U.S. President Donald Trump has announced the imposition of new tariffs ranging from 10% to 41% on goods imported into the United States from nearly 69 countries. Under this move, the tariff on Pakistan has been reduced from the previously imposed 29% to 19%.
President Trump stated that these new tariffs aim to correct unfair trade imbalances and protect the economic and national security interests of the United States. According to the list released by the White House, Bangladesh will face a 20% tariff, while India will face a 25% tariff. However, U.S. officials mentioned that talks with India are still ongoing.
Earlier, Pakistan’s Ministry of Finance had announced that a trade agreement between Pakistan and the United States had been successfully finalized. According to the official statement, the agreement aims to promote bilateral trade, increase market access, attract investment, and enhance cooperation in areas of mutual interest. To finalize matters related to tariffs and trade, Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb recently visited the U.S.
The Ministry of Finance further stated that the outcome of this agreement would be a reduction in mutual tariffs, particularly those imposed on Pakistani products in the United States. It is worth noting that in April this year, President Trump announced tariffs on imports from various countries, including a 29% tariff on Pakistani goods. However, like other nations, the implementation was later suspended, and after recent negotiations, the tariff has now been fixed at 19%.
Experts in the field are now being consulted to understand the implications of this 19% tariff and its potential impact on Pakistan. Before that, it is essential to understand the significance of the U.S. as a trade partner for Pakistan and the goods that Pakistan exports to the United States.
