Pakistan woos Donald Trump! In a significant move, Pakistan has proposed a zero-tariff bilateral trade agreement to the United States, PTI quoted Geo News on Thursday. The proposal comes at a time when India and the US are quickly looking to seal a trade deal. Trump has said that India has offered ‘zero tariffs’ to the US as part of the ongoing negotiations.
"Pakistan is offering to enter into a bilateral agreement with zero tariffs on selected tariff lines, with mutual interests, to expand bilateral trade across multiple sectors," a senior official disclosed to the channel whilst discussing the new policy extended to the US.
Pakistan’s proposal follows Trump's claim about mediating a "ceasefire" between Pakistan and India, PTI said. Additionally, Trump had expressed appreciation for the leadership of both nations and indicated his intention to engage in substantial trade relations with the two countries.
On April 2, Trump implemented comprehensive reciprocal tariffs affecting various nations, including India and China. Subsequently, on April 9, he declared a 90-day suspension of these duties until July 9 this year, excluding China and Hong Kong from the relief, as approximately 75 nations sought trade agreements with America.
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Donald Trump says India has offered a trade deal with ‘literally no tariffs’Trump announced on Thursday that India has extended a proposal for a trade arrangement that would eliminate all import duties on American goods. According to Trump, India has suggested removing all tariffs on products imported from the United States. This proposal would effectively allow US merchandise to enter the Indian market without any import taxes.
"It is very hard to sell in India, and they are offering us a deal where basically they are willing to literally charge us no tariffs," Trump stated during a meeting with executives in Doha, as reported by Reuters.
The United States continues to be India's largest trading partner, with bilateral trade amounting to roughly $129 billion in 2024. India presently enjoys a trade surplus of $45.7 billion in its commercial exchanges with the United States.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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