Latest news with #Dar
United News of India
43 minutes ago
- Business
- United News of India
Trump announces "Massive" oil partnership with Pak
Washington, July 31 (UNI) The United States and Pakistan have reached a new agreement aimed at reducing tariffs for Islamabad and launching a joint effort to develop Pakistan's untapped oil reserves, officials from both countries confirmed. US President Donald Trump announced the deal in a post on his Truth Social platform, stating that his administration had finalized a new trade framework with Pakistan. Although he offered few specifics, Trump announced that the agreement would involve the development of Pakistan's "massive oil reserves" in partnership with a yet-to-be-selected American oil company. '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 wrote. '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!' Finance Minister Mohammad Aurangzeb, who is currently in Washington for a final-stage negotiations on a tariff deal, also began meetings with senior US officials yesterday. The Pakistani delegation is keeping the details of the talks under wraps, but one official said, 'We hope to sign a deal before the (Aug 1) deadline expires,' The Dawn reported. 'We hope to conclude a mutually beneficial trade agreement… hopefully in days, not in weeks,' said Foreign Minister Ishaq Dar during a recent event at the Atlantic Council in Washington as reported by the Pakistani newspaper. Dar, who was recently in New York to address the United Nations, said a committee had been formed to finalise the terms of the proposed deal. 'As long as we are better than or equal to our peers, we should be fine,' Dar said. President Trump made the remarks on US-Pakistan deal after he announced a 25 percent tariff, along with additional penalties on Indian imports, set to take effect from August 1. He cited the US trade deficit with New Delhi and India's continued purchase of Russian oil as key reasons behind the move. In his post, Trump also mentioned that he had held discussions on trade agreements with several world leaders, 'all of whom,' he said, 'want to make the United States extremely happy.' "We are very busy in the White House today working on Trade Deals. I have spoken to the Leaders of many Countries, all of whom want to make the United States 'extremely happy.' I will be meeting with the South Korean Trade Delegation this afternoon. South Korea is right now at a 25 per cent tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is. Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!" Trump wrote on Truth Social post. UNI AAB PRS
Dubai Eye
an hour ago
- Business
- Dubai Eye
Pakistan says deal made with US on tariffs
The US and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves, the two sides 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," 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.
AsiaOne
5 hours ago
- Business
- AsiaOne
Pakistan says deal concluded with US on tariffs, Trump cites oil reserves agreement, World News
WASHINGTON/ISLAMABAD — The US and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves, the two sides 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," US President Donald Trump wrote on social media on Wednesday (July 30). "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 characterisation. US total goods trade with Pakistan was an estimated US$7.3 billion (S$9.45 billion) in 2024, according to the website of the office of the US trade representative, up from around US$6.9 billion in 2023. The US goods trade deficit with Pakistan was US$3 billion in 2024, a 5.2 per cent increase over 2023. [[nid:720806]] 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. Pakistan has also recently said it "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. The latest escalation in the decades-old India-Pakistan rivalry was triggered by a deadly April 22 militant attack in India-administered Kashmir that India blamed on Pakistan. Islamabad denied responsibility. India struck Pakistan on May 7 and the two nations exchanged deadly hostilities until the ceasefire was declared on May 10. [[nid:720810]]
Time of India
6 hours ago
- Business
- Time of India
Pakistan says deal concluded with US on tariffs, Trump cites oil reserves agreement
The U.S. and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves, the two sides 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," U.S. President Donald Trump wrote on social media on Wednesday. "We are in the process of choosing the Oil Company that will lead this Partnership." Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Artificial Intelligence Healthcare Data Analytics Public Policy healthcare Digital Marketing Cybersecurity CXO Product Management Degree Data Science MCA Data Science Leadership Technology Project Management Finance Management Operations Management Others others MBA PGDM Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details 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. Live Events "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% 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 U.S. 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 U.S. 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. U.S. total goods trade with Pakistan was an estimated $7.3 billion in 2024, according to the website of the office of the U.S. trade representative, up from around $6.9 billion in 2023. The U.S. goods trade deficit with Pakistan was $3 billion in 2024, a 5.2% 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 U.S. will impose a 25% tariff on goods imported from India starting on Friday. Pakistan has also recently said it "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. The latest escalation in the decades-old India-Pakistan rivalry was triggered by a deadly April 22 militant attack in India-administered Kashmir that India blamed on Pakistan. Islamabad denied responsibility. India struck Pakistan on May 7 and the two nations exchanged deadly hostilities until the ceasefire was declared on May 10.
Yahoo
6 hours ago
- Business
- Yahoo
Pakistan says deal concluded with US on tariffs, Trump cites oil reserves agreement
By Kanishka Singh, Asif Shahzad and Ariba Shahid WASHINGTON/ISLAMABAD (Reuters) -The U.S. and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves, the two sides 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," U.S. 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% 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 U.S. 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 U.S. 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. U.S. total goods trade with Pakistan was an estimated $7.3 billion in 2024, according to the website of the office of the U.S. trade representative, up from around $6.9 billion in 2023. The U.S. goods trade deficit with Pakistan was $3 billion in 2024, a 5.2% 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 U.S. will impose a 25% tariff on goods imported from India starting on Friday. Pakistan has also recently said it "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. The latest escalation in the decades-old India-Pakistan rivalry was triggered by a deadly April 22 militant attack in India-administered Kashmir that India blamed on Pakistan. Islamabad denied responsibility. India struck Pakistan on May 7 and the two nations exchanged deadly hostilities until the ceasefire was declared on May 10. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
