Pakistan, Jan. 29 -- President Donald Trump on Tuesday unveiled his administration's long-awaited blueprint for Middle East peace, a plan that he hailed as a "win-win opportunity" for both Israel and the Palestinians despite its long odds for success.

Speaking from the East Room at the White House alongside Prime Minister Benjamin Netanyahu of Israel, Trump outlined the details of the plan he has touted as the "deal of the century" and which has been more than three years in the making. He noted that the plan contained conditions for eventual Palestinian statehood, a framework he described as "a realistic two-state solution."

The plan has nonetheless been preemptively rejected by Palestinian leaders over the expectation that it would al...