Trump says US and Pakistan have concluded a trade deal
'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 wrote on social media.
'We are in the process of choosing the Oil Company that will lead this Partnership.'
Trump's social media post did not provide further details on the deal between the U.S. and Pakistan. The Pakistani embassy in Washington had no immediate comment.
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.
Under Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization.
The U.S. 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.
'Our teams have been here in Washington discussing, having virtual meetings and a committee has been tasked by the prime minister to fine tune now,' Dar said last week about U.S.-Pakistan talks.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
US trade gap skids to 2-year low; tariffs exert pressure on service sector
The U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, and the trade gap with China shrank to its lowest in more than 21 years, the latest evidence of the imprint on global commerce President Donald Trump is making with sweeping tariffs on imported goods. Trump's tariffs are leaving their mark on the U.S. economy beyond trade, as a measure of activity in the vast services sector hit stall-speed in July, with businesses saying the swarm of new import taxes is driving up costs and making business planning more difficult. The overall trade gap narrowed 16.0% in June to $60.2 billion, the Commerce Department's Bureau of Economic Analysis said on Tuesday. Days after reporting that the goods trade deficit tumbled 10.8% to its lowest since September 2023, the government said the full deficit including services also was its narrowest since then. Exports of goods and services totaled $277.3 billion, down from more than $278 billion in May, while total imports were $337.5 billion, down from $350.3 billion. Imports of consumer goods and industrial supplies and materials were both the lowest since the middle of the COVID-19 pandemic, while exports of capital goods hit a record high. The diminished trade deficit contributed heavily to the rebound in U.S. gross domestic product during the second quarter, reported last week, reversing a drag in the first quarter when imports had surged as consumers and businesses front-loaded purchases to beat the imposition of Trump's tariffs. The economy in the second quarter expanded at a 3.0% annualized rate after contracting at a 0.5% rate in the first three months of the year, but the headline figure masked underlying indications that activity was weakening. US trade advisor says Trump tariff rates unlikely to change Last week Trump, ahead of a self-imposed deadline of August 1, issued a barrage of notices informing scores of trading partners of higher import taxes set to be imposed on their goods exports to the U.S. With tariff rates ranging from 10% to 41% on imports to the U.S. set to kick in on August 7, the Budget Lab at Yale now estimates the average overall U.S. tariff rate has shot up to 18.3%, the highest since 1934, from between 2% and 3% before Trump returned to the White House in January. 'Last week's trade announcement reduced policy uncertainty, but businesses hoping tariffs were just threats must now adjust to the reality they are here to stay,' Nationwide Financial Markets Economist Oren Klachkin said in a note. 'We think the negative impact of high tariff rates will outweigh any positives from lower policy uncertainty.' China trade gap A centerpiece of Tuesday's report was the latest steep drop in the U.S. trade deficit with China, which tumbled by roughly a third to $9.5 billion in June to its narrowest since February 2004. Over five consecutive months of declines, it has narrowed by $22.2 billion - a 70% reduction. U.S. and China trade negotiators met last week in Sweden in the latest round of engagement over the trade war that has intensified since Trump's return. The U.S. currently imposes a 30% tariff on most Chinese imports, which have fueled a steep drop-off in inbound goods traffic from China. Imports from China dropped to $18.9 billion, the lowest since 2009. The trade negotiators have recommended that Trump extend an August 12 deadline for the current tariff rate to expire and snap back to more than 100%, where it had briefly been earlier this year after a round of tit-for-tat increases by both sides. 'We're getting very close to a deal,' Trump said Tuesday in an interview on CNBC. 