President Donald Trump stated Wednesday that the recently finalized memorandum of understanding with Iran was crucial to averting an economic downturn, likening the alternative to the presidency of Herbert Hoover.

Speaking at a press conference on the sidelines of the G7 Summit in Évian, France, Trump emphasized that his administration pursued the agreement to prevent potential economic catastrophe. He expressed a desire to avoid a scenario where he would be remembered as "Herbert Hoover," the 31st U.S. president whose policies are often associated with the Great Depression.

Trump noted that discussions of peace have historically corresponded with surges in the stock market. "Every time we talked about the possibility of peace, the stock market shot up like a rocket ship," he said, suggesting a positive economic correlation to the agreement.

The president's remarks came as the U.S. announced the signing of the agreement with Iran, though the specifics and full text have not yet been published by the White House. Trump presented the deal as both "historic and strong" but also left open the possibility of future military action if Iran fails to adhere to its terms.

"If it doesn't get done in 60 days, it's all right. We go back to bombing," Trump stated, adding that the U.S. would "never" allow Iran to obtain nuclear weapons, a commitment he said is clearly outlined in the agreement.

In a notable shift, Trump also indicated a willingness to allow Iran to maintain a stockpile of ballistic missiles. He argued that it would be unfair for Iran to be prohibited from possessing such weapons if its neighbors, such as Saudi Arabia, possess them. "They have to have some because other people have some. You've got to have some," Trump explained.

He described a hypothetical conversation where he was advised against allowing Iran any missiles, to which he responded by questioning the fairness of permitting Saudi Arabia to have them while denying Iran. "It can't -- doesn't work that way," he concluded.

The administration plans to pursue a "parallel effort with the Gulf nations to address non-nuclear issues, such as the conventional ballistic missiles," according to Trump, suggesting ongoing diplomatic and security discussions regarding regional armament.