The US has to approve a renewal of the existing agreement by 1 July, or announce its intention to exit the pact, a process that would take 10 years

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Donald Trump also denied (again) that the memorandum of understanding includes a $300bn fund for Iran, and denied that he had asked the Gulf states to commit funding.

“It’s false,” Trump told reporters as he sat alongside Egyptian president Abdel Fattah al-Sisi. “You can invest if you want. What am I going to do, say no one is ever allowed to invest? We’re not investing, we’re not putting up 10 cents and people can decide to do it. That’s up to them.”

In short, what it does is it opens the strait of Hormuz immediately … It also provides a framework whereby if the Iranians give us what we need – on stopping the funding of terrorism, on no longer pursuing a nuclear weapon – then they can get some benefits, be re-invited into the world economy.

DoJ accuses five men of procuring weapons to attack event held for Trump’s 80th birthday on the South Lawn on Sunday

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Speaking to NBC News earlier, JD Vance claimed that nuclear inspectors will “absolutely” be allowed back into Iran as part of the deal with the US.

“Yes, absolutely,” Vance said. “In fact, one of the core parts of the agreement is that the [International Atomic Energy Agency] and the United States are going to help Iran destroy the highly enriched stockpile, and that’s something that’s spelled out very clearly” in the memorandum of understanding, he added.