This week, the G7 summit in France became the stage for an official pause in the war between Iran and the United States.
This week, the G7 summit in France became the stage for an official pause in the war between Iran and the United States.
Transcript
This week, the G7 summit in France became the stage for an official pause in the war between Iran and the United States.
President Trump signed the memo in Versailles, France, the same city where the peace agreement to end World War I was signed.
The 14 point Memorandum of Understanding ends active conflict while the details of a permanent agreement are negotiated. Both nations have pledged to retreat from the Strait of Hormuz to allow shipping volumes to return to the levels of March, before the United States began its bombing campaign.
Iran will be responsible for de-mining the Strait.
President Trump left the door open to a return to bombing if terms are not met.
President Donald Trump: “No president in history has ever been tougher on Iran than I have. And they know that. And by the way, if they don't honor the agreement or some things aren't even mentioned in the agreements, a memorandum of understanding, but we have an understanding of certain things without writing it. And, if they don't honor that, it will probably go back to bombing them until they honor it. You know, it's amazing what bombs can do.”
The Memorandum also includes language for a $300 Billion dollar spending plan to rebuild Iranian infrastructure lost in the conflict.
Crude oil prices saw large drops in both spot and futures prices as the plan emerged.
The G7 leaders also discussed the contentious future of Artificial Intelligence, global economic imbalances and a surge of Chinese subsidized exports that have challenged markets in the EU.
Members of the Association of Southeast Asian Nations, or ASEAN, gathered in Kazan, Russia, gathered for a summit of nations to discuss strengthening economic ties to Russia.
Several members of ASEAN purchase oil from Russia, and the host nation is looking for expanded trade partners throughout Asia.
Russian President Vladimir Putin noted the significance of the memo’s signing.
Putin then added the importance of Russia exporting fertilizers to ASEAN countries while also supplying the region with food and energy.
For Market to Market, I’m Peter Tubbs
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