Trump announces new US-Pakistan trade deal to develop oil reserves

President Trump announced Wednesday that the U.S. has reached a trade deal with Pakistan, in which the two countries will work together to develop the South Asian country’s oil reserves.

“We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” Trump said in a Truth Social post on Wednesday. “We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they’ll be selling Oil to India some day!”

PAKISTAN SAYS TRADE DEAL WITH US COULD COME WITHIN DAYS, TRUMP ADMIN OFFERS NO TIMELINE

The announcement comes just days after Secretary of State Marco Rubio’s Friday meeting with Pakistani Foreign Minister Ishaq Dar. Following the meeting, Dar said a trade deal with the U.S. was “very close,” but officials in Washington did not offer a timeline.

“I think we are very close to finalizing a deal with the U.S.,” Dar said at the Atlantic Council think tank on Friday. “Our teams have been here in Washington, discussing, having virtual meetings, and a committee has been tasked by the prime minister to fine-tune now.”

TRUMP ANNOUNCES 25% TARIFFS ON JAPAN, SOUTH KOREA

In the Wednesday Truth Social post, Trump also said that he was slated to meet with South Korean officials that afternoon to discuss a deal to lower the Asian country’s planned 25% tariff on goods imported into the U.S.

“South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs,” Trump said. “I will be interested in hearing what that offer is.”

A COMPLETE TIMELINE OF TRUMP’S TARIFF IMPLEMENTATION STRATEGY ACROSS THE GLOBE

Earlier this month, Trump announced the U.S. would impose 25% tariffs on goods imported from Japan and South Korea. The new levies will take effect on Aug. 1. If either Japan or South Korea raise tariffs in retaliation, Trump said that the U.S. tariffs will increase by an equal amount.

Trump concluded the Wednesday Truth Social post by noting that other countries are making offers to the U.S. to lower their tariff rates — all of which will help reduce the U.S. trade deficit.

“Likewise, other Countries are making offers for a Tariff reduction,” he said. “All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!”

The White House did not immediately respond to FOX Business’ request for comment.

FOX Business’ Landon Mion and Eric Revell contributed to this report.