President Donald Trump on Saturday rejected an Iranian proposal to reopen the Strait of Hormuz and restart negotiations over Tehran’s nuclear program.

Iran offered to reopen the strategic waterway within seven days if the United States lifts its naval blockade of Iranian ports, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon.

Trump says Iran proposal is not acceptable

Speaking to reporters outside the White House, Trump said Iran wanted an agreement because it was “losing so badly.”

“They want to make a deal and I think that’s fine,” Trump said. “I’d like to make a deal, too. But that deal would not be acceptable.”

Iran effectively closed the Strait of Hormuz after the U.S. and Israel attacked Iran in late February. Ship traffic through the waterway has since dropped significantly amid Iranian threats and attacks on vessels.

Before rejecting the proposal, Trump posted an image on Truth Social showing the Strait of Hormuz labeled “Trump Strait.”

Iran president leaves New York after U.N. gathering

Iranian media reported President Masoud Pezeshkian left New York for Tehran following the annual United Nations gathering of world leaders.

Pezeshkian used his U.N. speech to respond to Trump’s threat to “annihilate” Iran while also saying Tehran remained open to diplomacy.