Donald Trump announces oil trade deal with Pakistan

F.P. Report

WASHINGTON : US President Donald Trump has announced that the trade deal with Pakistan has been completed.

The United States President said that under the deal, the US and Pakistan will jointly explore their respective oil reserves, and the two governments will jointly determine the oil company that will explore for oil, adding Pakistan might one day sell oil to India.

Taking to the tweeter, the President of the United States said, “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. Who knows, maybe they will be selling oil to India some day.”

Earlier, in a major concession to the United States for striking a trade deal, Pakistan on Wednesday exempted 5 per cent tax, which it had imposed a month ago on foreign tech firms and online platforms on supply of digitally ordered goods and services, a media reports says.

However, the tax exemption is not specific to only the US tech companies. All the foreign firms will benefit from the decision, which has been taken on the demand of the US administration, a senior official of the Federal Board of Revenue told media.

It should be noted that US President Donald Trump, while announcing the imposition of tariffs on India, had said that India would have to pay a 25 percent tariff from August 1.

If India did not pay the tariff, it would have to pay a fine. The US was previously charging a 14.26 percent tariff from India.

The US President said that despite being a friend, India did less business with us. India collects the highest tariffs in the world but gives us less.

Trump had said that India has always made large deals with Russia for military equipment. India is Russia’s largest energy buyer, along with China.

The US President also said that India will pay a penalty along with the tariffs, which will be effective from August 1. India’s trade barriers are also the most stringent and undesirable.

It should be noted that the US President had announced the imposition of a 26% tariff on Indian products in April, the implementation of which was postponed until July.

Earlier, US President Donald Trump had also stopped the establishment of a manufacturing plant for the car manufacturer Tesla in India.

In addition, Trump also warned Apple that if the company did not manufacture its iPhones in the United States, it would face a 25% tariff.

Trump said that we expect iPhones sold in the United States to be manufactured on American soil, not in India or anywhere else. If this is not the case, Apple will have to pay at least a 25 percent tariff in the United States.