Pakistan says deal concluded with US on tariffs, Trump cites oil reserves agreement
By Kanishka Singh, Asif Shahzad and Ariba Shahid
Washington/Islamabad (Reuters) -Non and Pakistan made an agreement that would result in lower lower tariffs The two sides are for an agreement that Washington will help to develop oil reserves of Islamabad as well as the South Asian nation.
“We made an agreement with the Pakistan country where Pakistan and the United States will work together to improve the large oil reserves of Pakistan and the United States.” Donald Trump He wrote on Wednesday on social media.
He continued: “We are in the process of choosing the oil company that will lead this partnership.”
Trump’s social media script did not give any more details.
Pakistan Foreign Minister Ishaq Dar confirmed the conclusion of the agreement on social media without further elaboration.
Trump did not mention any agreement on tariffs. However, the Ministry of Finance said in a statement on Thursday, the trade agreement, “Pakistan’s exports to the United States will cause mutual tariffs to reduce,” he said, but did not give details about what tariffs will happen.
“This agreement points to the beginning of a new period of economic cooperation in energy, mines and minerals, IT, crypto currencies and other sectors.” He said.
Within the scope of tariffs announced by Washington about countries around the world in April, Pakistan faced a 29% potential tariff for exports to the United States. The tariffs were then suspended for 90 days, so that negotiations can be made.
Dar last week, Dar, the US and Pakistan’s Foreign Minister Marco Rubio on Friday after meeting with a trade agreement that may come within days, he said.
Dar and Rubio said that both sides discussed expanding trade and critical minerals and mining ties after this meeting. Other Pakistani officials visited the US for talks in recent weeks.
Under Trump, Washington tried to re -negotiate the trade agreements that he threatened with tariffs about what he called unfair trade relations with many countries. Many economists object to Trump’s characterization.
According to the US Commercial Representative Office’s website, in 2024, Pakistan and US total trade goods trade was estimated in 2024 was 7.3 billion dollars. Approximately $ 6.9 billion in 2023.
In recent years, Washington also aimed to establish stronger ties with Asian forces to resist the influence of the opponent China in the region. Pakistan was appointed by Washington as a “non -NATO ally”.
