WASHINGTON ( WNAM MONITORING): US President Donald Trump said Wednesday that his administration has struck a trade deal with Pakistan as talks continue with other nations, including South Korea, ahead of his self-imposed Aug. 1 deadline.
Trump said the deal with Pakistan includes joint development of the country’s “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!” he said on social media.
Additional details on that agreement were not immediately available, but Trump said his administration is “very busy in the White House today working on Trade Deals,” including a planned meeting with South Korea’s representatives at the White House Wednesday.
“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,” he said.
“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,” he said.
Trump has imposed an Aug. 1 deadline for dozens of nations to strike trade deals with the US or face tariffs heightened well above the 10% baseline he has already rolled out. China was separately given until Aug. 12 to deal an agreement, and Trump on Wednesday sounded an optimistic note that a deal will be reached.
“We’re doing fine with China. I think it’s going to work out very well. I think we’re going to have a very fair deal with China,” he said.
Trump also announced 25% tariffs on imports from India, saying Indian tariffs were “among the highest in the World” and that New Delhi had “the most strenuous and obnoxious non-monetary Trade Barriers of any Country.”
The US president has so far reached agreements with the UK, Indonesia, Vietnam, the Philippines, Japan and the European Union, though details on many of the deals remain scant with the White House acknowledging that some require further negotiations.
