could become strategic objectives to strengthen Trump’s political position during the final stage of the current electoral year.
The intervention in Iran is justified under national security arguments. However, President Trump’s confrontational rhetoric and insults, along with his repeated public statements—many of which have been questioned for their lack of accuracy—ultimately affected both the political management of the military operation and the international image of the United States.
The stability of the global economy requires a permanent ceasefire in the Middle East. To achieve this, Israel must be part of that effort by avoiding an expansion of the conflict with Iran and with Hezbollah in Lebanon. Likewise, the urgency of ending the war in Ukraine, caused by Vladimir Putin’s criminal military aggression, must not be overlooked.
These are the major challenges of the moment. To confront them successfully, Trump will need to strengthen the United States’ relationships with its traditional allies in Europe rather than deepen tensions through unnecessary confrontations.
The reality is that not everything Trump has done has been negative. The President can point to significant achievements during his administration. However, those achievements have often been overshadowed by imprudent decisions or statements that ultimately weaken the results attained.
Venezuela provides an illustrative example. Trump initially demonstrated a firm determination to confront an illegitimate regime linked to narcotrafficking. Nevertheless, he later adopted decisions that contributed to providing political and economic oxygen to that same narco-regime, in accordance with commercial and strategic interests within Trump’s circle.

It is possible that the results of the midterm elections will facilitate a reordering of priorities within the Administration and allow for the correction of some of Trump’s mistakes.
In the meantime, governments and the business sector that drive the world’s most important economies will have to continue operating under conditions of global crisis.



























