US, Pakistan Sign Oil Deal, Cut Tariffs

US President Donald Trump has announced a new trade and energy agreement with Pakistan, under which the US will help develop Pakistan's significant oil reserves and is selecting an American oil company to lead the project. The agreement includes reduced US tariffs on Pakistani imports, as confirmed by Pakistan’s government. Trump also imposed a 25% tariff and additional penalties on Indian imports, effective August 1, citing India’s trade practices and continued purchases of Russian oil and defense equipment. Ongoing trade negotiations between the US and India remain unresolved, with disagreements centered on agriculture and labor-intensive exports. The US has signaled a shift in regional priorities by supporting Pakistan's potential future oil exports to India. These developments mark notable changes in South Asia's energy landscape and US trade policy.