WASHINGTON:The United States has successfully forged a significant trade agreement with Pakistan, announced US President Donald Trump on Wednesday. This revelation followed closely behind the news of imposing substantial 25% tariffs on imports from India, coupled with an undisclosed ‘penalty’ due to New Delhi’s acquisition of Russian weaponry and energy resources.
Trump highlighted that the accord with Pakistan encompasses collaborative efforts to explore and develop the nation’s vast oil reserves. This announcement was made amidst ongoing discussions with other countries, including South Korea, leading up to his self-imposed deadline of August 1.
“We have just finalized a Deal with the Nation of Pakistan, under which both Pakistan and the United States will jointly embark on a venture to develop their extensive Oil Reserves,” Trump articulated in his remarks.
The decision-making process for selecting the Oil Company that will spearhead this Partnership is currently underway. ‘Who knows, maybe they’ll be selling Oil to India some day!’ the US president speculated in his statement, while refraining from divulging further specifics of the deal.
Prime Minister Shehbaz Sharif, on a bustling Thursday, expressed heartfelt gratitude to US President Donald Trump for his instrumental role in sealing a monumental trade agreement between Pakistan and the United States. 🏛️
‘I wish to convey my profound thanks to President Trump for his leadership role in the finalization of the historic US-Pakistan trade agreement, which was successfully concluded by our two sides in Washington last night,’ the Prime Minister shared on his X timeline.
He remarked upon the ‘landmark’ agreement, emphasizing how it would significantly bolster the strengthening collaboration between the two nations, paving the way for an enduring partnership in the days ahead.
President Trump mentioned that his administration was ‘quite occupied in the White House today, diligently working on Trade Deals.’ He emphasized, ‘I have engaged in discussions with Leaders of several Countries, all eager to ensure the United States is exceedingly pleased.’ He also announced, ‘I will be meeting with the South Korean Trade Delegation this afternoon.’
Trump set an August 1 deadline, urging dozens of nations to finalize trade deals with the US or brace for tariffs soaring well above the existing 10% baseline. In a distinct announcement, Trump affirmed that the August 1 deadline ‘remains firm, without extension.’
Trump revealed the imposition of 25% tariffs on imports from India, accentuating that Indian tariffs were ‘among the highest globally,’ and that New Delhi maintained ‘the most demanding and objectionable non-monetary Trade Barriers of any nation.’
Though this 25% tariff is slightly less than the rate declared in April, it surpasses those imposed on other Asian countries. India, one of the first major economies to engage with the Trump administration, had hesitated to entirely open its agricultural and other sectors, hindering a conclusive agreement thus far.