Negotiators representing the U.S. and Iran have reached a tentative agreement about the ceasefire, according to various news outlets. If signed by President Donald Trump and the Iranian regime, the ceasefire would extend for another 60 days. Trump has not yet signed off on the memorandum of understanding, according to an official who wanted to remain anonymous. 'President Trump is not going to make a bad deal for the American people, for the US.' 'This is an agreement to get everybody to the table,' the official told Axios. 'We will work out the details in the negotiations.' If both sides agree to the ceasefire, it would lead to the Strait of Hormuz being opened to trade again and possibly lowering gas prices across the globe. Other policies to be decided include billions of dollars of frozen assets that Iran would like to regain and restrictions on its ability to refine uranium for military nuclear capabilities. The president had lambasted previous offers from the regime and at one point called its proposals 'garbage' and 'unacceptable.' RELATED: Trump offers unique insight into Iran's 'strange' negotiations: 'It won't be pretty!' When Treasury Secretary Scott Bessent was asked about the deal on Thursday, he would not answer directly. 'Everything depends on what the president wants to do, and President Trump is not going to make a bad deal for the American people, for the U.S.,' he said. This is a developing story. Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!