Trump says he'll send Iran deal to Congress for approval

President Trump delivered a vocal sales pitch Wednesday for the peace pact between Iran and the U.S., saying the first-stage deal will forestall Tehran’s nuclear ambitions and avoid the “economic catastrophe” that would have unfolded had hostilities continued.

Mr. Trump rattled off potential benefits as the world received its first look at the text of a memorandum of understanding that ends hostilities in the Middle East and gives both sides 60 days to make a final deal on nuclear matters.

The president said he achieved “everything, and much more” in the first-stage deal, pushing back on critics who said the U.S. conceded too much and placed too much trust in the Iranian regime.

Mr. Trump said Iran will not receive any economic benefits unless it meets its obligations and that any violations would spark a severe response.

“We’re going to bomb the hell out of them if they violate the agreement,” Mr. Trump said at a press conference to conclude the Group of Seven summit in France. “I don’t want them to. I want them to honor the agreement.”

The administration announced the deal Sunday after months of fighting in the Middle East. The signing is planned for Friday in Switzerland .

The White House has not released the written memo but dictated a version to reporters, including a provision establishing a new “minimum” standard for the downblending of highly enriched Iranian uranium.

The memorandum outlines an end to the war “on all fronts,” including Lebanon, while offering Tehran economic relief by releasing frozen funds and granting export waivers.

Mr. Trump said no U.S. funds would be used to rebuild Iran . Rather, the deal calls on the American side and partners to create a financing mechanism for reconstruction.

“The United States of America undertakes with regional partners to develop a definitive, mutually agreed plan with at least $300 billion for the reconstruction and economic development of the Islamic Republic of Iran ,” it says.

Mr. Trump reiterated that U.S. taxpayers would not give “10 cents” to Iran . He said individuals will be allowed to invest money in the country.

“People can decide to do that, that’s up to them,” the president said.

The memo says the U.S. will lift sanctions on Iran under a yet-to-be-determined timeline, while Iran “reaffirms that it shall not procure or develop nuclear weapons.”

The final deal on nuclear capabilities and uranium enrichment is to be negotiated within 60 days of the first-stage signing in Switzerland .

Preventing Iran from getting a nuclear weapon is the primary objective of the U.S.-Israel military campaign against Iran , which began Feb. 28 and killed top Iranian leaders while decimating its military infrastructure.

Iran retaliated by closing the Strait of Hormuz, disrupting oil markets and causing higher energy prices.

The pending deal requires the U.S. to lift a naval blockade of Iranian ports within 30 days.

Iran has the same amount of time to ensure regular traffic in the strait, pending the removal of mines.

The deal says Iran can sell oil, specifically that the U.S. Treasury Department will “issue waivers for the export of Iranian crude oil, petroleum products and derivatives, and all associated services, including banking transactions, insurances, transportation, etc.”

Mr. Trump said he was impressed by the Iranian leaders who negotiated the deal.

“Actually, I think they’re smart. I think they’re very smart. I think they’re far less radicalized,” he said. “I think they’re going to behave much differently.”

Mr. Trump pointed to rising stocks on Wall Street in the wake of the tentative peace settlement. Meanwhile, retail fuel prices have begun to ease.

The national average for a gallon of gas has been falling for three straight weeks and stood at $4.03, down from about $4.50 a month ago but up from around $3 when the war started, according to AAA.

Mr. Trump said a continuing war would have led to economic shocks, and he did not want to be the next Herbert Hoover, referring to the president who presided over the onset of the Great Depression.

Mr. Trump also explained why the deal does not fully constrain Iran from having ballistic missiles.

“What am I going to do? Am I going to let Saudi Arabia have missiles but they can’t have them?” he said.

Regarding Lebanon, the deal calls on the U.S. and Iran to ensure “the territorial integrity and sovereignty” of the country.

Mr. Trump said Israel can defend itself from Iran-backed Hezbollah terrorists in Lebanon, though he added the Israelis should be wise about targeting the terrorist group.

“I want Israel to be able to protect itself,” Mr. Trump said. “But I do want them to use good judgment.”

The president warned that the deal text may not be final. If he is not happy with the final text, fighting would resume.

“If I don’t like it, if they don’t behave, we’ll go right back to dropping bombs right smack in the middle of their head because they misbehaved for 47 years,” he said.

Amo…