US Reaches Deal With Pakistan on Oil, Tariffs

The United States and Pakistan reached a deal on July 30 that U.S. President Donald Trump said will help develop Islamabad’s oil reserves and that Pakistan’s embassy said will lower tariffs for the South Asian nation.

“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,'” Trump wrote on Truth Social.

“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.”

Trump did not reveal the specifics of the deal.

“Who knows, maybe they’ll be selling Oil to India some day!” he added.

Pakistani Foreign Minister Ishaq Dar shared Trump’s post on X, stating, “Pakistan concludes deal with USA, AlhamdoLilah.”

Trump imposed tariffs on most U.S. trading partners in April as part of broader efforts to help rebuild the U.S. economy. Pakistan faced a potential 29 percent tariff on exports to the United States.

Although Trump did not mention any agreement on tariffs, the Pakistani Embassy in Washington referred to his Truth Social post and described the deal with the United States as a “landmark development.”

“Pakistan and the United States finalized a trade agreement today aimed at boosting bilateral trade, expanding market access, attracting investment, and fostering cooperation in areas of mutual interest,” the embassy stated on X.

According to the embassy, the deal will result in the reduction of reciprocal tariffs, particularly on Pakistani exports to the United States.

“This deal marks the beginning of a new era of economic collaboration especially in energy, mines and mineral, IT, cryptocurrency and other sectors,” the embassy stated. “The deal complements Pakistan’s existing efforts of broadening the scope of Pak-U.S. economic ties and to include partnerships at the U.S. states level.”

The embassy said the agreement also enhances Pakistan’s access to the U.S. market and vice versa. It is also expected to increase U.S. investment in Pakistan’s infrastructure and development projects, according to the embassy.

“This trade agreement underscores the commitment of both nations to deepen their bilateral relationship and explore all avenues for strengthening trade and investment ties,” the embassy concluded.

Trump also said his administration was negotiating trade terms with Pakistan’s neighbor India, after announcing earlier in the day that the country would face a 25 percent tariff on goods imported into the United States beginning on July 31.

In his post on Truth Social, Trump said he also planned to meet with the South Korean trade delegation later in the day, noting that South Korea initially faced a 25 percent tariff on goods.

The president later announced that his administration had reached a “full and complete trade deal” with the country, under which the United States will impose a 15 percent tariff on South Korean imports, while U.S. goods will not be subject to customs duties at South Korean ports.

South Korea will invest $350 billion in specific assets owned and controlled by the United States, to be selected by Trump himself, he wrote on Truth Social.

The Southeast Asian country will purchase $100 billion worth of liquefied natural gas or other energy products from the United States, Trump said.

The Epoch Times has contacted the White House for further comment.