What does US-Pakistan trade deal over 'massive oil reserves' mean for India?
In a social media post, the US President wondered if Pakistan could sell oil to India 'some day'.
'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," Donald Trump said in a post on Truth Social on Wednesday.
Pakistan's Prime Minister Shehbaz Sharif on Thursday thanked Donald Trump for the 'historic' trade agreement reached between Islamabad and Washington, and expressed hope that it would expand cooperation between the two nations.
'I wish to convey my profound thanks to President Trump @realDonaldTrump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,' he wrote on X.
'This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come,' he said.
What is US-Pakistan oil agreement?
It is not immediately clear what massive oil reserves in Pakistan Trump was referring to. Trump also made no mention of tariffs in his announcement.
"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!' Trump said.
What does it mean for Pakistan?
Pakistan has long claimed to have large oil deposits along its coast, but no progress has been made to tap those deposits. It has been trying to lure in investments to tap into these reserves.
Pakistan currently imports oil from the Middle East to meet its energy demands.
The deal was reached during a meeting between Pakistan's finance minister Muhammad Aurangzeb, US secretary of commerce Howard Lutnick, and US trade representative ambassador Jamieson Greer in Washington, DC, according to Radio Pakistan.
The trade agreement aims at boosting bilateral trade, expanding market access, attracting investment and fostering cooperation in areas of mutual interest, the report said.
'The agreement will result in a reduction of reciprocal tariffs especially on Pakistani exports to the United States. This deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors,' it added.
What does US-Pakistan trade deal mean for India?
It's not clear immediately. The announcement is being seen as a pressure tactic to get New Delhi to agree to demands made by the US, which has, in recent days, got favourable trade deals with major partners like Japan, the UK and the European Union.
The announcement came hours after Trump announced a 25 per cent tariff on all goods coming from India, plus an additional unspecified penalty for purchases of Russian military equipment and energy.
In a social media post, Trump called India's trade policies "most strenuous and obnoxious".
"All things not good! India will therefore be paying a tariff of 25 per cent, plus a penalty for the above, starting on August first," Trump said.
During the day, he spoke multiple times about the tariffs that India imposes and referred to India's membership in the BRICS (Brazil, Russia, India, China and South Africa) grouping, which he described as "anti-US".
Responding to a question on negotiations with India, Trump said Washington is talking to Delhi. "...We are going to see, we are negotiating with India right now,' he said, while calling India's tariff "one of the highest tariffs in the world".
What India said
India said it has 'taken note" of Trump's statement on bilateral trade and the Government is studying its implications.
'India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,' the statement said.
Trump has set the August 1 date for his tariffs to go into effect.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Value Chain
7 minutes ago
- Fashion Value Chain
Deep-Tech Firm BUSINESSNEXT Continues Strong Streak: Recognized in Gartner Sales Force Automation Magic Quadrant™ for 12 Consecutive Years
BUSINESSNEXT, a deep-tech autonomous banking platform, has been recognized in the 2025 Gartner Magic Quadrant for Sales Force Automation Platforms report. The platform was evaluated for its comprehensive suite of enterprise solutions, with a focus on its Sales Force Automation (SFA) capabilities. The company has been receiving this recognition from Gartner for the past 12 years, reflecting its innovation in the financial services domain. This position places BUSINESSNEXT among the top 13 companies globally in the sales force automation platform, demonstrating its industry-focused approach and advanced solutions to deliver cutting-edge solutions. Its SFA capabilities include guided selling, predictive analytics, and an AI-driven strategy. In the past year, the company introduced prebuilt Sales AI Agents for various industries and an agent builder that supports custom topics and actions. It also introduced agentic AI Autoflow Designer enhancements, generative AI (GenAI)-driven call preparation and a 'Model Garden' that serves as a repository for prebuilt GenAI models. Additionally, the platform includes specialized agents with dedicated solutions for retail banking, corporate banking, and insurance. The report highlights BUSINESSNEXT's strengths in key areas such as its easy-to-use mobile app, which lets users enter data by typing or speaking, get helpful AI reminders, see customer