Hours after imposing a 25% tariff along with additional penalties on Indian imports, US President Donald Trump said on Wednesday that the United States has struck a new trade agreement with Pakistan to jointly develop the country’s vast oil reserves — a move he says could eventually lead to Pakistan exporting oil to New Delhi.

“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,” Trump said in a bold statement. “Who knows, maybe they’ll be selling Oil to India some day!”

This comes after Trump’s declaration of a 25% tariff and extra penalties on goods imported from India, set to take effect on August 1. He pointed to India’s persistent oil trade with Russia and existing trade restrictions as major factors behind the decision.

The president shared on Truth Social that it had been a “very busy” day in the White House, largely focused on trade negotiations. “I have spoken to the Leaders of many Countries, all of whom want to make the United States ‘extremely happy,’” he said. “All of this will help reduce our Trade Deficit in a very major way.”

Trump added that the administration is currently selecting an oil company to lead the US-Pakistan energy partnership. He did not name specific firms or provide a timeline for project commencement.

Last week, Pakistani Foreign Minister Ishaq Dar said the United States and Pakistan were “very close” to a trade deal that could come within days, after he met with Secretary of State Marco Rubio on Friday. The US State Department and Pakistan’s foreign ministry, in separate statements after Rubio’s meeting with Dar, said last week the two top diplomats stressed in their discussion the importance of expanding trade and ties in critical minerals and mining.

TRUMP TO MEET SOUTH KOREAN DELEGATION

In a separate development, Trump said he is preparing to meet with a South Korean trade delegation to discuss tariff reductions. “South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs,” he noted. “I will be interested in hearing what that offer is.”

The president hinted that several other countries are also offering tariff deals, part of what he characterised as a broader effort to correct America’s trade imbalance.

“A full report will be released at the appropriate time,” Trump concluded. “Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!”

– Ends

With inputs from Reuters

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