WASHINGTON: The United States (US) and Pakistan reached an agreement to collaborate on developing Pakistan’s oil reserves, the US President Donald Trump announced early on Thursday.
The Trump administration is currently selecting the lead oil company to oversee the partnership, Trump announced on his social media platform Truth Social.
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The US President also noted the potential for Pakistan to export oil even to India in the future, as part of opportunities for expanded regional trade.
The White House is also conducting ongoing trade discussions with several countries aimed at reducing tariffs and addressing what Trump claims to be a US trade deficit.
The businessman cited negations with the South Korean trade delegation, with the latter’s currently imposing 25 per cent tariff on certain goods.
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Other nations have reportedly proposed similar tariff cuts, which the Trump administration views as positive steps towards ‘balancing’ trade.
A comprehensive report on the trade developments is expected to be released by the US government in “due course”.