Trump Tariff News: GSK and AstraZeneca among top companies told to 'cut US prices or else'

India is engaged in trade talks with the United States after Washington imposed a 25% tariff on New Delhi, a move that could impact about $40 billion worth of the South Asian country's exports, an Indian government source with knowledge of the trade discussions told Reuters on Friday.

A delegation from the U.S. is expected to visit New Delhi later this month, the source added.

Eurozone inflation remained stable in July, official data showed Friday, confounding expectations that consumer price rises would ease.

Inflation in the single currency area stood at 2.0 percent last month, the EU's statistics agency said, sustained in part by a smaller drop in energy prices than a month earlier.

Analysts surveyed by FactSet and Bloomberg had predicted inflation would ease to 1.9 percent, but the July figure remained in line with the European Central Bank's two-percent target.

Core inflation, which strips out volatile energy, food, alcohol and tobacco prices, was also unchanged at 2.3 percent, as economists had forecast. - AFP

British pharmaceutical giants AstraZeneca and GSK are among several drugmakers who have received letters from former President Donald Trump demanding that the U.S. be charged the same prices for medicines as other countries.

The letters, posted on Trump’s Truth Social platform, give pharmaceutical companies a 60-day deadline to comply. Trump warned that failure to act would prompt the U.S. government to "deploy every tool in our arsenal" against them.

The move has rattled markets, with pharma stocks slipping in response. Russ Mould, investment director at AJ Bell, noted, “This is the market’s way of signaling discomfort with Trump essentially declaring war on the pharmaceutical industry.”

In an unexpected twist, the uninhabited Heard and McDonald Islands—remote Australian territories in the southern Indian Ocean—will retain their 10% tariff rate under the latest round of US trade policy changes.

Despite the fact that no humans have visited the icy outposts in nearly a decade, the islands found themselves on former President Donald Trump’s tariff list during his sweeping trade overhaul announced on Liberation Day in April.

The exact nature of trade between the United States and the remote islands remains unclear. Australia had previously described the inclusion of the territories in the tariff regime as a “clear mistake.”

“Poor old penguins, I don't know what they did to Trump,” quipped Trade Minister Don Farrell at the time.

Prime Minister Anthony Albanese echoed the absurdity, saying, “It just shows and exemplifies the fact that nowhere on Earth is safe from this.”

Piyush Goyal, Nirmala Sitharaman hold crucial meeting as new levies rattle world economy

Indian manufacturing growth expanded at its fastest pace in 16 months in July, driven by robust demand, but business confidence fell to a three-year low amid competitive pressures and inflation concerns, a survey showed on Friday.

The HSBC India Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 59.1 in July from 58.4 in June, slightly below a preliminary reading of 59.2. The index remained well above the 50-mark separating growth from contraction.

New orders increased at the fastest pace in nearly five years, buoyed by favourable market conditions and marketing efforts. That propelled output growth to a 15-month high.  - Reuters

Senior White House official says higher tariffs ordered by Trump on dozens of trade partners will go into effect on August 7 - AFP

India is weighing options to placate the White House, including boosting imports of U.S. goods, but has ruled out buying F-35 fighter jets, according to a Bloomberg report citing people familiar with the matter. Officials told Bloomberg that while natural gas, communication equipment, and gold purchases may be increased to help narrow India’s trade surplus with the U.S. over the next three to four years, no defence purchases are being planned. (Read More)

In an interview with NBC News, US President Donald Trump said his tariff rollout is progressing “very well, very smooth.” He warned countries that haven’t yet reached trade deals with the US that it’s now “too late” to negotiate before the new tariffs take effect — though he left the door open for talks later, saying, “somebody could come along in four weeks” with a proposal. Responding to concerns about potential price hikes for American consumers, Trump dismissed them, saying, “The only price that’s spiked is the hundreds of billions of dollars coming in.” When asked about Brazilian President Luiz Inácio Lula da Silva’s opposition to his tariff plan, Trump responded bluntly: “That’s OK. But he doesn’t have to do business with the United States, which is fine with me.”

Australia appears to have avoided a tariff hike, with Trade Minister Don Farrell stating that no other country secured a lower rate than what was initially offered by the White House. While he did not confirm the final number, Farrell indicated that Australia would likely retain the original 10% import duty announced by President Donald Trump in April. A spokesperson added that Canberra would continue pushing for the complete removal of tariffs under the existing free trade agreement. In contrast, neighbouring New Zealand has seen its tariff rate raised from the initial 10% to 15%.

