WASHINGTON – Former US President Donald Trump announced that the United States has reached a landmark agreement with Pakistan to jointly develop the country’s untapped oil reserves, marking a significant shift in energy cooperation between the two nations.
In a post on 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.” He added that the US is in the process of selecting the lead company for the project and hinted at future exports, possibly to India.
This is the first major step by Washington to assist Pakistan in exploring and extracting its long-rumored offshore and onshore oil resources.
The announcement comes amid broader negotiations between Islamabad and Washington on a new trade framework. Finance Minister Mohammad Aurangzeb, currently in Washington, is holding high-level discussions aimed at finalizing a tariff deal before the August 1 deadline. Foreign Minister Ishaq Dar confirmed that a committee is working to secure trade terms comparable to recent US deals with Japan, Indonesia, and Vietnam, which feature tariffs between 15% and 20%.
Trump also confirmed steep 25% tariffs on Indian imports, alongside unspecified penalties for New Delhi’s continued purchases of Russian oil and weapons. He criticized India’s “obnoxious trade barriers” and warned that no further extensions would be given to countries that fail to reach agreements by week’s end.
Separately, the US State Department imposed sanctions on six Indian firms for engaging in trade involving Iranian petrochemicals. Several Chinese and UAE-based companies and oil tankers were also sanctioned.
India responded by reaffirming its commitment to negotiating a fair trade deal with the US, while the Indian rupee and stock futures took a hit following the announcement.
Story by Anwar Iqbal
