WASHINGTON:
The United States has concluded a trade agreement with Pakistan, said US President Donald Trump on Wednesday, a few hours after announcing 25 prices on imports from India in addition to the “penalty” not specified on the purchases of New Delhi of Russian arms and energy.
Trump said the agreement with Pakistan included the joint development of the country’s “massive” oil reserves. The announcement occurred while talks continue with other nations, including South Korea, before its self-imposed deadline on August 1.
“We have just concluded an agreement with the country of Pakistan, by which Pakistan and the United States will work together to develop their massive oil reserves,” Trump wrote in his social media platform for “Truth Social”.
“We are choosing the oil company which will lead this partnership. Who knows, maybe they will sell oil to India one day!” The American president wrote in his article, without giving additional details on the agreement.
Trump said that his administration was “very busy in the White House today working on commercial agreements”. He said: “I spoke to the leaders of many countries, who all want to make the United States” extremely happy “. I will meet the South Korean sales delegation this afternoon.”
Trump imposed a deadline of August 1 for dozens of nations to conclude trade agreements with the United States or the prices opposite have increased well above the 10% base line which he had already deployed. In a separate announcement, Trump said that the deadline for August 1 “is strong and will not be extended.”
Trump also announced 25% of import prices from India, saying that Indian prices were “among the highest in the world” and that New Delhi had “the most intense and unpleasant non -monetary barriers of all countries”.
The 25% rate would be slightly lower than the rate announced in April, but is higher than that of other Asian countries. India was one of the first major economies to initiate the Trump administration, but its reluctance to fully open its agricultural sectors and others has so far prevented an agreement.
“Remember, while India is our friend, over the years we have done relatively little with them because their prices are far too high, among the highest in the world, and they have the most intense and odious non-monetary trade barriers in all countries,” said Trump on Wednesday morning.
He added that India “always bought a large majority of their military equipment in Russia and is the largest energy buyer in Russia, as well as China, at a time when everyone wants Russia to stop murder in Ukraine”. In addition to the 25%rate, India will face “a penalty for the above,” said Trump.
Later in the day, he told journalists that discussions on the prices were underway and “we will see what is going on”, but he did not explain the penalty. In response, the Indian government said it was studying the implications for the announcement of Trump’s prices.
India and the United States have embarked on negotiations on the conclusion of a bilateral, equitable, balanced and mutually beneficial “trade agreement in recent months, and New Delhi remains attached to this objective, said in a statement from the Commercial Ministry of India.
The American president has so far concluded agreements with the United Kingdom, Indonesia, Vietnam, the Philippines, Japan and the European Union, although details on many transactions remain rare with the White House recognizing that some require additional negotiations.
Trump rang an optimistic note that an agreement will be concluded with China, which was given until August 12 to conclude an agreement. “We are doing well with China. I think it will work very well. I think we are going to have a very good agreement with China,” he said.
“Other countries make offers for a reduction in prices. All of this will help reduce our trade deficit in a very important way. A full report will be published at the appropriate time. Thank you for your attention to this question. Make America again!” Said Trump.
Meanwhile, Trump shocked the markets with a 50% rate rate on copper pipes and wiring, resulting in American copper prices by more than 17% on Comex Exchange and has a bonus compared to the world reference in London which had increased in recent weeks.
