Trump announces trade deal with Pakistan to develop ‘massive oil reserves’
New York/Washington (PTI): US President Donald Trump has announced sealing a trade deal with Pakistan and said that Washington will work with Islamabad to develop what he described as the South Asian nation's "massive oil reserves".
It is not immediately clear what massive oil reserves in Pakistan Trump was referring to.
In a social media post, the US President also wondered if Pakistan could sell oil to India "some day".
“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 post on Truth Social on Wednesday.
"We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they’ll be selling oil to India some day!” he added.
There was no immediate reaction from Pakistan on the trade deal with the US.
Pakistan currently imports oil from the Middle East to meet its energy demands, but there are reports about vast offshore deposits that are largely unexplored due to a lack of technical expertise and funds. The country has been trying to lure in investments to tap into these reserves.
The announcement came hours after Trump announced a 25 percent tariff on all goods coming from India, plus an additional penalty for purchases of Russian military equipment and energy.
In a social media post, Trump termed India's trade policies as "most strenuous and obnoxious".
"All things not good! India will therefore be paying a tariff of 25 percent, plus a penalty for the above, starting on August first," Trump said.
During the day, he spoke multiple times about the tariffs that India imposes and referred to India’s membership in the BRICS (Brazil, Russia, India, China and South Africa) grouping, which he described as "anti-US".
Responding to a question on negotiations with India, Trump said Washington is talking to Delhi. "...We are going to see, we're negotiating with India right now,” he said, while calling India's tariff "one of the highest tariffs in the world".
Trump said the White House has been “very busy” working on trade deals, and he will be meeting with the South Korean trade delegation.
“Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time,” he said.
India said it has “taken note" of Trump’s statement on bilateral trade and the Government is studying its implications.
“India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,” the statement said.
Trump has set the August 1 date for his tariffs to go into effect.
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NATO, others turn down US call for help in Hormuz: Trump
Washington (PTI): President Donald Trump on Tuesday said NATO and most of US' other allies have rejected his calls to help secure the Strait of Hormuz as the war with Iran entered the third week.
In a social media post, Trump asserted that Iran’s military has been “decimated” and he no longer felt the need for assistance from NATO countries or anyone else.
Last week, Trump had sought help from European nations and others who depend on oil supplies transiting from the Hormuz Strait to safeguard the critical waterway.
“The United States has been informed by most of our NATO “Allies” that they don’t want to get involved with our Military Operation against the Terrorist Regime of Iran, in the Middle East, this, despite the fact that almost every Country strongly agreed with what we are doing, and that Iran cannot, in any way, shape, or form, be allowed to have a Nuclear Weapon,” the US President said in a post on Truth Social.
Iran's attacks on Gulf nations and its grip on the Strait of Hormuz, through which a fifth of the world's oil is transported, have sparked increasing concerns of a global energy crisis and are unnerving the world economy.
“I am not surprised by their action, however, because I always considered NATO, where we spend Hundreds of Billions of Dollars per year protecting these same Countries, to be a one-way street — We will protect them, but they will do nothing for us, in particular, in a time of need,” Trump said.
He said Australia, Japan and South Korea too have turned down his call for help.
“Fortunately, we have decimated Iran’s Military – Their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again,” Trump said.
He said that given the scale of recent military successes, the US no longer "need" or desires assistance from NATO countries, adding that it never relied on such support in the first place.
Speaking as President of the United States, the "most powerful" country in the world, "we do not need" help from anyone, Trump said.
The West Asia conflict began on February 28 when the US-Israeli combine conducted airstrikes on Iran.
The Strait of Hormuz, the narrow waterway that connects the Persian Gulf to the open ocean, has effectively been shut following the US and Israel attack on Iran and Tehran's sweeping retaliation.
However, Iranian Foreign Minister Abbas Araghchi had said that from Tehran's "perspective", the strait is "open". "It is only closed to Iran's enemies, to those who carried out unjust aggression against our country and to their allies.”
Earlier in the day, a second Indian-flagged LPG tanker, Nanda Devi, reached the country after safely sailing from the war-hit Strait of Hormuz. On Monday, the first ship, Shivalik, reached Mundra port in Gujarat.
As of now, 22 Indian vessels remain on the west side and two on the east side of the strait.
Indian authorities are in constant touch with all the relevant stakeholders in the region to secure the safe passage of the remaining ships, officials said.
