US-Iran Deal: Trump Says Farmers to Benefit, Tehran Denies Restrictions on Assets
The United States and Iran have reached a tentative interim agreement to end hostilities, with President Donald Trump and Vice-President J.D. Vance claiming the deal will boost American agriculture. However, Iranian officials deny that the agreement includes any requirement to spend unfrozen assets exclusively on U.S. products, leaving experts confused over the actual terms.
Under the deal, the Strait of Hormuz—through which about 20% of global oil and gas once flowed—would reopen, and Iran would be allowed to freely sell oil for a 60-day period while negotiations continue. The memorandum of understanding also promises to unfreeze Iranian assets held abroad under U.S. sanctions.
Critics have noted that the agreement does not address the original reasons cited for the U.S.-Iran war that began on February 28, 2026, including curbing Iran’s nuclear programme, missile development, and support for groups such as Hezbollah and Hamas.
On Tuesday, June 23, 2026, President Trump posted on his Truth Social platform that the U.S. Treasury would release Iranian assets into escrow controlled by the United States, and that the funds would be used to purchase food and medical supplies exclusively from America—specifically corn, wheat, and soybeans from U.S. farmers.
Vice-President Vance echoed this after high-level talks in Switzerland, stating that any frozen Iranian funds and assets held outside Iran would be used to buy U.S. crops.
But Iran’s Foreign Ministry spokesperson, Esmail Baghaei, rejected that claim, saying any agricultural purchases would be based on “prices and quality,” not dictated by Washington. “It is interesting that the philosophy and goal of the war, which was the destruction of the Iranian civilisation and the collapse of Iran, has become enriching American farmers,” he said.
Iran’s ambassador in Geneva, Ali Bahreini, also denied that the U.S. or Qatar would control how Iran uses its unfrozen funds. “Iran is the only country who decides what to do with those assets,” he told reporters.
Sanctions experts are unsure how the proposed mechanism would work. Under previous sanctions, foreign countries that imported Iranian oil or electricity were required to deposit payments into escrow accounts, which could only be released with Treasury approval for non-sanctionable goods like food and medicine. On Monday, June 22, the U.S. Treasury approved the sale of Iranian oil, petrochemicals, and petroleum products through August 21, but made no mention of escrow restrictions.
Joseph Glauber, a research fellow emeritus at the International Food Policy Research Institute, noted that Iran’s major food suppliers include Brazil, India, Turkey, the EU, Canada, Australia, and Argentina. Forcing Iran to buy only from the U.S. would strain relations with these competitors.
Richard Goldberg of the Foundation for Defense of Democracies, who worked on Iran policy in the first Trump administration, said he would welcome clarification that Iran is indeed restricted to buying only U.S. agricultural products. Richard Nephew, a former State Department official who helped design Iran sanctions, remarked, “Well, we can try!” when asked if the U.S. could enforce such a requirement.
The lack of a written agreement or public text has left many questions unanswered. Both sides continue to present differing interpretations, making it difficult to assess the deal’s actual terms.
