Trump says "this is a critical period," but Iran is negotiating "we think in good faith"

President Trump told CBS News' Weijia Jiang during a news conference on Monday that "we have to have a deal that's acceptable to me" to end the Iran war, including ensuring "free traffic of oil" through the Strait of Hormuz 

Earlier Monday, Iran rejected the U.S.' 15-point peace proposal and responded with its own set of terms. Mr. Trump told reporters Iran's offer was "not good enough," but he called it a "significant step."

In response to a question about whether the war is about to escalate or nearing an end, Mr. Trump earlier said it would depend on how Iran responds to his 8 p.m. Eastern deadline on Tuesday to open the Strait.

"This is a critical period," he said. "They have 'til tomorrow. Now we'll see what happens. I can tell you they're negotiating, we think in good faith."