President Donald Trump said he signed an agreement with Iran Wednesday that U.S. officials say calls for Tehran to dilute its stockpile of highly enriched uranium and waive sanctions on the country, immediately allowing Iran to sell its oil freely in a major concession from Washington.

Pakistani Prime Minister Shehbaz Sharif, who helped mediate the initial deal to end the war, said it is taking ‘immediate effect’ after leaders from both countries signed it, but that there will still be a formal signing ceremony on Friday.

The agreement would open the Strait of Hormuz toll-free for two months and affirm a commitment to Lebanon’s territorial integrity in the face of Israel’s invasion against the Hezbollah militant group, according to officials from both countries.

U.S. officials dictated draft language to journalists after days of secrecy, speaking on condition of anonymity. Iranian state TV later released text that largely tracked what the U.S. put out.

Though officials had said Trump and U.S. Vice President JD Vance digitally signed the agreement Sunday and that a ceremonial signing would be held Friday in Switzerland, Trump said he signed the deal while in France on Wednesday.

“It’s signed,” Trump said as he left Versailles, the historic palace where he dined with French President Emmanuel Macron following a trip to the Group of Seven summit in France.

A U.S. official, who spoke on condition of anonymity to share details about the agreement, said Iranian President Masoud Pezeshkian also signed it Wednesday, though Iran did not immediately comment. It wasn’t immediately clear if that act started a 60-day negotiating clock to reach a final deal. It was also not clear how Trump’s signing of the deal at Versailles differed from his digital signing on Sunday.

In a video posted online by a White House aide, Trump is seen seated at a table next to Macron signing a paper copy of the agreement. Trump then hands the document and pen to Secretary of State Marco Rubio as people in the room applaud.

Text of the agreement has not been formally released. The draft read by U.S. officials includes language that Iran agrees not to develop or procure nuclear weapons and requires that Iran’s highly enriched uranium be downgraded on site as a minimum.

In return, the U.S. will move to waive, but not eliminate, some wide-ranging sanctions against Iran. The agreement also secures free passage of the strait for only 60 days, and it does not preclude fees in future, according to the U.S. officials and the Iranian draft.

The deal will stop the fighting and start more negotiations

The U.S. and Israel went to war on Feb. 28 in part to prevent Iran from ever getting a nuclear weapon. Trump has cited various goals for the war, including at times vowing it would end Iran’s nuclear and missile programs and its support for Hezbollah and other proxy groups in the region. He also suggested it could lead to toppling the Iranian government.

The interim deal falls short of all those goals, but Trump hailed it Wednesday.

“Nobody knows what it is, but it’s very strong,” Trump said in France, where he attended a Group of Seven summit.

But he also opened the door to abandoning it: “It’s a memorandum of understanding, and if I don’t like it, we’ll go back to shooting at them, dropping bombs.”

Much of the agreement would restore the status quo before the war, including ending hostilities, restarting talks between the U.S. and Iran over Tehran’s nuclear program, and reopening the strait, the crucial passage for the world’s oil and natural gas and whose closure created a historic energy crisis.

It opens a two-month period for nuclear negotiations and appears to offer Iran several benefits up front while extracting little in return.

The U.S. agreement to immediately allow Iran to sell its oil freely and the offer to eventually lift all sanctions represent major concessions that go beyond the terms of Iran’s 2015 nuclear deal with world powers. Trump withdrew America from that Obama-era pact in his first term, declaring it the “worst deal ever.”

The Islamic Republic maintains that its nuclear program is peaceful.

The accord likely will draw intense opposition in Washington, and it appears to be a major setback for Israeli Prime Minister Benjamin Netanyahu, who has come under criticism at home from the media, his opponents and even some allies as details emerge.