Country/Territory Reciprocal Tariff

Afghanistan - 15%

Algeria - 30%

Angola - 15%

Bangladesh - 20%

Bolivia - 15%

Bosnia and Herzegovina - 30%

Botswana - 15%

Brazil - 10%

Brunei - 25%

Cambodia - 19%

Cameroon - 15%

Chad - 15%

Costa Rica - 15%

Côte d’Ivoire - 15%

Democratic Republic of the Congo - 15%

Ecuador - 15%

Equatorial Guinea - 15%

European Union (>15% Column 1) - 0%

European Union (<15% Column 1) - 15% minus Column 1 rate

Falkland Islands - 10%

Fiji - 15%

Ghana - 15%

Guyana - 15%

Iceland - 15%

India - 25%

Indonesia - 19%

Iraq - 35%

Israel - 15%

Japan - 15%

Jordan - 15%

Kazakhstan - 25%

Laos - 40%

Lesotho - 15%

Libya - 30%

Liechtenstein - 15%

Madagascar - 15%

Malawi - 15%

Malaysia - 19%

Mauritius - 15%

Moldova - 25%

Mozambique - 15%

Myanmar (Burma) - 40%

Namibia - 15%

Nauru - 15%

New Zealand - 15%

Nicaragua - 18%

Nigeria - 15%

North Macedonia - 15%

Norway - 15%

Pakistan - 19%

Papua New Guinea - 15%

Philippines - 19%

Serbia - 35%

South Africa - 30%

South Korea - 15%

Sri Lanka - 20%

Switzerland - 39%

Syria - 41%

Taiwan - 20%

Thailand - 19%

Trinidad and Tobago - 15%

Tunisia - 25%

Turkey - 15%

Uganda - 15%

United Kingdom - 10%

Vanuatu - 15%

Venezuela - 15%

Vietnam - 20%

Zambia - 15%

Zimbabwe - 15%

Stock markets across the Asia-Pacific region opened mostly lower on Friday morning following the announcement of sweeping new global tariffs by US President Donald Trump. Japan’s Nikkei 225 dropped 0.6% in early trading, while South Korea’s KOSPI saw a sharp fall of 3.2%. Taiwan’s TAIEX slipped 0.4%, and Australia’s S&P/ASX 200 declined 0.7%. Bucking the trend, Hong Kong’s Hang Seng Index edged up slightly by 0.2%.

Look, global trade – India is an ally. It’s a strategic partner. Like anything in foreign policy, you’re not going to align a hundred percent of the time on everything. India has huge energy needs and that includes the ability to buy oil and coal and gas and things that it needs to power its economy like every country does, and it buys it from Russia, because Russian oil is sanctioned and cheap and – meaning they have to – in many cases, they’re selling it under the global price because of the sanctions. - US Secretary Rubio

In a significant legal development, a federal appeals court held a hearing to examine whether President Trump exceeded his legal authority in imposing widespread tariffs. Judges expressed skepticism during oral arguments, raising the possibility of judicial pushback against the administration’s aggressive trade measures.

As part of the new trade framework, President Donald Trump declared that tariffs on Canadian imports will rise from 25% to 35%, effective tomorrow. However, products that meet the requirements under the United States-Mexico-Canada Agreement (USMCA) will be exempt from the increased rate, which could help cushion the blow for some sectors.

Just hours before a midnight deadline, the White House announced its revised trade policy. The administration confirmed a 10% "universal" baseline tariff for countries with which the U.S. has a trade surplus—this includes the majority of its trading partners. For countries where the US runs a trade deficit, a higher minimum tariff of 15% will be applied.

India's purchases of Russian oil are helping to sustain Moscow's war efforts in Ukraine and it is "most certainly a point of irritation" in New Delhi’s relationship with Washington, US Secretary of State Marco Rubio said on Thursday.

"Look, global trade – India is an ally. It’s a strategic partner. Like anything in foreign policy, you’re not going to align 100 per cent of the time on everything,” Rubio said in an interview with Fox Radio.

