U.S. President Donald Trump unveiled his long-awaited Middle East peace plan, which he believes will quell decades of tensions between Israel and Palestine, as Israeli Prime Minister Benjamin Netanyahu stood beside as Trump spoke at the White House.

Key among Trump's solutions is the creation of a State of Palestine, with its capital in parts of east Jerusalem, the Associated Press reports, showing that the Trump administration would not completely abandon a two-state solution. 

The plan would reportedly double the current territory under Palestinian control but would continue to recognize Israeli sovereignty over major settlement blocs in the West Bank. Palestine has already rejected the proposal and accused Trump of favoring Israel in his policies at their expense.

The plan also calls for a four-year freeze to the construction of new Israeli settlements, after which a comprehensive agreement would be negotiated.

While the outline goes into concessions for Palestinians, it would require them to accept conditions they were unwilling to in the past, such as West Bank settlements. The U.S. will still recognize these settlements.

The 50-plus page peace plan also outlines an economic plan for the West Bank and Gaza, unveiled in June 2019, which was also rejected by the Palestinians. But U.S. officials have said Netanyahu and his political challenger for the March national election, Benny Gantz, had signed off on the plan.

Palestinian President Mahmoud Abbas rejected Trump's plan at a press conference following the U.S. announcement. The government of Jordan also warned against "annexation of Palestinian lands," after the plan was revealed. Hamas rejected the deal outright, saying the "all options are open."