
Inside Trump's secret nuclear deal plan for Iran: Billions in aid and a total ban on enrichment
According to a CNN report citing four sources familiar with the discussions, the US is considering offering Iran access to as much as $30 billion to develop a non-enrichment civilian nuclear energy programme, alongside sanctions relief and the unfreezing of billions in Iranian assets.
The outreach comes despite two weeks of military escalation between Israel, Iran, and the United States, including US 'bunker-buster' strikes on Iran's nuclear facilities at Fordow, Natanz, and Isfahan. In public statements, President Donald Trump has appeared non-committal about whether a formal agreement is necessary, but senior officials in his administration, including US Special Envoy to the Middle East Steve Witkoff, are pressing forward with efforts to present a comprehensive 'term sheet' to Iran.
CNN reports that key terms of the evolving proposal were discussed in a confidential meeting at the White House on June 21 between Witkoff and Gulf partners, just one day before the US strikes on Iran. Two sources said the meeting lasted several hours and included discussions on financing a new Iranian nuclear programme that would explicitly exclude uranium enrichment.
The proposal includes:
Witkoff told CNBC that the model the US is proposing for Iran resembles the United Arab Emirates' nuclear energy programme, which relies on foreign-supplied enriched uranium and includes international monitoring.
'Now the issue and the conversation with Iran is going to be, how do we rebuild a better civil nuclear programme for you that is non-enrichable?' Witkoff said.
A Trump administration official emphasised to CNN that the US would not directly fund the project. Instead, the administration hopes Gulf allies will foot the bill.
Although no direct meeting between the US and Iran has been confirmed, five rounds of talks reportedly occurred before the latest military escalation, with the sixth scuttled due to Israel's strikes. Following the US's retaliatory bombing campaign, intermediaries—primarily Qatar—have resumed discussions to salvage the ceasefire and revive the diplomatic track.
The administration has conveyed to Iran through intermediaries that any new agreement must include a categorical end to uranium enrichment. According to CNN, the US warned Iran ahead of its military strikes that the action would be limited and that diplomatic channels remained open.
At a NATO summit in The Hague on June 25, Trump confirmed the possibility of upcoming talks but maintained a sceptical tone. 'We may sign an agreement, I don't know,' he said. 'I don't care if I have an agreement or not. I could get a statement that they're not going to go nuclear, we're probably going to ask for that.'
Trump also reaffirmed the administration's long-standing position: 'The only thing we'd be asking for is what we were asking for before: no nuclear.'
Secretary of State and National Security Adviser Marco Rubio stressed that any such agreement must involve direct engagement between Iran and the United States, not just backchannel talks via third countries.
This new diplomatic push comes amid controversy over the effectiveness of the recent US strikes. Leaked assessments from the Defense Intelligence Agency (DIA) indicated that Iran's nuclear infrastructure may have largely remained intact, with chances of key enrichment sites becoming operational again within months.
Trump administration officials have disputed those claims, with CIA Director John Ratcliffe and Director of National Intelligence Tulsi Gabbard asserting that newer intelligence indicates major destruction at the Fordow, Natanz, and Isfahan sites.
Despite Trump's ambivalence, several of his advisers reportedly view a long-term nuclear agreement as key to ensuring the current ceasefire holds and to shaping his foreign policy legacy ahead of the 2026 election cycle.
While Witkoff has signaled optimism, stating, 'I think they're ready,' no dates have been confirmed for formal US-Iran negotiations. The Iranian Foreign Ministry has publicly denied knowledge of imminent talks.
