Trump Says He Rejected Latest Iran Proposal to Reopen Hormuz

(Bloomberg) -- President Donald Trump said Saturday he rejected a deal from Iran to reopen the Strait of Hormuz.

"They made a proposal but I rejected it," Trump said as he departed the White House on Saturday. "They want to make a deal where they open the strait immediately because they're losing so badly."

Trump added that the US naval blockade in Hormuz is putting increasing economic pressure on Iran.

US and Iranian negotiators had been exploring a deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, a person familiar with the matter said. The pact would have been similar to the memorandum of understanding the two countries reached in mid-June, which led to a fragile ceasefire that collapsed weeks later.

Earlier, the Wall Street Journal reported that Trump expects to resume the US bombing campaign against Iran after US midterm elections in early November and is skeptical about Iran's willingness to meet his demands.

Trump declined to answer a question about whether he would resume bombing after the midterms.