Pakistan says deal made with US on tariffs
"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," US President Donald Trump wrote on social media on Wednesday. "We are in the process of choosing the Oil Company that will lead this Partnership."
Trump's social media post did not provide further details.
Pakistani Foreign Minister Ishaq Dar also confirmed the deal's conclusion on social media, without elaborating further.
Trump did not mention any agreement on tariffs. But Pakistan's finance ministry said on Thursday the trade deal "will result in reduction of reciprocal tariffs especially on Pakistani exports to the United States", but did not give details of what the tariffs would be.
"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.
Pakistan faced a potential 29 per cent tariff on exports to the United States under tariffs announced by Washington in April on countries around the world. Tariffs were subsequently suspended for 90 days so negotiations could take place.
Last week, Dar said the US and Pakistan were "very close" to a trade deal that could come within days, after he met with Secretary of State Marco Rubio on Friday.
Dar and Rubio had discussed expanding trade and ties in critical minerals and mining, both sides said after that meeting. Other Pakistani officials have also visited the US in recent weeks for talks.
Under Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization.
US total goods trade with Pakistan was an estimated $7.3 billion in 2024, according to the website of the office of the US trade representative, up from around $6.9 billion in 2023. The US goods trade deficit with Pakistan was $3 billion in 2024, a 5.2 per cent increase over 2023.
Washington has also aimed to build stronger ties with Asian powers in recent years to counter its rival China's influence in the region. Pakistan is designated by Washington as a "major non-NATO ally."
Trump also said Washington was still negotiating with Pakistan's rival India on trade after announcing earlier in the day that the US will impose a 25 per cent tariff on goods imported from India starting on Friday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
4 hours ago
- Arabian Post
Vectra AI Expands Global Footprint with Bangalore Office
Cybersecurity firm Vectra AI has expanded its global operations by opening a new office in Bangalore, a strategic move to reinforce its presence in the Asian market. The company, which focuses on AI-powered threat detection, aims to meet the growing demand for advanced cybersecurity solutions across the region. The new office will serve as a hub for both engineering and sales operations, marking a significant step in Vectra's growth strategy. Bangalore, known as India's tech capital, was chosen due to its thriving tech ecosystem, which is home to a number of global IT giants and startups. This location allows Vectra to tap into the city's strong talent pool and access a rapidly expanding market for cybersecurity services. As cyber threats become increasingly sophisticated and widespread, the demand for AI-based cybersecurity solutions has surged globally. Vectra's decision to set up in Bangalore is part of a broader trend among international tech firms looking to capitalize on India's growing digital landscape. With a booming digital economy, India is experiencing an uptick in cybercrime, creating an urgent need for advanced cybersecurity measures. ADVERTISEMENT Vectra AI's technology uses machine learning and AI to detect, investigate, and respond to cyber threats in real-time. The firm's platform is designed to give enterprises a proactive approach to securing their digital infrastructure by identifying vulnerabilities and malicious activity earlier than traditional methods. The company's expansion into Bangalore comes at a time when businesses worldwide are prioritizing security, especially as remote work environments and digital transformation continue to rise. The new office is also expected to boost local job creation in the region. Vectra has been actively recruiting top talent from local universities and the wider IT sector. The firm is looking to hire software engineers, data scientists, and sales personnel to support the growing demand for its solutions. The company's leadership has expressed confidence that the Bangalore office will play a key role in advancing its technological capabilities and expanding its customer base across Asia. The company's move follows a series of investments aimed at expanding its reach. Vectra AI has raised millions in funding in recent years to accelerate its research and development efforts. With the cyber threat landscape continually evolving, the company is positioning itself as a key player in providing solutions that not only detect threats but also help organizations respond to and mitigate attacks effectively. The Bangalore office will collaborate closely with Vectra's other offices in the US and Europe, helping to streamline the company's global operations. It will also serve as a base for expanding partnerships with local firms and government agencies, further cementing Vectra's commitment to addressing the growing cybersecurity challenges in Asia.
Khaleej Times
5 hours ago
- Khaleej Times
Opec+ makes another large oil output hike in market share push
Opec+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. The move marks a full and early reversal of Opec+'s largest tranche of output cuts plus a separate increase in output for the UAE amounting to about 2.5 million bpd, or about 2.4 per cent of world demand. Eight Opec+ members held a brief virtual meeting, amid increasing US pressure on India to halt Russian oil purchases — part of Washington's efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. President Donald Trump said he wants this by August 8. In a statement following the meeting, Opec+ cited a healthy economy and low stocks as reasons behind its decision. Oil prices have remained elevated even as Opec+ has raised output, with Brent crude closing near $70 a barrel on Friday, up from a 2025 low of near $58 in April, supported in part by rising seasonal demand. 'Given fairly strong oil prices at around $70, it does give Opec+ some confidence about market fundamentals,' said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks. The eight countries are scheduled to meet again on September 7, when they may consider reinstating another layer of output cuts totalling around 1.65 million bpd, two Opec+ sources said following Sunday's meeting. Those cuts are currently in place until the end of next year. Opec+ in full includes 10 non-Opec oil producing countries, most notably Russia and Kazakhstan. The group, which pumps about half of the world's oil, had been curtailing production for several years to support oil prices. It reversed course this year in a bid to regain market share, spurred in part by calls from Trump for Opec to ramp up production. The eight began raising output in April with a modest hike of 138,000 bpd, followed by larger-than-planned hikes of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September. 'So far the market has been able to absorb very well those additional barrels also due to stockpiliing activity in China,' said Giovanni Staunovo of UBS. 'All eyes will now shift on the Trump decision on Russia this Friday.' As well as the voluntary cut of about 1.65 million bpd from the eight members, Opec+ still has a 2-million-bpd cut across all members, which also expires at the end of 2026. 'Opec+ has passed the first test,' said Jorge Leon of Rystad Energy and a former Opec official, as it has fully reversed its largest cut without crashing prices. 'But the next task will be even harder: deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion.'
