Trump Secures Trade Agreement with Pakistan
(MENAFN) U.S. President Donald Trump announced Wednesday that his administration has secured a trade agreement with Pakistan, marking a key development in a wave of ongoing negotiations with multiple countries. Talks are advancing ahead of his self-imposed August 1 deadline to finalize trade pacts—or impose significantly higher tariffs.
The newly formed partnership with Pakistan focuses on tapping into the nation’s sizable oil reserves through collaborative development.
“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!” Trump posted on social media.
While specifics of the Pakistan deal remain undisclosed, Trump emphasized that his administration is actively engaged in a flurry of trade negotiations from within the White House, including a scheduled meeting with South Korean trade officials.
“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% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is,” he stated.
“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,” Trump added.
The administration's August 1 deadline applies to dozens of nations currently in talks with the U.S. Failure to reach deals by that date could result in tariffs being raised significantly above the existing 10% baseline. China, however, has been granted until August 12 to reach an agreement. Trump expressed optimism about the trajectory of those talks.
“We're doing fine with China. I think it's going to work out very well. I think we're going to have a very fair deal with China,” he said.
Trump further revealed a new 25% tariff on Indian imports, criticizing India’s trade practices. He stated that the country imposes “among the highest in the World” tariffs and accused New Delhi of maintaining “the most strenuous and obnoxious non-monetary Trade Barriers of any Country.”
So far, the White House has reached preliminary agreements with the UK, Indonesia, Vietnam, the Philippines, Japan, and the European Union, although detailed terms remain limited. Officials acknowledge that several of these deals are still under active negotiation.
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