The federal government has decided to initiate conversations with the Trump administration about the 29% rate imposed on Pakistani products by the United States, said Express News.
The sources said that the Government has begun to formulate a strategy to address the impact of the additional rate and explore the possibility of reducing it through discussions with US authorities.
In this sense, a crucial meeting was held at the Ministry of Commerce under the presidency of the Federal Minister of Commerce, Jam Kamal Khan.
The meeting, which included more than fifty key exporters, importers and interested parties, focused on the possible effects of the 29%rate, particularly on Pakistan’s textile exports.
The session analyzed how the new US rates could negatively affect the textile sector of Pakistan, which forms the largest part of the country’s exports to the United States.
Pakistan average exports to the US. UU. Exceed $ 5.5 billion annually, with textiles that represent a significant participation.
The government has decided to follow conversations with the Trump administration with the aim of ensuring a reduction in the new rate.
In line with this, Prime Minister Shehbaz Sharif has also formed a working group and a Steering Committee under the leadership of Finance Minister Mohammad Aurengzeb to address the problem and formulate a response strategy.
President Donald Trump imposed on Wednesday additional tariffs to 60 countries, including Pakistan, to increase income, change the trade balance and promote goods made in America by discouraging imports.
The decision was surprising for the Pakistani authorities who did not expect the inclusion in the list with the argument that the average weighted US trade tariffs. UU. They were already higher than Pakistan. The country was also at number 33 on the list of nations with which Washington had a commercial deficit.
