ISLAMABAD: The government is set to send a high-level delegation to the United States to promote trade relations and discuss a 29 per cent tariff that has been imposed on goods the US imports from Pakistan, the Prime Minister’s Office (PMO) said on Wednesday.
As the US imposed heavy levies on dozens of allies and rivals alike on April 2, Pakistan was hit by a 29pc tariff on goods it exports to the US, which economists say could bring immediate hurdles but also long-term opportunities.
According to a press release issued by the PMO, the decision to send a delegation was made during a meeting chaired by PM Shehbaz Sharif in Islamabad today to discuss the trade tariff imposed by the US.
“On the directives of the prime minister, the delegation will also include renowned business persons and exporters,” the statement said, without specifying which government officials would be part of the team.
“The delegation has been tasked by the prime minister to work out a mutually beneficial course of action for the future after negotiations on the new tariffs imposed by the US on imports,” the PMO said.
“Trade relations between Pakistan and America span decades,” PM Shehbaz was quoted as saying in the statement.
“The government is keen to further strengthen trade partnership with the US,” the premier added.
During the meeting, the prime minister was presented with a report by the Steering Committee and Working Group on the tariff imposed by the US and the proposed future course of action, the PMO statement said.
Various alternative courses of action were also presented during the meeting.
The meeting was told that Pakistan’s Embassy in the US was in “constant” contact with the Trump administration.
Deputy PM Ishaq Dar, Finance Minister Muhammad Aurangzeb, Special Assistant to PM Tariq Fatemi, among others, were present during the meeting, according to the statement.
The development comes as the Pakistan Stock Exchange (PSX) earlier today declined by over 2,600 points, as additional US tariffs on Chinese imports reached 104pc.
This followed Monday’s bloodbath at the PSX when shares plunged by 3,882 points amid rising fears of a global recession after US President Donald Trump imposed “reciprocal” tariffs on dozens of rivals and allies alike.
Meanwhile, a US official conveyed the interest of US companies to invest in the country’s mineral sector, state-run Radio Pakistan reported.
A US delegation led by Eric Meyer, a senior bureau official (SBO) for the Bureau of South and Central Asian Affairs at the US State Department, met with PM Shehbaz in Islamabad today.
Trump’s new tariffs take effect, with 104pc on Chinese goods
Trump’s punishing tariffs on dozens of economies came into force on Wednesday, including 104pc in levies against Chinese goods, sending markets into a tailspin again as the devastating global trade war intensified.
Following the sweeping 10pc tariffs that took effect over the weekend, rates on imports to the United States from exporters like the European Union or Japan rose further at 12:01am (9:01am PKT) on Wednesday.
China – Washington’s top economic rival but also a major trading partner — is the hardest hit, with tariffs imposed on its products since Trump returned to the White House now reaching a staggering 104pc.
