The US Vice President added that the agreement offered Iran an opportunity to reintegrate into the global economy, provided it adhered to the terms of the deal.
Trump said the US-Iran peace deal was complete and ordered the reopening of the Strait of Hormuz, while Tehran said further negotiations would depend on Washington fulfilling its commitments.
The terms of the MoU were mostly agreed to on Tuesday, but both sides needed final approvals from their leadership.
Secretary Rubio, however, asserted that the US will never allow Iran to have nuclear weapons and ensure the Strait of Hormuz is reopened without any toll.
Trump, however, added that the US will start bombing Iran at "much higher level and intensity" than before if Tehran refuses to agree to sign the new proposal.
After Iran's rejection of the US ceasefire proposal, Trump said Iran will have no power plants and no bridges if it doesn't make the deal.
