President Trump on Wednesday officially recognized Jerusalem as the capital of Israel, reversing decades of American foreign policy. Mr. Trump made the formal announcement during a speech in the Diplomatic Reception Room of the White House, with Vice President Mike Pence standing behind him.The following is a transcript of his remarks, as prepared by The New York Times.

PRESIDENT TRUMP:

Thank you. When I came into office, I promised to look at the world’s challenges with open eyes and very fresh thinking.  We cannot solve our problems by making the same failed assumptions and repeating the same failed strategies of the past. All challenges demand new approaches.

My announcement today marks the beginning of a new approach to conflict between Israel and the Palestinians. In 1995, Congress adopted the Jerusalem Embassy Act urging the federal government to relocate the American Embassy to Jerusalem and to recognize that that city, and so importantly, is Israel’s capital. This act passed congress by an overwhelming bipartisan majority. And was reaffirmed by unanimous vote of the Senate only six months ago.