• Source:JND
Add as a preferred

US-Pakistan trade deal: US President Donald Trump on Thursday declared that the United States has struck a deal with Pakistan to jointly develop what he described as "massive oil reserves", with a suggestion that this oil could eventually be exported to India. The announcement came hours after Trump imposed 25 per cent tariffs on Indian goods and warned of additional penalties over India's continued oil and arms trade with Russia.

Pakistan will be selling oil to India someday...: Trump

Posting on his social media platform, Truth Social, Trump wrote, "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 someday!"

Announced 25 per cent tariffs on Indian exports, Trump hinted at further economic pressure in response to New Delhi's continued engagement with Russia for crude oil and defence supplies.

Leaders want to make US 'extremely happy': Trump

In his post, Trump also said he is engaged in negotiations with multiple countries seeking reductions in tariffs. "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'," he said.

ALSO READ: Trump Says US Negotiating 25% Tariff With India: ‘Modi Is Friend Of Mine, But...’

He mentioned a meeting scheduled with the South Korean trade delegation and noted that Seoul currently faces a 25 per cent tariff rate." They have an offer to buy down those tariffs. I will be interested in hearing what that offer is," he added. Trump asserted that such deals would help reduce America's trade deficit, promising a full report "at the appropriate time."
He also noted that many countries are currently making offers to the US for "Tariff reduction."

"Likewise, 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. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!" it further read. 

ALSO READ: Trump's 25% Tariff On Indian Exports Sparks Trade Tensions: What It Means For Key Sectors

Trump responds to why he imposed 25% tariff on India

Responding to a reporter's question on the newly imposed Indian tariffs and broader tensions, Trump reiterated his dissatisfaction with India's role in BRICS, a group of emerging economies comprising Brazil, Russia, India, China, South Africa and several recent entrants. "Well, we are negotiating right now, and it's also BRICS. BRICS, which is basically a group of countries that are anti the United States and India is a member of that if you can believe it... It is an attack on the dollar, and we are not going to let anybody attack the dollar. So it's partially BRICS and it's partially trade," Trump said. He indicated that ongoing discussions with India might yield clarity "by the end of this week."

(With inputs from agencies)