The United States and Pakistan said they had clinched a deal that Islamabad described as leading to lower tariffs on its exports, while President Donald Trump trumpeted a pact to help develop the South Asian nation’s oil reserves.
United States struck a trade deal with Pakistan, US President Donald Trump said, hours after announcing 25% tariffs on imports from India in addition to unspecified “penalty” over New Delhi’s purchases of Russian weapons.
Trump said that the deal with Pakistan included joint development of the country’s “massive” oil reserves.
Announcement came as talks continue with other nations, including South Korea, ahead of his self-imposed deadline.
“We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” Trump wrote in post on his social media platform of ‘Truth Social’.
“We are in the process of choosing the Oil Company that will lead this Partnership.
Who knows, maybe they’ll be selling Oil to India some day!” the US president wrote in his post, without giving additional details of the deal.
Trump said that his administration was “very busy in the White House today working on Trade Deals.
” He said: “I have spoken to the Leaders of many Countries, all of whom want to make the United States ‘extremely happy.’ I will be meeting with the South Korean Trade Delegation this afternoon.”
Trump imposed an August 1 deadline for dozens of nations to strike trade deals with the US or face tariffs heightened well above the 10% baseline he had already rolled out.
In a separate announcement, Trump said that the August 1 deadline “stands strong, and will not be extended.”
Trump also announced 25% tariffs on imports from India, saying Indian tariffs were “among the highest in the World” and that New Delhi had “the most strenuous and obnoxious non-monetary Trade Barriers of any Country.”
