Pak PM Sharif calls trade deal with US historic, thanks Trump
Trump on Wednesday announced that the US has sealed a deal with Pakistan to work together on developing the South Asian nation's "massive oil reserves".
Pakistan has long claimed to have large oil deposits along its coast, but no progress has been made to tap those deposits. The country currently imports oil from the Middle East to meet its energy demands.
In a social media post, Prime Minister Sharif said, '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.'
'This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come,' he said.
According to state-run Radio Pakistan, the breakthrough was reached during a meeting of Finance Minister Muhammad Aurangzeb with US Secretary of Commerce Howard Lutnick and US Trade Representative Ambassador Jamieson Greer in Washington, DC.
In a Truth Social post, Trump said, '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 added.
According to the report, the trade agreement aims at boosting bilateral trade, expanding market access, attracting investment and fostering cooperation in areas of mutual interest.
'The agreement will result in 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 said.
The deal complements Pakistan's existing efforts to broaden the scope of bilateral economic ties, and also enhances its access to the US market and vice versa.
Additionally, the deal is expected to spur increased US investment in Pakistan's infrastructure and development projects.
The trade agreement underscores the commitment of both nations to deepen their bilateral relationship and explore all avenues for strengthening trade and investment ties, according to the report.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
17 minutes ago
- Mint
‘He Likes Swiss Watches!': Trump Shocks Horology With Tariffs
The Trump administration jolted Switzerland with punitive new tariffs. Few seemed to be more taken aback than buyers and sellers of Swiss watches. Oliver R. Müller, a luxury watch consultant based in Switzerland, was indignant at the blow that tariffs will likely inflict on the country's watch industry, which has recently been relying on demand from the US to offset fading sales in China. 'It's another burden that comes on top of many others,' Müller said in an interview. The administration's 39% tariff on all Swiss imports, if passed along from sought-after brands like Rolex, Patek Philippe and Omega to distributors in the US, would likely lead to retail-price increases of 12% to 14%, Müller estimated. That would add about $1,000 to the $9,500 price of a stainless steel Rolex Submariner. Swiss watches are a longstanding signal of affluence, and over the years the president has been seen wearing various high-end timepieces, including a Rolex. Members of his family and his administration have also sported Swiss watches in public. For observers, that made the 39% levy all the more vexing. 'On top of it all, he likes Swiss watches!' Müller said. High-end watches have been drawing a growing American fan base in recent years, with obsessive owners showing off their collections on social media. The chain retailer Watches of Switzerland, which has locations in tony shopping areas across the US, said in a statement that it would 'continue to work closely with our brand partners to mitigate any potential impact.' Trump administration officials didn't seem to be focused on watches when they put the tariffs in place, instead citing pharmaceuticals as a driving force in the trade imbalance between the countries. The US has no large luxury-watch making industry of its own. Online watch enthusiasts have long clocked the make and reference numbers of the high-end watches of Trump officials. FBI Director Kash Patel has been spotted wearing a Breitling. Former DOGE czar Elon Musk has a TAG Heuer with the SpaceX logo. Secretary of State Marco Rubio — who in a previous political life declared that Trump, had he not inherited a fortune from his father, would be 'selling watches in Manhattan' — has worn a Rolex, too. There were already warning signs in the Swiss watch industry before Trump's tariffs. Exports fell 5.6% in June compared with a year earlier, according to the Federation of the Swiss Watch Industry, a trade group. That was driven by 'significant declines' in sales in the US, as well as Japan and Hong Kong, the group said in a monthly report. Trump lent his name and signature to a line of MAGA-coded timepieces last year, including a $100,000 'Swiss-made' Tourbillon. The makers of the watch, a firm registered as TheBestWatchesonEarth LLC, didn't respond to a request for comment sent through an intermediary. The site states that the watches 'are not political and have nothing to do with any political campaign.' With assistance from Chris Rovzar.
