- US Cut Customs on Pakistani Goods from 29% to 19%: Minister.
- Reduction in tasks that are likely to increase the country’s textile exports.
- President Trump’s higher tariffs will come into force on Thursday.
Pakistan will not like a loss of $ 1 billion due to the introduction of 19% duties from the United States, informed trade minister Jam Kamal Khan National Assembly on Thursday.
In his response, presented to Parliament’s House of House, the Minister of Commerce said the United States has cut customs on Pakistani goods from 29% to 19%.
The reduction in the tariff will lead to the increase in sales of Pakistani products in the US market and probably increase Pakistan’s textile exports, he maintained.
The response came when Trump’s higher tariff rates of 10% to 50% on dozens of trading partners, including Pakistan, kicked in on Thursday and tested his strategy to shrink US trade deficits without massive disturbances in global supply chains, higher inflation and rigid retaliation from trading partners.
Earlier this month, Trump announced a fresh wave of steep import assignments that targeted dozens of countries – including Pakistan with 19% mutual duty, before the 1st of August.
Previously, the US president had beaten 29% duty on Pakistani goods, which were revised when the two countries concluded a trade agreement.
Islamabad described the agreement as a marker of a broader partnership with Washington, and Finance Minister Muhammad Aurangzeb, who led the last round of negotiations, said there was a larger financial and strategic agreement.
The US president, meanwhile, trumpet a covenant to help develop Pakistan’s oil reserves. “We have just concluded an agreement with the country Pakistan, where Pakistan and the United States will work together to develop their massive oil reserves,” Trump wrote on social media.
“We are in the process of choosing the oil company that will lead this partnership.”
Islamabad’s trade surplus with Washington was about $ 3 billion in 2024, mainly due to textile exports. The United States is Pakistan’s largest textile market.
Trump’s July 31 -Teaching order imposed tasks over 10% on 67 trading partners, while the rate was kept at 10% for those who were not listed.
These import duties are part of a multi -layer customs strategy that includes the national security -based sectoral starifs on semiconductors, pharmaceutical substances, cars, steel, aluminum, copper, timber and other goods. Trump said Wednesday that the microchip tasks could reach 100%.