The Trump administration's attempt to pivot from military confrontation to diplomatic engagement marks a significant development in the region. However, with mutual distrust running high and Iran's parliament recently voting to end cooperation with the UN nuclear watchdog, the road ahead remains fraught.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Print
39 minutes ago
- The Print
With 77 days of oil stockpile, India prepared for any disruption in Strait of Hormuz, says Hardeep Puri
The minister added, 'India is now a major exporter and producer of oil. It has a strategic reserve of about 77 days. Oil companies themselves hold reserves of crude oil.' 'Roughly 24 percent of global energy passes through the Strait of Hormuz. We [India] consumes around 5.6 million barrels of crude oil per day…Out of this, around 1.5 million barrels to 2 million barrels of oil to India comes from the Strait of Hormuz,' Puri said, while speaking at the sixteenth foundation day of the think-tank India Foundation, at the Leela. New Delhi: India is well prepared to weather the closure of the Strait of Hormuz or disruption to the flow of oil from West Asia, said Hardeep Singh Puri, the Minister of Petroleum and Natural Gas Wednesday. The Union Minister downplayed any fears of price spikes, given that there is enough supply of crude oil globally today. In the 2023-2024 financial year, India exported $83.4 billion worth of petroleum products, which is one of its largest exports to the global markets, according to the Ministry of Commerce and Industry. In the 2024-2025 financial year, exports of petroleum products fell by around 25 percent to about $62.5 billion. The 12-day conflict between Israel and Iran raised fears that Tehran would attempt to close the choke point in global energy trade—the Strait of Hormuz. The Iranian Parliament even voted on a resolution calling for the closure of the Strait, however, the Supreme National Council did not take any decision on the resolution before both countries agreed to a ceasefire. The closure of the Strait is one of the scenarios policy planners have been dealing with for nearly five decades, Puri pointed out. However, despite the consistent what-ifs, the Strait has never been closed. The closest it came was during the Iran-Iraq war in the 1980s. The two countries attacked at least 451 ships by 1987, in an attempt to economically hurt the other. 'Even if Hormuz closes, we are adequately prepared' asserted Puri. The Union Minister added a closure of the Strait would likely not last for an extremely long time, and in the event that it does, there are enough 'alternative suppliers' in the market. Also read: Crude oil prices to freight rates: How Iran's chokehold on Strait of Hormuz impacts India India's refining capacity to grow India is currently the 'fourth largest' refiner of crude oil in the world, with a goal to only grow and double the current capacity as early as possible, Puri noted. 'We have in place 270million metric tonnes per annum to refine. Can take it up to 310 million metric tonnes per annum…The Prime Minister has set a further target of expanding the capacity to 400 million metric tonnes as soon as possible,' said Puri. 'India could become a regional hub for refining,' Puri pointed out, while explaining that in future, there will likely be major consolidation of refineries depending on how the global situation evolves. Furthermore, with India's current growth trajectory, its energy needs are set to largely increase. Puri noted that in the next two decades, roughly 25 percent of the increase in global demand for energy is set to come from India. The economy of the country is set to continue its growth trajectory of roughly 6.5 percent a year, which adds to its overall energy consumption. However, currently there is no fear that there will be a shortage of supply of crude oil to India in particular, despite its growing need. 'Prices will not rise even if the Strait of Hormuz is closed because today there is more oil available in the world than ever before…Even with continuing tensions I don't see prices shooting up,' said Puri. He further added that there is more oil available today from the Western Hemisphere than previously. Roughly $14 billion worth of energy goods was purchased from the US the last financial year by India, plus the availability of oil from Guyana, for example, all offer India a certain energy security. Puri, highlighted that the exploration and production of oil and natural gas in India has the potential to grow considerably. 'My oft repeated, yet to be challenged assertion is that there are many Guyanas to be found,' said Puri. (Edited by Zinnia Ray Chaudhuri) Also Read: Why Fordow, Natanz & Isfahan facilities struck by US are critical to Iran's nuclear ambitions


News18
39 minutes ago
- News18
Supply Chain Sabotage? China's Manpower Withdrawal From Foxconn India Raises Red Flags
According to top intelligence sources, China's move aims to tarnish India's reputation as a reliable global supply chain partner. China is strategically targeting India's ambition to become a global manufacturing hub, top intelligence sources have told CNN-News18. This is exemplified by the recent withdrawal of Foxconn manpower, which has disrupted the production of the iPhone. Foxconn Technology Group has asked hundreds of Chinese engineers and technicians working in India's iPhone factories to return home, financial news agency Bloomberg said in a report. According to top intelligence sources, this move aims to tarnish India's reputation as a reliable global supply chain partner. China's actions coincide with India's efforts to expand high-tech manufacturing in electronics and electric vehicles under the Production Linked Incentive (PLI) scheme and the Make in India initiative. Top