WASHINGTON (Kashmir English): US President Donald Trump Wednesday announced that a trade agreement has been finalised with Pakistan with oil sector in special focus of the two countries.
“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. 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 a Truth Social post.
“We are very busy in the White House today working on Trade Deals. 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. South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is.
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. 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!”, he wrote on social media.
The announcement from the US side comes as part of a broader plan by the US administration to secure new trade partnerships.
President Trump on trade deficit
President Trump said several countries were now proposing US the tariff reductions. “All of this will help reduce our trade deficit in a very major way,” he claimed, promising that a full report would be released “at the appropriate time”.
The US announcement follows Pakistan’s recent decision to exempt foreign technology companies from a five per cent tax on digitally supplied goods and services — a measure widely viewed as a goodwill gesture toward Washington.
Pakistan’s Federal Board of Revenue formally notified the exemption on Wednesday, coinciding with Finance Minister Muhammad Aurangzeb’s visit to Washington. Pakistan’s Finance Minister is busy now a days in talks to resolve outstanding issues hindering a broader trade agreement with the US.
Earlier in the day, Trump announced that imports from India would now face a 25 per cent tariff. He also hinted at an unspecified “penalty” in response to India’s continuing purchases of Russian energy and arms .
