Donald Trump Announces Pakistan Oil Deal, Says 'MASSIVE Reserve' Could See Islamabad 'Selling To India Someday'

(MENAFN- Live Mint) US President Donald Trump on Wednesday announced a new trade deal with Pakistan, highlighting a joint initiative to develop the country's substantial oil reserves and intriguingly suggesting that "some day" Pakistan might sell oil to India.

He said in a Truth Social post,“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 stated that the partnership is still in its initial phase, and a major oil company has yet to be chosen.

“We are in the process of choosing the Oil Company that will lead this Partnership,” he stated, offering no further details about which firms are under consideration or the terms of the agreement.”

He also mentioned,“Who knows, maybe they'll be selling Oil to India some day!”

Why the announcement is significant for India?

The announcement is significant as it comes just hours after Trump declared a 25%t tariff, along with additional penalties, on imports from India, citing high trade barriers and India's energy and military purchases from Russia as key reasons.

India“is our friend,” Trump said on his Truth Social platform announcing the taxes, but its tariffs on U.S. products“are far too high.”

The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional“penalty” starting on Friday as part of the launch of his administration's revised tariffs on multiple countries.

However, Trump noted that the two countries were still negotiations stage despite the tariffs slated to begin in a few days.

The Indian government, meanwhile, is studying the implications of Trump's tariffs announcement.

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, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement.

(With inputs from agencies)

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