Washington: US President Donald Trump has announced a major trade agreement with Pakistan, just hours after slapping a 25 percent tariff and additional penalties on Indian imports. The deal involves joint development of Pakistan’s oil reserves, which Trump said could potentially lead to Pakistan supplying oil to India in the future.
“We have signed an agreement with Pakistan under which Pakistan and the United States will work together to develop its oil reserves,” Trump wrote on his social media platform, Truth Social. “We can choose an oil company for this partnership. Maybe one day, Pakistan can sell oil to India.”
The announcement came after Trump cited India’s trade deficit with the US and its continued oil purchases from Russia as reasons for the new tariff measures, which are set to take effect from August 1.
Trump also mentioned that several other countries are negotiating trade terms with the US. “We’re very busy with trade deals in the White House today. I’ve spoken to the leaders of many countries, all of whom want to make America very happy,” he said.
He added that he would meet a South Korean business delegation later in the day. “South Korea now has a 25% tariff, but they have proposed to reduce tariffs. I am eager to hear their proposal,” Trump said.