'We're getting along with China very well.' Trump stakes reputation as dealmaker with tariff policy The deficit with China was not the only one to narrow. Amid a continuing impasse on trade talks with Canada and hefty tariffs imposed on autos, steel and aluminum, the trade gap with the United States' northern neighbor was the smallest in nearly five years at $1.3 billion. The trade deficit with Germany also slid, coming in at $3.8 billion and the lowest in five years. But a pair of key Asian trading partners - Taiwan and Vietnam - both posted record surpluses. Services sector softening The tariff effects showed signs last month of spilling over into the domestic services sector, which accounts for roughly two-thirds of total U.S. economic activity. Business activity unexpectedly flatlined in July with little change in orders and a further weakening in employment even as input costs climbed by the most in nearly three years, underscoring the ongoing drag on businesses from tariff policy uncertainty. The Institute for Supply Management's nonmanufacturing purchasing managers index slipped to 50.1 last month from 50.8 in June. Economists polled by Reuters had forecast the services PMI would rise to 51.5. A PMI reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of the economy. The survey's measure of services employment fell to 46.4, the lowest level since March, from 47.2 in June. It has indicated contraction in four of the last five months, and the reading followed the release last week of the Labor Department's surprisingly soft U.S. employment report. Price pressures, meanwhile, continue to mount. The survey's prices paid index rose to 69.9, the highest level since October 2022, from 67.5 in June. Inflation until now has largely remained moderate because businesses have been selling merchandise accumulated before import duties came into effect, but data last week showed prices in some categories of goods like home furnishings and recreational gear have begun rising briskly. More benign inflation from the services sector has helped keep overall inflation in check, but the ISM data brings into question whether that trend will continue or further fan concerns about the emergence of stagflation. Respondents to the ISM survey frequently mentioned tariffs as a drag. 'Trade uncertainty causing client reevaluation of feasibility for projects in certain sectors, resulting in some delays or cancellations,' a respondent from the construction sector said.
Express Tribune
3 hours ago
- Express Tribune
Govt invites opposition for dialogue on 26th Amendment
Listen to article Law Minister Azam Nazeer Tarar extended an invitation to the opposition for dialogue over the 26th Constitutional Amendment, calling for consensus-building to address broader national challenges, Express News reported. Speaking during a session of the National Assembly on Tuesday, he defended the amendment, which redefines the mechanism of judicial appointments, stating it had been passed with a two-thirds majority. 'If you believe it can be improved further, let's sit together and discuss it,' he said. The minister maintained that the revised appointment process—aimed at increasing transparency and inclusiveness—was in line with international best practices. "It was corrected to ensure that Parliament—as the mother of all institutions—is given the role it truly deserves. This is how it's done across the world. Judicial appointments everywhere follow a similar model.' قومی اسمبلی کے اجلاس کے دوران وفاقی وزیر برائے دفاع خواجہ محمد آصف کا عراق اور ایران جانے والے زائرین کے لئے مہیا کردہ سفری سہولیات کے حوالے سے اظہار خیال #NASession @KhawajaMAsif — National Assembly 🇵🇰 (@NAofPakistan) August 5, 2025 He also expressed concern over the prolonged delays in the judicial process, particularly the years-long backlog of cases. 'I've said this before—if we sit together, we can resolve these issues,' he stressed. 'Criminal cases often take a decade to conclude, and death row inmates can spend 11 to 12 years in death cells. Should we not address that? Civil cases sometimes remain undecided for as long as 30 years. Shouldn't we act on that as well?' Tarar revealed that a draft comprising 108 proposed constitutional amendments is currently pending in the Law and Justice Committee. 'Let's start from there. We were ready before, and we are ready today. Tearing up drafts will not solve any problems—dialogue will,' he stressed. Read More: Islamabad denies involvement of Pakistani nationals in Russia-Ukraine conflict He emphasised that political stability cannot be achieved through confrontation. 'Where there is sincerity, there is always a way forward,' he remarked, urging parties across the aisle to seek common ground. The minister also recalled the political developments of April 2022, when the National Assembly was dissolved to block a no-confidence motion. 'You now say the government is flawed, but back then, a resolution was dismissed within 90 seconds. Such decisions undermined the will of 250 million citizens,' he noted. He further warned against political double standards. ' Assemblies were dissolved for political convenience, and it's not the first time politicians have faced consequences,' he said, calling for dialogue 'even behind closed doors, if necessary.'