Rubio was responding to a question on President Donald Trump’s announcement of the 25 per cent tariff on India and an additional penalty for buying Russian military equipment and energy, and how disappointed Washington is with Delhi because of this. Read more

US President Donald Trump on Thursday said he extended Mexico’s current tariff rates for 90 days. Taking to Truth Social, he wrote, "I have just concluded a telephone conversation with the President of Mexico, Claudia Sheinbaum, which was very successful in that, more and more, we are getting to know and understand each other. The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems, and assets, of the Border. We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time, namely, that Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper."

He further added: "Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many. We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer."

Saket Mehra, partner, Grant Thornton Bharat, said that the recent imposition of a 25% tariff on Indian exports by the United States introduces a complex challenge for the Indian automotive industry. With vehicle and component exports to the US valued at $2.8 billion in 2024 and accounting for nearly 12.7% of US’s share in exports- the announcement is expected to impact pricing strategies and supply chain dynamics, he said.

Mehra further added: "Component manufacturers supplying critical systems such as drivetrains, engine assemblies, and EV parts may face short-term margin pressures. However, the industry’s history of resilience and adaptability positions it well to respond. Many firms are already exploring alternative markets and considering investments in tariff-neutral zones like Mexico to sustain their global presence."

He stated: "OEMs and two-wheeler manufacturers, particularly those expanding in the US, may need to reassess their export models. For some, this could mean accelerating plans for local assembly or shifting focus to regions such as Europe and Southeast Asia. While the tariff introduces uncertainty, it also encourages long-term innovation and strategic diversification. However, Indian suppliers may benefit from increased global interest under the “China+1” sourcing strategy. The coming months will be crucial in determining how effectively Indian automotive players can turn this challenge into an opportunity for deeper global integration."

In just over a decade, India has rapidly transformed from being one of the Fragile 5 to the fastest growing major economy in the world, said Piyush Goyal, in his address to the Parliament.

"We have risen from the 11th largest economy to one of the top 5 economies, driven by our reforms, hard work of our farmers, MSMEs and entrepreneurs," he said.

It is also widely expected that we will become the 3rd largest economy in a few years, said Goyal.

Today, international institutions and economists see India as the bright spot in the global economy. India is contributing to almost 16% of global growth, said Goyal.

-Piyush Goyal said that the government would take all necessary steps to secure and advance "our national interest", as he spoke about Trump's 25% tariff announcement on Indian goods from August 1.

- India contributes to 16% of global growth

-Govt has taken transformative measures during the decade to promote India as the manufacturing hub if the world through Make in India

-Indian exports has steadily increased during the last 11 years. In an increasingly protectionist world, India has signed mutually beneficial FTAs with UAE, UK, Australia and EFTA nations. We are also committed to similar trade agreements with other countries

-We are successfully working for the welfare of farmers and Indian agriculture to promote prosperity and ensure food security

-The government is confident we will continue our fast paced journey of inclusive growth and sustainable development towards the goal of Viksit Bharat 2047

Here's what Piyush Goyal said on US tariffs in Rajya Sabha:

-India, US entered into talks for a fair, balanced and mutually beneficial BTA, aiming to conclude it by fall of this year

-Ministry of Commerce is engaged with stakeholders, including stakeholders and industry for their assessment on their feedback

-Govt attaches utmost important to protecting and promoting welfare of farmers, workers, exporters, entrepreneurs, MSMEs and all sections of the industry

Goyal: We are constantly working towards protecting and promoting our farmers

Goyal: Govt is confident of achieving Viksit Bharat goals. India is progressing towards Make in India with self-confidence

Goyal: India through its reforms and MSMEs and industry's efforts are currently the 4th largest economy and will soon become the third largest economy

Goyal: International agencies look at India as the bright spot in the world economy

Goyal: India has signed mutually beneficial FTAs with UAE, UK, Australia and EFTA nations. With other nations too we want to broker such FTAs

Commerce Minister Piyush Goyal in Lok Sabha: I want to inform the house on the tariff levied by US on India on July 30

Goyal: In April, Trump had levied a reciprocal tariffs of countries, baseline tariffs of 10% was implemented in April. On India a 26% percent reciprocal tariffs, including the 10% duty. But this was paused for 90 days and then pause was extended to August 1

Goyal: India, US decided to talk over a mutually-beneficial trade deal aimed to be completed by fall of this year

