- The United States has reduced the price on Pakistani products from 29% to 19%: Minister.
- Reduction of tasks likely to stimulate the country’s textile exports.
- Thursday, President Trump’s higher rate rates come into force.
Pakistan will not undergo a loss of $ 1 billion due to the taxation of 19% by the United States, the Minister of Commerce, Jam Kamal Khan, informed the National Assembly on Thursday.
In his response subject to the lower chamber of the Parliament, the Minister of Commerce said that the United States had reduced the Pakistani goods tariff by 29% to 19%.
Reduction of prices will increase the sales of Pakistani products on the American market and likely to stimulate textile exports from Pakistan, he maintained.
The response occurred while Trump’s highest rate rates from 10% to 50% on dozens of business partners, including Pakistan, began on Thursday, testing its strategy for the narrowing of American trade deficits without massive disruption of global supply chains, higher inflation and rigorous reprisals of business partners.
Earlier this month, Trump announced a new wave of high import rights, targeting dozens of countries – including Pakistan with 19% of reciprocal rate, before the deadline of August 1.
Previously, the American president had slapped 29% of Pakistani products, which was revised when the two countries finalized a trade agreement.
Islamabad described the agreement as a wider partnership with Washington, and Finance Minister Muhammad Aurangzeb, who led the last series of conferences, said there was a greater economic and strategic agreement.
The American president deceived a pact to help develop the oil reserves of Pakistan. “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,” wrote Trump on social networks.
“We are choosing the oil company that will lead this partnership.”
The Islamabad commercial surplus with Washington was around $ 3 billion in 2024, mainly due to textile exports. The United States is the largest market in Pakistan for textiles.
Trump’s July 31 tariff order imposed rights over 10% out of 67 business partners, while the rate was maintained at 10% for those who are not listed.
These import taxes are part of a multilayer price strategy which includes sectoral prices based on national security on semiconductors, pharmaceuticals, cars, steel, aluminum, copper, wood and other goods. Trump said on Wednesday that micropile tasks could reach 100%.