The National
5 hours ago
- The National
With Gaza in the global spotlight, expect Israel to turn the heat on Hezbollah
Israel finds itself in need of diverting global attention away from its atrocities in Gaza. Enter Hezbollah. The Israeli government appears to see renewed war with the Lebanese group as a chance to further its interests, pretexting the latter's refusal to surrender its weapons to the Lebanese state as it previously pledged. The timing is driven by several factors. The administration of US President Donald Trump has grown weary of waiting for Beirut to fulfil its promise of exclusive state control over arms, and it might be ready to endorse any Israeli decision, regardless of its severity. Another factor is Iran's unwillingness to enter a direct war with Israel on Hezbollah's behalf. Indeed, Tehran is both preoccupied with the fallout from the recent US and Israeli strikes and worried about another wave of attacks in the near future. Still, it refuses to abandon its strategy of using armed regional proxies as bargaining chips in potential negotiations with Washington. Tensions between the US and Iran are thus escalating – manifested through American sanctions, Iranian threats and Israeli war preparations. Iran's proxies in Lebanon and Yemen are on high alert, and the wider Iranian 'Axis of Resistance' is watching events closely, from Iraq to Gaza. Israel has zero tolerance regarding Hezbollah's arsenal. It has convinced the Trump administration that if the Lebanese government fails to implement its disarmament pledge, Israel has no choice but to press ahead with its war on the group. Meanwhile, the international conference on the two-state solution – co-chaired by Saudi Arabia and France at the UN – might have angered Iran. The Islamic Republic's ideology rejects the two-state solution, with its doctrine calling for Israel's destruction. Moreover, the conference's show of global support for the Palestinian Authority as the sole legitimate representative of the Palestinian people was also a collective cry against Hamas, a key player in Iran's axis. Just as Israel is indifferent to the civilian toll in Gaza, Iran appears unbothered by Palestinian suffering, particularly as long as Hamas remains faithful to the axis. Mr Trump was recently forced to acknowledge the human-made famine in Gaza, having previously denied this reality. While he didn't initially act against Israel, which is enacting a policy of starvation in the enclave, he spoke about it after parts of his Maga political base pressed him to intervene to end the humanitarian catastrophe. This was accompanied by a different kind of global political pressure as Mr Trump was challenged by European and non-European allies who participated in the two-state solution conference and endorsed its final communique charting a path towards a Palestinian state alongside Israel. There are concerns over possible vindictive responses from Mr Trump, particularly if he feels isolated on the international stage. There is unease over his administration sanctioning the PA's leadership, which the latter says is a form of punishment for seeking the establishment of a Palestinian state. It shouldn't surprise anyone if Israel seeks to crush everything that emerged from the UN conference. It views the PA as an obstacle to its ambitions of annexing the West Bank. It opposes the near-unanimous international view that Hamas should be dismantled, only because its policy is to fracture Palestinian unity and undermine the PA. The dilemma facing the US President over the current Israeli government's extremist policies is his growing global isolation on the Palestine issue. He may still choose to ignore increasing international momentum in favour of a Palestinian state, but it could come at a cost. Indeed, it was no small development for Saudi Arabia to insist to the international community that it won't normalise relations with Israel unless a Palestinian state is established. Riyadh's support for Palestinian statehood gained greater significance when it co-chaired the conference with France. The event brought surprising developments, including the UK's readiness to recognise the state of Palestine at next month's UN General Assembly unless Israel changes course from its current approach in Gaza. Yet a Palestinian state cannot come into being without American backing and Israeli compliance. The UN Security Council has already enshrined the two-state solution in resolutions 1397 and 1515, both supported by Washington. But the roadmap they laid out for Palestinian statehood by 2005 was never implemented and the Trump administration walked back American commitments to those resolutions. The events in New York could push Mr Trump further into the arms of Israeli extremism and its rejection of the two-state solution. Or he might find himself cornered and unable to punish the broad coalition of states that have challenged him. If so, his policy could shift under pressure. This would require a deft diplomatic effort to present Mr Trump with ways to align with the emerging consensus without feeling provoked. Countries have bilateral interests and won't risk undermining relations with Washington solely for the sake of the two-state solution. Having been increasingly scrutinised by the international community, Israel appears intent on shifting global focus away from Gaza. This is precisely because it intends to continue its policies there. And as long as European states fail to impose tangible punitive measures on Israel, and as long as Mr Trump supports its project of 'voluntary displacement', Israel will continue with its agenda. Israel's posture towards Lebanon and Iran, however, is another matter. There is little international sympathy for Iran's insistence that Hezbollah retain its arms in defiance of Lebanese sovereignty. Nor is there sympathy for Tehran's reckless endangerment of the Lebanese people's safety, security and agency. There is, likewise, little global sympathy for the Islamic Republic's stubborn adherence to its triad of strategic doctrines – nuclear capability, ballistic missiles and proxy warfare – without modifications. Thus, should it once again face US or Israeli military strikes, it is unlikely to find many sympathisers. Tehran is now trapped by American sanctions and the threat of more air strikes. Hezbollah, too, will find no one rushing to its rescue if it falls prey to Israel's attempts to shift global attention away from Gaza. Both entities will have only themselves to blame.