Express Tribune
4 hours ago
- Express Tribune
Bangladesh to hold elections in February 2026, says Yunus
People use coloured smoke and wave flags as they celebrate the one year anniversary since student-led protests ousted Bangladesh's former Prime Minister Sheikh Hasina, at Manik Mia Avenue, outside of the parliament building, in Dhaka, Bangladesh, August 5, 2025. PHOTO: REUTERS Listen to article Bangladesh interim leader Muhammad Yunus said on Tuesday he would ask the election commission to hold a national election next February. Earlier thousands of exultant Bangladeshis gathered in Dhaka on Tuesday to mark the first anniversary of the mass protests that toppled former Prime Minister Sheikh Hasina, as the interim government unveiled a symbolic roadmap promising democratic reform. Rallies, concerts, and prayer sessions were held in the capital as people in the Muslim-majority South Asian nation celebrated what they called the country's 'second liberation'. The events culminated with Nobel peace laureate Muhammad Yunus formally reading out the 'July Declaration' – a 28-point document that seeks to give constitutional recognition to the 2024 student-led uprising, sparked by economic woes and repression, that forced Hasina to flee to India on August 5. Also Read: Dhaka shows interest in coal, limestone import 'The people of Bangladesh express their desire that the student-people uprising of 2024 will get proper state and constitutional recognition,' said Yunus, the de facto prime minister who heads the interim government installed after Hasina's ouster, as representatives of political parties looked on. People watch Muhammad Yunus, leader of Bangladeshi interim government, as he appears on a screen while reading the July Declaration, during celebrations marking the one-year anniversary of student-led protests that led to the ousting of Bangladeshi then-Prime-Minister Sheikh Hasina, at Manik Mia Avenue, outside the parliament building, in Dhaka, Bangladesh, August 5, REUTERS 'The July Declaration will feature in the schedule of the reformed constitution as framed by the government formed through the next national election,' he said. Supporters see the charter as a foundation for institutional reform, but critics have warned its impact could be largely symbolic in the absence of a legal framework or parliamentary consensus. Earlier on Tuesday, in a message to the nation, Yunus said: 'Together, we will build a Bangladesh where tyranny will never rise again,' As he paid tribute to those who sacrificed their lives. A peaceful, fair and transparent election could be held early next year, he said, pledging a return to full democratic rule amid mounting pressure for a swifter transition and growing labour unrest. 'Fallen autocrats and their self-serving allies remain active,' he added, urging unity to protect the gains of the uprising while his government holds reform talks with political parties and civil society. His interim government had launched sweeping reforms, he added, while trials for those responsible for the 'July killings' of 2024 were progressing swiftly. Mixed emotions Crowds waving flags, holding placards, and chanting slogans gathered near parliament, including some who had been injured in the protests. 'On this day in 2024, the tyrant Sheikh Hasina fled the country,' said Ahmedul Hasan, who was accompanied by his sister. 'I was here last year too. I've come again to remember that moment and join the celebrations.' Others were less exuberant. 'Even after all the bloodshed and sacrifice, a truly liberal democracy in Bangladesh still feels like a distant dream,' said Sabbir Ahmed, a college student from Jamalpur who participated in last year's protests. Read More: Bangladesh to unveil democratic reforms on coup anniversary Police were on high alert throughout the capital, with armoured vehicles patrolling the streets to deter any attempt by Hasina's banned Awami League to disrupt the day's events. 'Let this anniversary not be a day of retrospection, but a rallying cry for a brighter tomorrow,' Hasina said in an open letter to the people of Bangladesh, adding that she had never resigned from her duties as prime minister. 'Bangladesh has overcome adversity before, and we will rise again, stronger, more united, and more determined to build a democracy that truly serves its people.' Despite some opposition, it is backed by major political groups, including the Bangladesh Nationalist Party (BNP), led by former premier Khaleda Zia. Supporters see the charter as a foundation for institutional reform, but critics have warned its impact could be largely symbolic in the absence of a legal framework or parliamentary consensus.
