WASHINGTON (AP) — President Donald Trump signed an agreement with Iran Wednesday that calls for Tehran to dilute its stockpile of highly enriched uranium and waives U.S.-backed sanctions on the country, immediately allowing Iran to sell its oil freely in a major concession from Washington, according to details released by both countries.

The initial deal to end the war takes “immediate effect” after leaders from both countries signed it, Pakistani Prime Minister Shehbaz Sharif, who helped mediate the agreement, said in a post on X.

The agreement calls for a permanent end to hostilities and starts a 60-day negotiating clock to reach a final deal on the future of Iran’s nuclear program, though Trump left the door open to resume attacks. It appears to offer Iran several benefits up front while extracting little in return.

The White House had planned a signing ceremony on Friday in Switzerland, but its fate is now uncertain, with conflicting information from the U.S., Iran and Pakistan.

“It’s signed,” Trump said as he left the dinner at Versailles, which followed his trip to the Group of Seven summit in France.

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

“This was not easy,” Trump said right before he signed it, according to a video posted to social media by Macron.

In Tehran, a stone-faced President Masoud Pezeshkian signed the deal on behalf of Iran, according to the state-run IRNA news agency, which posted images of him holding up the deal with his signature and Trump’s.

Text of the agreement still has not been formally released. 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.

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 the Strait of Hormuz, the crucial passage for the world’s oil and natural gas whose closure created a historic energy crisis.

The agreement opens the strait without tolls for two months, but does not preclude fees in the future, according to the drafts from both countries.

In return, the U.S. will move to waive, but not eliminate, some wide-ranging sanctions against Iran.

The deal also affirms a commitment to Lebanon’s territorial integrity in the face of Israel’s invasion against the Hezbollah militant group.