(Reuters) – U.S. President Donald Trump on Wednesday defended ​his interim agreement with Iran, saying it had averted a global economic catastrophe, while warning he could launch fresh attacks if Tehran failed to honour its commitments.

Speaking at the close of a G7 summit in ‌France, Trump also said maritime traffic in the Strait of Hormuz had risen sharply since the truce was announced three days ago and expressed hope it could mark the start of a wider peace across the Middle East.

“We’re going to bomb the hell out of them (Iran) if they violate the agreement. I don’t want them to. I want them to honor the agreement,” Trump told a press conference, adding that the Iranians were “smart people”.