Trump Seals Oil Deal, Envisioning Pakistan as New Energy Frontier
US President Donald Trump announced a trade deal with Pakistan to explore its untapped oil reserves, hinting at future exports to India. However, he imposed tariffs on Indian goods and criticized India's trade policies, citing ongoing negotiations for a favorable bilateral trade agreement with the US.
In a striking move, US President Donald Trump revealed a new trade agreement with Pakistan aimed at developing its substantial oil reserves, potentially opening a new chapter in the South Asian energy market.
Amidst this announcement, Trump underscored a fresh wave of tariffs on Indian goods, up to 25%, criticizing Indian trade regulations as 'most strenuous and obnoxious.' Despite these tariffs, Trump's administration continues to negotiate with India towards a balanced trade agreement.
As Pakistan endeavors to tap into its offshore oil deposits, this collaboration with the US could be pivotal. Meanwhile, India has acknowledged the US President's statement, emphasizing ongoing trade negotiations. Trump's new tariffs are slated to commence August 1.
(With inputs from agencies.)
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