Pakistan will not sustain $ 1 billion in a $ 1 billion due to US pricing: Minister of Commerce

• The US reduced invoices for Pakistani goods from 29% to 19%: Minister.
• Reduce duties that may boost the exports of the country’s textile products.
• The highest duties rates of President Trump come into force on Thursday.

Pakistan will not suffer a $ 1 billion loss due to the 19% invoice by the United States, Trade Minister Jam Kamal Khan informed the National Assembly on Thursday.

In his response to Parliament’s lower body, the Minister of Commerce said the US has reduced the invoice for Pakistani goods from 29% to 19%.

The decline in duties will lead to an increase in sales of Pakistani products in the US market and may boost the exports of Pakistan’s textile products, he said.

The response came as the highest rates of Trump’s duties from 10% to 50% to dozens of commercial partners, including Pakistan, kicked on Thursday, testing his strategy for shrinking US commercial deficiencies without huge disorders of worldwide and worldwide disturbances.

Earlier this month, Trump announced a new wave of abrupt import duties, aiming for dozens of countries – including Pakistan with 19% reciprocal invoices, before the August 1 deadline.

Previously, the US president had slapped a 29% invoice to Pakistani goods, which were revised when the two countries completed a trade agreement.

Islamabad described the agreement as an indicator of wider cooperation with Washington and Finance Minister Muhammad Aurangzeb, which led the final round of talks, said there was a greater financial and strategic agreement.

The US president in the meantime has put a Pact to help develop Pakistan’s oil reserves. “We have just concluded an agreement with the country of Pakistan, where Pakistan and the US will work together to develop their huge oil reserves,” Trump writes in social media.

“We are in the process of choosing the oil company that will lead this partnership.”

Islamabad’s trade surplus with Washington was about $ 3 billion in 2024, mainly due to exports of textile products. The United States is the largest market for Pakistan for textile products.

Trump’s 31 July pricing order imposed more than 10% on 67 commercial partners, while the percentage was kept at 10% for those who are not reported.

These import taxes are a part of a multilevel duty strategy that includes sectoral invoices based on national security in semiconductors, medicines, cars, steel, aluminum, copper, timber and other goods. Trump said on Wednesday that microchips could reach 100%.