India Today
17 minutes ago
- India Today
Trump orders firing of labour stats chief after weak July jobs report release
Trump fires Bureau of Labour Statistics Comissioner Erika McEntarfer (Photo:Reuters) Accuses her of faking July jobs data, demands immediate replacement Claims lack evidence, BLS denies data manipulation allegations Concerns rise over data quality amid mass federal layoffs US President Donald Trump on Friday (local time) ordered that the commissioner of the Labour Department's Bureau of Labour Statistics Erika McEntarfer be fired after data showed weaker-than-expected employment growth in July and massive downward revisions to the prior two months' job counts. McEntarfer was nominated by former President Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year. It was not immediately clear whether McEntarfer, whom Trump accused of faking the jobs numbers, had been fired. Trump took to his Truth Social account to inform about McEntarfer's firing. Trump announced the firing of McEntarfer over his Truth Social account Trump lambasted McEntarfer and accused her of producing fake job numbers. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said. There is no proof that supports Trump's accusations about the BLS tampering with data. The BLS is the statistical agency responsible for creating the employment report, which is closely followed, as well as data on consumer and producer prices. The White House did not respond immediately to questions about Trump's post. ACCUSATIONS As per Reuters, Trump acccused McEntarfer of putting out the job numbers before the elections to help Democrats. The order to dismiss McEntarfer comes at a time when the Trump administration's mass layoffs of federal government workers have raised concerns about the quality of US economic data, long seen as the gold standard. Trump later posted: 'In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad.' After his initial post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. 'I support the President's decision to replace Biden's Commissioner and ensure the American People can trust the important and influential data coming from BLS,' Chavez-DeRemer said. Earlier this year, Commerce Secretary Howard Lutnick disbanded two expert committees that worked with the government to produce economic statistics. Lutnick has also floated the idea of stripping out government spending from the gross domestic product report, claiming "governments historically have messed with GDP." ECONOMISTS' OVERVIEW The BLS has already reduced data collection for the consumer price data as well as the producer price report. Economists attributed the sharply slower job growth to Trump's trade and immigration policies. The economy created only 73,000 jobs in July. Data for May and June were revised sharply down to show 258,000 fewer jobs created than had been previously reported. As per a report by CNBC, Laura Ulrich, director of economic research for North America at job site Indeed said that the July figure suggests the job market isn't keeping pace with population growth, and is therefore contracting. With inputs from agencies. US President Donald Trump on Friday (local time) ordered that the commissioner of the Labour Department's Bureau of Labour Statistics Erika McEntarfer be fired after data showed weaker-than-expected employment growth in July and massive downward revisions to the prior two months' job counts. McEntarfer was nominated by former President Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year. It was not immediately clear whether McEntarfer, whom Trump accused of faking the jobs numbers, had been fired. Trump took to his Truth Social account to inform about McEntarfer's firing. Trump announced the firing of McEntarfer over his Truth Social account Trump lambasted McEntarfer and accused her of producing fake job numbers. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said. There is no proof that supports Trump's accusations about the BLS tampering with data. The BLS is the statistical agency responsible for creating the employment report, which is closely followed, as well as data on consumer and producer prices. The White House did not respond immediately to questions about Trump's post. ACCUSATIONS As per Reuters, Trump acccused McEntarfer of putting out the job numbers before the elections to help Democrats. The order to dismiss McEntarfer comes at a time when the Trump administration's mass layoffs of federal government workers have raised concerns about the quality of US economic data, long seen as the gold standard. Trump later posted: 'In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad.' After his initial post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. 'I support the President's decision to replace Biden's Commissioner and ensure the American People can trust the important and influential data coming from BLS,' Chavez-DeRemer said. Earlier this year, Commerce Secretary Howard Lutnick disbanded two expert committees that worked with the government to produce economic statistics. Lutnick has also floated the idea of stripping out government spending from the gross domestic product report, claiming "governments historically have messed with GDP." ECONOMISTS' OVERVIEW The BLS has already reduced data collection for the consumer price data as well as the producer price report. Economists attributed the sharply slower job growth to Trump's trade and immigration policies. The economy created only 73,000 jobs in July. Data for May and June were revised sharply down to show 258,000 fewer jobs created than had been previously reported. As per a report by CNBC, Laura Ulrich, director of economic research for North America at job site Indeed said that the July figure suggests the job market isn't keeping pace with population growth, and is therefore contracting. With inputs from agencies. Join our WhatsApp Channel
Deccan Herald
17 minutes ago
- Deccan Herald
EU and China: A growing rift
There was speculation that tensions within the transatlantic alliance might prompt China to adopt a more conciliatory stance towards Europe. However, Beijing has taken a more assertive posture, repurposing tools initially designed for leverage in the US-China trade dispute to exert pressure on the EU instead.
