Latest news with #oil reserves
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Pakistan says tariff deal concluded with US, Trump cites oil reserves pact
The US goods trade deficit with Pakistan was US$3 billion in 2024, a 5.2% increase over 2023. (EPA Images pic) WASHINGTON : 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 US will work together on developing their massive oil reserves,' US President Donald Trump wrote on social media yesterday. 'We are in the process of choosing the oil company that will lead this partnership,' he added. 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. However, Pakistan's finance ministry said today the trade deal 'will result in a reduction of reciprocal tariffs, especially on Pakistani exports to the US', 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 US 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 tomorrow. 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 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% 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% tariff on goods imported from India starting tomorrow. 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.
Russia Today
a day ago
- Business
- Russia Today
US strikes oil deal with Pakistan
The US and Pakistan have concluded a deal in which Washington will help Islamabad develop its 'massive oil reserves,' US President Donald Trump said on Wednesday. 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.
Bloomberg
a day ago
- Business
- Bloomberg
Pakistan, US Sign Trade Deal to Boost Oil Reserves, Market Ties
The US sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves. The agreement involves a reduction of the so called reciprocal tariffs, especially on Pakistani exports, according to a statement by Pakistan's finance ministry on Thursday. No details on tariffs were shared by either side.
The National
2 days ago
- Business
- The National
Trump says US and Pakistan have signed trade deal to develop oil reserves
President Donald Trump on Wednesday said that the US and Pakistan have signed a trade deal focused on the development of oil reserves in the Asian country. Mr Trump, who made the announcement in a post on his Truth Social platform, said his team has been 'very busy' working on trade deals. 'We are in the process of choosing the Oil Company that will lead this Partnership,' Mr Trump said of the deal with Pakistan. The Express Tribune quoted Pakistan's Energy Minister Mohammad Ali as saying last year that his country has 235 trillion cubic feet (tcf) of gas reserves, and 10 per cent of it can be explored with an investment of $25 billion to $30 billion in the next one decade. 'Who knows, maybe they'll be selling Oil to India some day!' the President added in his post. Pakistan and India have a historically tense relationship that boiled over into violence this year in Indian-controlled Kashmir, after more than two dozen people, most of them tourists, were killed by an extremist group. Tit-for-tat strikes between the two countries persisted for about two weeks before a ceasefire was announced. Mr Trump took credit for brokering that ceasefire. Earlier on Wednesday, Mr Trump announced the US would impose a 25 per cent tariff on goods from India as well as a 'penalty' for buying Russian energy and military hardware. He accused India of enabling the war in Ukraine through its purchases from Moscow. In his Truth Social post, the President said that he would be meeting with a trade delegation from South Korea to discuss the 25 per cent tariffs the US has levied on Seoul. 'Other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way,' Mr Trump added, adding that a full report 'will be released at the appropriate time'.
