Iran has previously set out seven conditions for ending the war and reopening the strait.
According to Araghchi, as quoted by the New York Times, the latest plan calls for a cessation of all hostilities in the Middle East for seven days, including in Lebanon.
It also calls for the release of frozen Iranian assets estimated to be worth at least US$12 billion ($21b), the lifting of sanctions on Iranian oil and an end to the US naval blockade of Iran.
On the seventh day of the truce, Iran would reopen Hormuz.
Araghchi said he was waiting for a US response to the plan and maintained that China supported the proposal.
Chinese President Xi Jinping is visiting the United States this week, where he is meeting with Trump.
Hossein Mohebi, a spokesman for the Revolutionary Guards, the ideological arm of Iran’s military, told AFP in an exclusive interview on Tuesday that ending hostilities in Yemen was also among Tehran’s demands.
The US and Iran signed a memorandum of understanding in June that aimed to end the war, reopen the strait and launch talks on Iran’s nuclear programme.
But the deal broke down shortly after when Iran fired on commercial ships in Hormuz that it accused of deviating from its approved route through the waterway.
Iran requires ships to obtain authorisation before passage, citing security and sovereignty reasons.
Ships that refuse to comply are regularly targeted, while the United States sporadically bombs Iranian coastal areas in retaliation.
– AFP