opportunities immediately, and manage daily tasks, calls, and meetings. It also stands out for its use of AI and machine learning, offering ready-made models for finance, smart agent creation, and helpful features such as sales insights and account overviews. For account and contact management, the platform provides clear tools to view relationships and transactions, utilizing AI to maintain clean and well-segmented contact lists. Rahul Sheth, Vice President, BUSINESSNEXT, said, 'This recognition from Gartner highlights the persistent need to provide innovative, scalable solutions that empower sales teams to exceed their goals while delivering exceptional customer experiences.' About BUSINESSNEXT BUSINESSNEXT develops composable cloud platforms for financial services, offering AI-powered solutions in CRM, digital lending, servicing, and risk management. With over 1 million users and managing 1 billion end customers globally, the company is driving the future of autonomous financial operations. Headquartered in Noida, the company is trusted by 7 of the top 10 Indian banks, covering 61% of the country's total banking AUM. It has its presence across 5 continents with offices in 14 countries, including North America, the Middle East, and APAC. BUSINESSNEXT was recently ranked #1 in The Forrester Wave™ for Financial Services CRM 2025 and has been featured in the Gartner Magic Quadrant for 12 consecutive years. For more information visit:
&w=3840&q=100)
First Post
7 minutes ago
- First Post
US imports from Russia surge 23% in 2025, India calls out Trump for hypocrisy amid tariff threats
Even as Donald Trump threatens India with tariffs over its oil imports from Russia, fresh data shows the US itself has quietly ramped up trade with Moscow, importing key commodities like uranium, fertilisers, and palladium despite earlier sanctions. read more Even as US President Donald Trump attempts to dictate tariff terms and impose penalties on India for importing oil from Russia, Washington's own trade with Moscow is quietly on the rise, even as it chastises New Delhi over its energy and defence ties. According to a report from The Indian Express, between January and May 2025, American imports from Russia rose by 23 per cent year-on-year to $2.1 billion, driven largely by uranium, palladium, and fertilisers. STORY CONTINUES BELOW THIS AD This surge comes despite earlier heavy US sanctions on Moscow. Following the outbreak of the Ukraine war in 2022, US imports from Russia plummeted from $30 billion in 2021 to just $3 billion by 2024. Crude oil, once the top US import from Russia, valued at over $17 billion in 2021, has virtually disappeared. Yet essential commodities such as fertilisers, uranium, and palladium continue to enter the US in significant volumes. According to data from the US International Trade Commission cited in the report, America imported $806 million worth of Russian fertilisers in the first five months of 2025, a 21 per cent increase from last year and 60 per cent higher than the same period in 2021. Uranium imports surged 28 per cent year-on-year to $596 million, nearly 150 per cent higher than in 2021. Although the US formally banned enriched uranium imports from Russia in 2024, companies are allowed to apply for waivers until 2028, a key reason behind the continuing flow. Palladium, primarily used in catalytic converters to reduce vehicle emissions, also remains a significant import. In 2024, the US imported $878 million worth of the metal from Russia. This growing trade has drawn scrutiny after President Donald Trump threatened steep new tariffs on Indian goods, accusing New Delhi of taking advantage of discounted Russian crude. STORY CONTINUES BELOW THIS AD India hit back sharply. 'The US continues to import uranium, palladium, and fertilisers from Russia even as it criticises us,' the Ministry of External Affairs (MEA) said on Monday. 'India's oil imports are based on economic necessity, not political preference.' The MEA had earlier criticised the US and European nations for what it called blatant hypocrisy. In 2024, the EU traded goods worth €67.5 billion and services worth €17.2 billion with Russia far surpassing India's total trade. European imports of Russian LNG also hit a record 16.5 million tonnes that year, higher than pre-war levels. 'Unlike India, whose trade is driven by national need, many Western countries continue their commerce with Russia by choice,' the MEA said.
Hindustan Times
7 minutes ago
- Hindustan Times
Priyanka Gandhi on SC's rap to Rahul over his China remarks: ‘Judges don't decide who…'
Priyanka Gandhi reacts to Supreme Court's observation on Lok Sabha LoP Rahul Gandhi: 'With due respect to the honourable judges, they do not decide who a true Indian is. It is the duty of the Opposition Leader to question the government. My brother would never speak against the Army, he holds them in the highest respect. This is a misinterpretation." Congress MP Priyanka Gandhi Vadra at a function in New Delhi.(PTI File)