intelligence sources indicate that these non-kinetic moves follow a period during which President Xi Jinping was notably absent from the public eye for nearly two weeks. Such tactics are designed to signal to multinational companies that establishing operations in India might invite Chinese retaliation in the future, sources say. Intelligence sources confirm that China has been involved in coordinated delay actions that include withdrawing over 300 Chinese engineers from Foxconn's India plants and delaying export approvals for critical machinery, alongside restrictions on magnet exports. These disruptions are not isolated incidents but represent a threat to India's economic security and strategic autonomy. According to top intelligence sources, these actions are timed to affect deliveries during tariff-sensitive periods, particularly in light of the tariffs imposed by US President Donald Trump on non-US-made iPhones. This has pressured Apple to increase production in India. The delays force Apple to either absorb the additional costs or reconsider its focus on India as an export hub, say sources. The impact of disruptions at large factories like Foxconn's extends beyond the immediate loss of 300 engineers. Top intelligence sources warn that the livelihoods of thousands of Indian workers and the broader supporting industries will also be significantly affected. First Published:


Mint
40 minutes ago
- Mint
Trump Trade War Fuels Use of Currency Options as Hedge in Europe
European corporate treasurers increasingly are turning to the options market to hedge currency exposure, a more costly method than typically used, as Donald Trump's trade policies cause bigger-than-usual price swings. Daily volumes of currency options surged to a record in early April in the aftermath of Trump's 'Liberation Day' tariff unveil, according to data from the Depository Trust and Clearing Corp. At BNP Paribas SA, one of Europe's largest banks, corporate sales of FX options have doubled year-over-year in 2025 to an all-time high. Companies' increasing use of options for hedging is just one of the many ways Trump's tariffs are re-shaping activity in financial markets. Corporate finance executives are fretting over how to protect their bottom line, given that negotiations are still under way over tariffs that are set to be imposed on July 9. 'Trump has created a lot of uncertainty when it comes to trade,' said Jonas Falk, treasury manager at a unit of flat-pack furniture giant Ikea. He said he's a 'big fan' of using options, a type of derivative, to reduce currency risk and is employing them more than usual this year. Options give the holder the right, but not the obligation, to exchange currencies at a specified rate on or before a set date. They serve as protection for companies looking to limit losses from adverse price moves, or benefit from favorable ones. Some traders also use them for speculative purposes. Hedging with options in the $7.5 trillion-a-day foreign-exchange market gives companies flexibility. Regardless of spot prices, a company can let the option expire and trade at current market levels instead. By contrast, the more popular method of hedging — a forward contract — binds a company to buy or sell according to the initial agreement. While more flexible, options can be more expensive. Purchasing the right to transact comes with an upfront premium, whereas forwards have no initial cost as the transaction is agreed for the future. In the case of IKEA Supply AG, which manages the Swedish company's global supply chain, the business is exposed to pretty much every currency in the world. It's paying more for protection against swings in the market this year, Falk said, as it seeks to shield its low-price business model from disruption. 'I'd rather pay up,' he said. The growth in the use of options is down to the difficulty clients are having with forecasting cash flows, according to BNP, given the lack of certainty about where tariff levels will ultimately settle. 'Companies are buying options for their main utility function which is insurance,' said Fabrice Famery, global head of corporate sales at BNP. 'If you need to adapt your hedging program it's easier than if you enter into a straight forward.' Asian companies have also shown more interest in using options to lock in greater flexibility as tariff uncertainties persist, said Nathan Swami, Citigroup Inc.'s head of foreign exchange trading for the Asia-Pacific region. While China is inching closer to a trade deal, there's still little clarity over what the final iteration of tariffs might look like across the region. While the use of options for corporate hedging strategies isn't new, some have shied away from the derivatives as they can come with more of an upfront cost and seem more complicated. Some companies have been burnt by foreign-exchange derivatives in the past and there have been cases of banks being taken to court for allegations of mis-selling overly complicated instruments. Last year, Deutsche Bank AG resolved a €500 million claim from Palladium Hotel Group over losses suffered on currency contracts. Now, though, market swings are driving renewed demand for derivatives. Many see volumes continuing to increase, given the growing interest in options-based hedging solutions. 'We're now seeing more of an openness to buy or sell options,' said Lisa Dukes, co-founder of treasury risk management specialist Dukes & King and corporate representative on the Bank of England's FX committee. 'Options has always been a dirty word and kind of linked to speculation when actually it's just another way of managing risk.' With assistance from Catherine Bosley and Vassilis Karamanis. This article was generated from an automated news agency feed without modifications to text.