President Donald Trump said Saturday that he won't accept Iran’s most recent proposal to reopen the Strait of Hormuz.

“I reject their proposal,” Trump said.

“They want to make a deal where they open the strait immediately because they’re losing so badly,” he added. “They want to make a deal, and I think that’s fine. I like making a deal too, but that deal would not be acceptable.”

Iran's proposal reportedly included reopening the strait if the U.S. agreed to lift its naval blockade and reverse economic penalties it has imposed.

Trump also rejected Iran's proposal for a 7-day ceasefire.