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June 11, 2026 / 5:11 PM EDT
/ CBS News
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A letter of intent or memorandum of understanding between the U.S. and Iran is likely to be signed early next week, opening the way to further negotiations about an enduring U.S.-Iran agreement, two sources familiar with the diplomatic efforts said. The signing of the memorandum would kick off 60 days of talks to negotiate details of a U.S.-Iran agreement. That time period could be extended as needed, according to multiple sources.First steps include ensuring "freedom of trade" by demining and opening the Strait of Hormuz. In principle, Iran would commit to a lockout of 15-20 years during which it would not enrich uranium and would dismantle its nuclear sites. In exchange for taking these steps, Iran would receive financial relief staggered over time and sequenced to correspond with compliance.On Thursday, President Trump said on Truth Social, he had "canceled the scheduled strikes and bombings against Iran this evening" because the final points of a potential deal have been approved by "all parties involved," including the U.S. and Middle East countries, which he listed, though Iran was not among them. The president said a "time and place" for a signing would be "announced shortly." He's expected to travel next week to a gathering of the world's largest economies at the G7 summit in France, where the disruption to global trade caused by the war was expected to be a key topic.Mr. Trump mentioned the signing during an unrelated Oval Office event Thursday afternoon and said he would not be present for it, but Vice President JD Vance would attend. The president said it could take place as early as this weekend in Europe. "The strait will open as soon as we have it signed," the president said.
