In a surprising move, US President Donald Trump announced a joint oil development deal with Pakistan just hours after imposing a 25 per cent tariff and additional penalties on India, starting August 1.
Posting on Truth Social on Wednesday (local time), Trump revealed that the United States and Pakistan will collaborate to develop Pakistan’s “massive oil reserves”, with plans to soon select an oil company to lead the partnership.
“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. 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 wrote.
The announcement came shortly after the President’s decision to impose a 25% tariff, plus penalties, on Indian imports, citing New Delhi’s trade barriers and its purchases of Russian oil.
Focus on Trade Deals
Trump also stated that he has been engaging with leaders of multiple countries on trade agreements aimed at reducing the US trade deficit.
“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% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is,” Trump added.
He noted that several countries are currently making offers for tariff reductions, with a full report on trade negotiations expected to be released later.
