Pakistan\u2019s formal negotations with the United States on recirpocal tariffs started on Friday with a phone call between Finance Minister Muhammad Aurangzeb and US Trade Representative Jamieson Greer, a press release from the finance ministry said.<\/p>\n
The increase in trade tariffs on Pakistani products announced by US President Donald Trump, which were paused, could have a devastating impact on Pakistan\u2019s important exports and served as a wake-up call for diversification, according to a state-owned think tank.<\/p>\n
The Pakistan Institute of Development Economics warned that these tariffs would have a \u201cdevastating impact\u201d on the country\u2019s export sector, translating into an annual loss of $1.1-1.4 billion.<\/p>\n
According to the finance ministry, Aurangzeb and Greer \u201cexchanged their view point through a constructive engagement, with the understanding that technical level detailed discussions would follow in the coming few weeks\u201d.<\/p>\n
\u201cBoth sides expressed confidence in advancing these negotiations for successful conclusion at the earliest,\u201d the ministry added.<\/p>\n
Trump\u2019s tariffs, implemented on April 2, introduced a 10 per cent baseline tariff for every country the US trades with, and additional reciprocal tariffs on rivals and allies alike.<\/p>\n
The steep hike targeting Chinese goods raised Washington\u2019s additional rate on many products to 145 per cent, the White House confirmed. The two nations have engaged in talks, which the US treasury secretary says have \u201cstalled\u201d.<\/p>\n
Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pakistan\u2019s formal negotations with the United States on recirpocal tariffs started on Friday with a phone call between Finance Minister Muhammad Aurangzeb and US Trade Representative Jamieson Greer, a press release from the finance ministry said. The increase in trade tariffs on Pakistani products announced by US President Donald Trump, which were paused, could have […]<\/p>\n","protected":false},"author":1,"featured_media":9637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/9636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9636"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/9636\/revisions"}],"predecessor-version":[{"id":9638,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/9636\/revisions\/9638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/9637"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}