Iran live updates: Trump says Iran will pay price for taking 'too long' to agree deal

The U.S. and Iran exchanged fire after an American helicopter was downed Monday.

President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.

Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan in April failed to reach a peace deal.

Trump later announced the open-ended extension of the ceasefire and the continuation of a U.S. blockade until negotiations are concluded "one way or the other."

President Donald Trump criticized media coverage of the U.S. blockade of Iranian ports in a post to social media on Wednesday, describing the measure as "the most successful Blockade in the history of Naval Warfare."

"NOTHING GETS THROUGH unless we want it to. IT IS A STEEL WALL! Iran is doing ZERO business, not paying their military, or any of their bills, and quickly becoming a FAILED NATION! Lots of oil is getting out. Praise be to Allah!" Trump wrote.

Iranian President Masoud Pezeshkian said Wednesday that the "neither war nor peace" situation must be resolved, according to the official Islamic Republic News Agency (IRNA).

Pezeshkian said that state television occasionally broadcasts remarks of the late Supreme Leader Ali Khamenei saying that Iran would not negotiate with the U.S., while the late leader had approved the talks to continue.

Pezeshkian added that in later discussions the former leader had emphasized the need to resolve the "neither war nor peace" situation.

"The children of this country should be able to live with hope and a clear vision of the future. The government must fulfill its responsibility by creating the necessary plans to empower the younger generation to build the country's future," he said.

President Donald Trump posted to social media on Wednesday saying that Iran has "taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!"

"Iran's Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn't even exist anymore -- They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!!" Trump wrote.

Iranian Foreign Ministry spokesperson Esmail Baghaei told reporters Wednesday that Tehran will need to reassess negotiations with the U.S. following the latest exchange of strikes.

"What happened last night demonstrated that Iran's brave armed forces do not hesitate when it comes to defending the country," Baghaei said, as quoted by the IRIB state television