US strikes oil deal with Pakistan
The announcement on Trump's social media platform, Truth Social, came hours after a post in which he said he would impose 25% tariffs on India plus penalties for its trade and defense ties with Russia.
'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,' Trump said. '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!'
Pakistani Prime Minister Shehbaz Sharif said the countries also finalized a trade deal.
'I wish to convey my profound thanks to President Trump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,' Sharif said on X. 'This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come.'
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…
Sharif did not reveal any specific details of the trade deal.
In April, Trump announced 'Liberation Day' tariffs on countries around the world, which would have included a 29% tariff on Pakistani exports to the US. They were, however, suspended until July 31.
Pakistani officials recently visited the US for talks; Foreign Minister Ishaq Dar met with US Secretary of State Marco Rubio last week. After the meeting, Dar said the US and Pakistan were 'very close' to a trade deal.
The talks included discussions on expanding trade and ties in critical minerals and mining. Total goods traded with Pakistan were an estimated $7.3 billion in 2024, according to 2024 data from the US trade representative.
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