Trump says US will use Iranian funds to buy American wheat, soybeans and corn for Iran

US President Donald Trump said Thursday that Washington plans to use some frozen Iranian funds to purchase American agricultural products for Iran, describing the move as the opening of a "new market" for US farmers.

Speaking while at the White House, Trump said Iran is facing food shortages and that the US would use "some of Iran's money" to buy American wheat, soybeans and corn for the country.

"We have a new market coming up, and that's called the lovely country of Iran," he said.

"It's a beautiful place. Would anybody like to go there? The Islamic Republic of Iran. They're having a hard time with food, and we're going to be taking some of their money and we'll spend it, and we're going to be buying wheat, soybeans and corn, a lot of it, and that process is going to be starting soon. It's going to be pretty big," he added.