00:00What happened here is that Iran, back in March, began circulating this 14-point proposal.
00:07It was almost a wish list.
00:09And when the Americans cease-fired on April 7th, they agreed to negotiate on the basis of that.
00:15So Iran had set the terms, which include, by the way, discussing the Strait of Hormuz and financial rewards for
00:22Iran for opening the strait before you talk about the nuclear program.
00:27And as I said, when Donald Trump almost three weeks ago signed a draft of the memorandum without consulting his
00:34senior advisors, he effectively agreed to play on the Iranians' turf, as it were.
00:39Now, that means that not everything is set out in detail in the memo, far from it, but that the
00:45general lines are there.
00:46And the general lines are, despite the Trump administration trying to push this away, yes, you will have a management
00:52system for the strait.
00:54Yes, Iran, in return, will get sanctions relief, will get unfreezing of at least some of its assets, and will
01:01get, although it's vague, this private investment and reconstruction fund of up to $300 billion that someone will fund.
01:09And then and only then will you discuss the nuclear issue, and it looks to be on the basis of
01:14enriched uranium staying inside Iran, albeit diluted to a lower level.
01:19You know, those are the general terms that are there in the memo, but now the Trump folks know if
01:23they agree to that, it looks like they're giving way to the Iranians, especially to those in the United States
01:29who say this deal is not nearly hard enough on Tehran.
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