Goyal: In March 29, India, US conducted the first physical meeting fr the early tranche of BTA and finalised the ToR

Goyal: India, US held 4 more round of physical talks after that to reach an agreement on early tranche of BTA

Goyal: India, US have conducted many virtual meetings in between those physical meeting

Iran's Embassy in India has condemned the United States over its decision to impose a 25% tariff on Indian imports and sanction six Indian companies involved in petrochemical trade with Iran. Along with this, Tehran accused Washington of weaponizing its economy through coercive sanctions targeting independent nations like Iran and India. (Read More)

Commerce Minister Piyush Goyal will be addressing Rajya Sabha at 4:30 pm, latest reports say. The Opposition has been attacking the Centre over the tariff imposed by US President Donald Trump.

In Moneycontrol Pro Panorama July 31 edition: RBI may cut rates to counter tariffs and disinflation, the worst maybe over for commercial vehicle sales, factors that can impact market course in near term, India’s needs to rethink trade sovereignty after tariff blow, and more (Read More)

Order Inflow Is Very Strong, Saw Healthy Revenue Growth

Order Backlog At An All-time High

Exports To US Is Very Low At This Point Of Time, Not Concerned About Tariffs

No Delays In Execution This Time Around

See 2 HVDC Projects In The Pipeline Every Year

Bidding For Every Upcoming HVDC Project

Expanding Mfg In Anticipation Of HVDC & Growth In Other Areas

We Are Improving Our Margin Profile, It Will Be Better Than Last Year

US President Donald Trump’s 25% tariff on Indian exports from Aug. 1 is expected to hurt a spate of sectors — from makers of apparel and generic drugs to jewelry and auto component firms. About 10% of total Indian exports would be affected between July and September if tariff exceeds 25%, Bloomberg News reported earlier, citing a person familiar with India’s internal calculations. The two-way trade between India and the US stood at an estimated $129.2 billion in 2024.

On US President Donald Trump’s announcement of imposing a 25% tariff on Indian products, Congress MP Gaurav Gogoi says, "US President Trump's statements for the last 2 days have been very unfortunate. I feel that EAM S Jaishankar and NSA Ajit Doval should be changed. These 2 advise the PM on foreign policy, and today, you are seeing the consequences. The imposition of a tariff is very unfortunate, but more unfortunate and tragic is the dialogue between President Trump and the Pakistani government. He has said that he will make an agreement with Pakistan so that India will buy oil from Pakistan in future. This exposes a new decline in the relationship between India and the US. That's why I feel the EAM and NSA should be changed..."

The Indian rupee fell to an over five-month low on Thursday, hurt by U.S. President Donald Trump's threat of a 25% tariff on the Asian country's exports, and the central bank likely stepped in to arrest its fall towards a record low, traders said.

The rupee slipped to 87.74 per U.S. dollar before paring losses to quote at 87.56 as of 11:30 a.m. IST, down 0.2% on the day.

The currency, within touching distance of its all-time low of 87.95 hit in February, is down 2% so far this year, making it one of the worst Asian performers.

As benchmark equity indices absorb US President Trump’s tariff and penalty on India, there appears to be no widespread market selloff, indicating that the bulk of the tariff concerns may already be priced in and a steep fall is highly unlikely.

Several market experts believe that US tariffs will not have a direct bearing on Indian markets, given that major exports are of traditional items such as gems & jewellery, leather and textiles that do not have large representation in the listed space.

However, the 25 percent tariff on exports to US could impact investor sentiment at a time when the mood is less enthusiastic due to valuation worries and weak earnings, said experts. Read more

On US President Donald Trump’s announcement of imposing a 25% tariff on Indian products, Congress MP Kiran Kumar Chamala says, "...What kind of negotiations is the government doing with the White House? Numerous times, PM Modi and Trump claimed they are the best of friends. What is the result of this close friendship today? Clearly, no proper negotiations were made... After Trump won the election, he started discussing this issue. We had a few months to address it. We believed that our external affairs ministry was negotiating properly, and this would not have happened. But this has happened now. It's high time for the government to intervene and resolve this issue."

Hyundai Motor Co. and affiliate Kia Corp. could face as much as $5 billion in additional costs this year under a new trade agreement between the US and South Korea that imposes a 15% import tariff on automobiles.

