President Trump says US completes trade deal with Pakistan

WASHINGTON (Dunya News) - US President Donald Trump has announced that the trade deal with Pakistan has been completed under which both the countries will jointly explore their respective oil reserves.

He said that under the deal, the two governments will jointly determine the oil company that will explore oil, adding Pakistan might one day sell oil to India.

President Trump wrote on social media website X, formerly twitter, “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 will be selling oil to India some day.”

Earlier, in a major concession to the United States for striking a trade deal, Pakistan on Wednesday exempted 5 per cent tax, which it had imposed a month ago on foreign tech firms and online platforms on supply of digitally ordered goods and services, a media reports says.

However, the tax exemption is not specific to only the US tech companies. All the foreign firms will benefit from the decision, which has been taken on the demand of the US administration, a senior official of the Federal Board of Revenue told media.

Read More: Pakistan keen to expand trade ties with US: FinMin Aurangzeb

Earlier, President Trump, while announcing the imposition of tariffs on India, had said that Delhi would have to pay a 25 percent tariff from August 1.

If India did not pay the tariff, it would have to pay a fine. The US was previously charging a 14.26 percent tariff from India.

He said that despite being a friend, India did less business with us. India collects the highest tariffs in the world but gives us less.

Trump had said that India has always made large deals with Russia for military equipment. India is Russia's largest energy buyer, along with China.

The US President said that India will pay a penalty along with the tariffs, which will be effective from August 1. India's trade barriers are also the most stringent and undesirable.

Raed More: Trump says US to impose 25pc tariff on India from Aug 1

The US President had announced the imposition of a 26% tariff on Indian products in April, the implementation of which was postponed until July.

Earlier, President Trump had also stopped the establishment of a plant for manufacturing Tesla car in India.

In addition, Trump also warned Apple that if the company did not manufacture its iPhones in the United States, it would face a 25% tariff.

Trump said that we expect iPhones sold in the United States to be manufactured on American soil, not in India or anywhere else. If this is not the case, Apple will have to pay at least a 25 percent tariff in the United States.