Former US President Donald Trump has once again made a statement that has become a topic of discussion. On Wednesday, he posted on his official social media platform, Truth Social, announcing a major oil deal between the US and Pakistan. In the same post, he also claimed that "perhaps one day Pakistan will sell oil to India as well."
According to Trump, "A significant agreement has been made between America and Pakistan, under which both countries will jointly develop the vast oil reserves in Pakistan. An international oil company will be selected for this purpose, and this project will be important for the future."
Imposition of Import Duty and Penalty on India
Just hours after this announcement, Trump also declared the decision to impose a 25 percent import duty on India. He cited India's higher import duties, trade barriers, and the large-scale purchase of fuel and weapons from Russia as reasons. According to him, although India is a friendly country, it is not compatible with American trade interests. "India is the country that imposes the highest import duties in the world, and its non-monetary barriers are extremely complex," he said.
Industries Affected by the Tax Impact
Due to the import duties effective from August 1, many products sent from India to the United States will become more expensive. The major sectors affected include:
Automobiles and their spare parts
Steel and aluminum
Smartphones
Solar panels and modules
Marine products (seafoods)
Gems and jewelry
Processed food and agricultural products
On the contrary, the pharmaceutical, semiconductor, and essential minerals sectors are excluded from this.
What is the information about oil reserves in Pakistan?
Last year, large reserves of oil and gas were discovered in Pakistan's southern maritime area. According to the local news agency Dawn, this reserve was found after approximately 3 years of surveying, and given its density, it is estimated that it could become the fourth largest reserve in the world. An estimated cost of ₹42,000 crore is expected for the preliminary research of this project, and it will take another 4-5 years for actual excavation and distribution. Through the development of these reserves, Pakistan is attempting to boost its 'Blue Economy'.