While the South Korean auto industry avoided a worst-case 25% levy, the new duties are equivalent to 25% to 30% of Hyundai and Kia’s 2024 earnings before interest and taxes, according to Bloomberg Intelligence analyst Joanna Chen. The deal, similar to the one reached with Japan, offers South Korean companies a degree of relief given the agreement comes just days before a deadline for a 25% rate to be imposed. The lower duty represents more than $3 billion in cost savings, according to Chen. Daiwa Capital Markets estimate the hit has eased to 3 trillion to 3.5 trillion won from 5 trillion to 6 trillion won. - Bloomberg

India’s electronics industry, including Apple suppliers, has a two-week breather from the proposed 25% tariffs announced by the US as the section 232 tariffs covering electronic products such as smartphones and laptops remain under review amid ongoing bilateral negotiations, sources said. They added sector 232 is expected to come up for review within the next two weeks. They added sector 232 is expected to come up for review within the next two weeks. (Read More)

After Donald Trump labelled India as a “dead economy”, Congress leader Rahul Gandhi said the US President was right. "Yes, he is right. Everybody knows this except the Prime Minsiter and the Finance Minsiter. Everybody knows that the Indian economy is a dead economy. I am glad that President Trump has stated a fact... The entire world knows that the Indian economy is a dead economy. BJP has finished the economy to help Adani..." Gandhi told ANI. (Read More)

Top Union Ministers Met This Morning In Parliament

Amit Shah, Piyush Goyal, Rajnath Singh, JP Nadda & Kiren Rijiju Were A Part Of The Meeting

Alert: Union Cabinet To Meet At 1 pm Today

As US President Donald Trump escalates his protectionist trade policies, fresh academic research has sounded the alarm over their economic fallout. A new report by Yale University warns that Trump’s high tariffs, recently extended to allies such as India and South Korea, will cost Americans dearly, leading to a surge in household expenses and a slowdown in economic growth. The Yale report was released the same day Trump announced a 25 per cent tariff on Indian imports, alongside threats to penalise countries buying Russian oil, gas, and weapons. According to the findings, US tariffs imposed under Trump are expected to result in an average short-term income loss of about $2,400 per American household. (Read More)

Malaysian Prime Minister Anwar Ibrahim laid out an ambitious five-year plan to drive growth through 2030, hours after holding talks with US President Donald Trump, who is set to unveil tariffs on the nation on Friday and visit later this year.

The two countries discussed a tariff rate below 20%, people familiar with the talks said before Anwar’s speech, asking not to be identified as the talks are private. The call lasted about 20 minutes, they added.

“After discussions and hearing our points he has agreed to delay the announcement to tomorrow, and the tariff rate will be announced tomorrow,” Anwar said. “We hope that it will help and not burden our economy too much.” - Bloomberg

Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada - Donald Trump on Truth Social

US President Donald Trump on July 30 announced a 25 percent plus tariff on India citing higher duties levied by New Delhi. While this immediately threatens India’s labour-intensive exports to American shores, shipments worth over $25 billion covering pharmaceuticals and smartphones are so far secure from steeper duties given that they are under an exemption list. (Read More)

Former Finance Minister and senior Congress leader P Chidambaram has mocked Prime Minister Narendra Modi over latest tariff decision by US President Donald Trump. In a post on X, Chidambaram called the 25 percent tariff announcement by Trump administration as ‘clear violation of the WTO rules.’ Taking a jibe at PM Modi, the Congress leader said, “'Dosti' is no substitute for diplomacy and painstaking negotiations.” Recalling PM Modi’s statement during his Washington visit earlier this year, Chidambaram asked, “ What happened to MIGA + MAGA = MEGA?” (Read More)

'I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!' - Donald Trump on Truth Social

"The U.S. has announced a 25% tariff on Indian exports, down just one percentage point from what was announced in April, plus potential secondary sanctions for importing Russian oil. While the U.S. is India's largest trade partner, the Indian economy is relatively more domestically oriented than most of the region and relies far less on trade. Pharmaceuticals, gems, and textiles are key sectors that are likely to be hit. A point of contention is market access to the key agricultural and dairy sector, which India has historically been reluctant to grant."

Congress has submitted an adjournment motion in Parliament, demanding a discussion on the 25% tariffs imposed on Indian goods by US President Donald Trump. The party is pushing for urgent debate, citing the significant economic and trade implications for India.

