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The agreement is expected to be formally signed on Friday in Switzerland.
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President Trump says a deal had been reached to prolong a ceasefire with Iran and open the Strait of Hormuz, but many challenges remain.
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While the president says the agreement with Iran would open the Strait of Hormuz and provide economic relief, the country's nuclear program is still a subject for negotiation.
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The deal is a major breakthrough in the conflict that set the Middle East aflame and shook the global economy. However, it did not resolve critical issues set aside for further negotiations.
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