Pakistan will face a 19 percent rate on its exports to the United States, according to an executive order issued as the tariff deadline of the president of the United States, Donald Trump, ends on August 1.
President Donald Trump also slapped pronounced tariffs on the exports of dozens of commercial partners, including Canada, Brazil, India and Taiwan, pressing with his plans to reorder the global economy before a business limit date on Friday.
The revised rate for Pakistan, below the previous 29pc, was announced one day after the United States and Pakistan ended a commercial agreement in Washington.
Yesterday, Donald Trump announced a new agreement between the United States and Pakistan for the joint development of Pakistan oil reserves.
In a publication on its social media platform, Truth Social, President Trump declared: “We have just concluded an agreement with the country of Pakistan, for which Pakistan and the United States will work together in the development of their large oil reserves.”
He added that the United States is in the process of selecting a company to lead the initiative. “Who knows, maybe they will sell oil to India one day!” He commented.
Trump imposed a deadline of August 1 so that dozens of nations to reach the commercial agreements with the United States or the faces of the face rose well above the baseline of 10% that had already collapsed.
According to an executive order, Trump established rates that include a 35% tax in many goods in Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland.
The order listed the highest import tax rates from 10% to 41% from seven days for 69 commercial partners at 12:01 AM EDT (0401 GMT) the deadline was approaching.
Some of them had reached rates reduction agreements; Others did not have the opportunity to negotiate with their administration. Trump included an exception for some products sent next week.
The assets of all other countries that do not appear on the list would be subject to an import tax of 10% of the United States. Trump had previously said that the rate could be higher.
The administration also mocked that more commercial agreements were in process, since it seeks to close commercial deficits and increase national factories.
Facing a deadline for Friday of its creation, the Republican President has taken advantage of the emergency powers, pressed foreign leaders and advanced with commercial policies that caused a market sale when announced for the first time in April.
This time, the markets had a more off reaction. Capital shares and futures fell modestly on Friday morning quoting in Asia.
Trump’s order said that some commercial partners, “despite having involved in negotiations, have offered terms that, in my opinion, do not sufficiently address imbalances in our commercial relationship or have not been able to align enough with the United States on matters of economic and national security.”
Other details are still coming, even in the “rules of origin” that will determine which products could face even higher rates.
Trump also said: “We have made some offers today that are excellent agreements for the country,” and an American official later told reporters that they were still to be announced.
Canada and Mexico
Trump issued a separate order for Canada that increases the rate of Canadian goods subject to rates related to 35% fentanyl, from 25% before, saying that Canada had “could not cooperate” when stopping the flows of illicit narcotics in the United States.
The highest tariffs on Canadian goods contrasted strongly with Trump’s decision to grant Mexico a 90 -day respite higher than 30% in many goods to provide more time to negotiate a broader commercial pact.
Trump complained to journalists before Canada “had been very poorly directed.” The Canadian government did not comment immediately, but previously has played any base for tariffs there.
The extension of Mexico avoids a 30% tariff on most Mexican non-automotive goods that comply with the US-Mexico-Canadian trade agreement and occurred after a Thursday morning call between Trump and Mexican president Claudia Sheinbaum.
Discord of India
The assets of India seemed to go to a 25% rate after the conversations stuck for access to the agricultural sector of India, which attracted a threat of greater Trump rate that also included a sanction not specified by the purchases of Russian oil in India.
Although the negotiations with India continued, New Delhi promised to protect the country’s intensive agricultural agricultural sector, and the threat of Trump’s higher rates caused the indignation of the opposition party and a depression in the rupee.
Trump implementation of higher import taxes on Friday is produced in the midst of more evidence that they have begun to increase the prices of consumer goods.
The data of the Department of Commerce published on Thursday showed that the prices of home furniture and durable domestic equipment increased 1.3%in June, the highest gain since March 2022. The prices of recreational goods and vehicles fired 0.9%, the greatest amount since February 2024. Prices for clothing and footwear increased 0.4%.
