Trump announces new US-Pakistan deal to develop 'massive' oil reserves
What's the story
United States President Donald Trump has announced a new trade deal with Pakistan. The agreement will see both nations collaborating on the development of Pakistan's vast oil reserves. In a post on Truth Social, Trump said they are in the process of selecting an oil company to lead this partnership. "Who knows, maybe they'll be selling oil to India someday!" he added.
Diplomatic discussions
Deal after Rubio-Dar meeting
The announcement comes after a meeting between US Secretary of State Marco Rubio and Pakistani Foreign Minister Ishaq Dar. Dar had said a trade deal was "very close" after the meeting. He added that their teams have been working on finalizing the deal in Washington. Officials in Washington, however, did not offer a timeline.
Trade tensions
Deal with South Korea
In his Truth Social post, Trump also revealed plans to meet South Korean officials over a deal to reduce their planned 25% tariff on US imports. "South Korea..[has] an offer to buy down those Tariffs," Trump said. "I will be interested in hearing what that offer is." Earlier this month, he had announced the tariffs on Japan and South Korea. If either country increases duties in retaliation, Trump has stated that the US will increase by an equal amount.
Tariff announcement
Trump threatens tariffs on India
Trump also announced a 25% tariff on India, calling it a "penalty" for high tariffs and non-monetary trade barriers. He said despite being friends, the US and India have done little business "because their Tariffs are far too high...and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country." He also stated that New Delhi will suffer additional penalties as a result of its oil and military purchases from Russia amid the ongoing conflict in Ukraine.