China’s factory output contracted more than anticipated in July, marking the fourth consecutive month of decline, according to official data released on Thursday. As Beijing continues its efforts to reach a trade deal with the United States, the latest figures add to economic concerns. The country’s Purchasing Managers' Index (PMI), a key indicator of industrial activity, fell to 49.3—down from 49.7 in June—indicating further contraction below the 50-point threshold that separates expansion from decline. Bloomberg analysts had expected the reading to remain unchanged from June.

Top trade officials have been traveling back and forth between Washington and New Delhi for months in an effort to finalise a trade agreement. However, according to a report by CNN, recent deals with Japan and the European Union have emboldened President Trump in the lead-up to the August 1 deadline, when the administration’s suspended “reciprocal” tariffs are set to come back into effect. CNN also reported that Trump’s growing insistence on securing market access commitments for US producers has become a key sticking point. One official told CNN that this demand is now a significant obstacle to reaching an agreement with India.

Etihad Engineering and Marine Services FZC – United Arab Emirates (UAE)

Faradanesh Technical Inspection Services Company (FIS) – Iran

Arzo Altejara for Goods Wholesalers Co. L.L.C – United Arab Emirates (UAE)

Ensa Ship Management Private Limited – India

Peace Worth Shipping Co., Limited – China

Avani Lines Inc – Not specified; likely offshore registered

Zhoushan Jinrun Petroleum Transfer Co., Ltd. – China

Fiva Plastik Anonim Sirketi – Turkey

Triolin Trade FZCO – United Arab Emirates (UAE)

Tanais Way General Trading L.L.C – United Arab Emirates (UAE)

Kanchan Polymers – India

Alchemical Solutions Private Limited – India

Elm Kimya Ithalat Ihracat Sanayi ve Ticaret Anonim Sirketi – Turkey

Lavinya Plast Kimyevi Maddeler ve Petrol Urunleri Nakliye Sanayi Ic ve Dis Ticaret Anonim Sirketi – Turkey

Oriental Commerce Garden (PT. Oriental) – Indonesia

Ramniklal S Gosalia and Company – India

Jupiter Dye Chem Private Limited – India

Global Industrial Chemicals Limited – India

Persistent Petrochem Private Limited – India

Bab Al Barsha Trading L.L.C – United Arab Emirates (UAE)

"The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities.  Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people.  The Department of State is imposing sanctions on 20 entities engaged in Iranian petroleum, petroleum products, or petrochemical trade and is identifying 10 vessels as blocked property," the US says in new statement.

The United States has imposed sanctions on at least six Indian companies for allegedly trading in Iranian petroleum and petrochemical products, as part of a wider crackdown involving 20 entities across the globe.

In a statement issued Wednesday, the US Department of State said the Indian firms had knowingly engaged in "significant transactions" involving the purchase and marketing of Iranian oil products, thereby violating American sanctions imposed on Iran.

Among those targeted are some of India's prominent petrochemical traders. Alchemical Solutions Private Limited faces the most serious allegations, with the U.S. accusing it of importing over USD 84 million worth of Iranian petrochemicals between January and December 2024.

Although the finer details of the trade agreements are still under negotiation, the countries involved have reportedly made significant concessions to the United States. These compromises helped them avoid steeper tariffs that the Trump administration had warned would be enforced if no deals were reached by August 1.

South Korea joined the group of nations securing trade deals with Washington, aiming to limit the effects of tariffs that could have been higher than the 10% base rate introduced by the US in April. The agreement marks another success for the US in its ongoing tariff negotiations.

Ahead of new US tariffs set to take effect on August 1, several countries—including the UK, European Union, Japan, Indonesia, Vietnam, and the Philippines—have signed trade agreements with the United States to mitigate the impact of impending duties.

In a statement posted on his social media platform, Truth Social, Trump suggested that the US-backed oil development in Pakistan could lead to future energy exports to neighboring India. “Who knows, maybe they’ll be selling oil to India some day!” he remarked, hinting at the geopolitical potential of the deal.

US President Donald Trump revealed a new partnership between the United States and Pakistan to explore and develop Pakistan’s vast oil reserves. The project aims to unlock significant energy potential, though the leading oil company for the initiative is yet to be selected.