US President Donald Trump said on Sunday that the memorandum of understanding reached with Iran would ensure the Strait of Hormuz remains "permanently toll-free," and warned that Washington would resume military strikes on Tehran if a final nuclear accord was not concluded, according to an interview with The New York Times.Trump announced the deal on Truth Social, saying "The Deal with the Islamic Republic of Iran is now complete," and authorised the "toll free opening of the Strait of Hormuz" and the "immediate removal of the United States Naval blockade."Also read: Trump warns of renewed strikes on Iran if nuclear talks fail, says US could become ‘guardian of the Middle East’Iran's deputy foreign minister Kazem Gharibabadi confirmed the text of the memorandum of understanding had been finalised and said it was scheduled to be signed on Friday in Switzerland. He added that the full text would be made public after signing.The agreement comes after months of stop-start diplomacy following the US-Israel military campaign against Iran that began on February 28. A conditional ceasefire was declared on April 8, with Pakistan mediating, but initial talks failed to produce a final deal. The ceasefire was subsequently extended as negotiations continued, even as the US maintained its naval blockade of Iranian ports. Qatari mediators left Tehran on Sunday after 17 hours of intensive negotiations before the deal was announced.What the deal saysIn his NYT interview, conducted on his 80th birthday, Trump said that if Iran failed to reach a final nuclear agreement, he would either restart military attacks on Tehran or position the US as the "guardian of the Middle East" in exchange for 20 per cent of the region's revenues. He did not confirm that Gulf states had agreed to such an arrangement.On the nuclear question, Trump said negotiations were ongoing over whether Iran would suspend uranium enrichment for 20 years, and hinted he might accept a 15-year suspension. He said Iran would be permanently limited to enriching at low levels "that could never be used by the military," though he did not specify whether the cap would match the 3.67 per cent limit under the 2015 Obama-era accord.Trump also said the US would work with Iran to "down-blend" and remove all 12 tonnes of enriched nuclear fuel that Tehran currently possesses, and that the new deal would allow for near-instant inspection access.The current memorandum suspends tolls in the strait for 60 days, after which a regional dialogue on its future is envisioned. Iran had not charged tolls before the war.Trump was sharply critical of Israeli Prime Minister Benjamin Netanyahu, saying he had "nearly derailed" the final agreement. He said Israel "should be very thankful" to Washington, arguing that a nuclear-armed Iran would have posed an existential threat to the country.Pakistani Prime Minister Shehbaz Sharif said both sides had declared "the immediate and permanent termination of military operations on all fronts, including in Lebanon," and that mediators would facilitate pre-implementation discussions this week ahead of the formal signing ceremony.Also read: Trump veers toward exit in Iran war but risks loomLeaders of France, Germany, Italy, and Britain welcomed the agreement, calling it "a moment of opportunity to restore regional stability and stabilise the global economy," and said they were ready to support its implementation.Trump is scheduled to attend the G7 summit in France, where the agreement is expected to dominate discussions.