Pakistan and US seek quick trade deal

Pakistani and US officials have held high-level talks on tariffs and aim to finalize a trade deal as soon as possible, Bloomberg reported, citing a statement from Islamabad.

The South Asian country has been pushing for the removal of tariffs imposed by President Donald Trump.

Pakistani Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick held a virtual discussion on June 16, the Pakistani finance ministry said.

The two sides agreed to continue talks to finalize a trade deal “as soon as possible.” Detailed technical discussions are expected in the coming days.

Islamabad is trying to appease the US to secure a reprieve from the 29% reciprocal tariffs imposed by Trump, which are currently suspended until July. Prime Minister Shehbaz Sharif’s government is looking to buy more goods from the United States, including cotton and soybeans, and remove non-tariff barriers imposed by Washington, Aurangzeb told Bloomberg in April.

The United States is Pakistan’s largest export market, with more than $5 billion in annual exports by 2024, while Pakistan’s imports from the United States are about $2.1 billion.

Tags: USA, Pakistan, soybean