Trump closed a deal with Pakistan to develop "their massive oil reserves"

President Donald Trump announced Wednesday that his administration closed an agreement with the government of Pakistan, through which the White House will collaborate with Islamabad in the development of the 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. We are in the process of choosing the Oil Company that will lead this Partnership," wrote on his Truth Social account the conservative leader, who did not offer further details on the deal.

The announcement came a week after Pakistani Foreign Minister Ishaq Dar said after meeting with Secretary of State Marco Rubio that the two countries were close to reaching a trade deal that could materialize in a couple of days. During their meeting, Dar and Rubio discussed ties, critical minerals, mining and expanding trade between Washington and Islamabad. According to the Office of the United States Trade Representative page, total trade in goods between the two countries was $7.3 billion in 2024, representing an increase of $400 million over the previous year.

White House continues to negotiate with India

Trump also announced that his administration was still negotiating with the Indian government on several trade issues, after announcing earlier that the White House will impose a tariff of 25% on all goods imported from India starting Friday. Despite negotiations with India, who is today Pakistan's biggest geopolitical rival, Islamabad detailed that it appreciated the conservative leader's "pivotal role  in de-escalating tensions between Pakistan and India by facilitating a cease-fire."

While India and Pakistan have displayed a delicate rivalry in recent decades, on Nov. 22 both nations experienced a dangerous escalation, following a deadly militant attack in Kashmir in April. Although India directly blamed the Pakistani government, Islamabad denied any responsibility. New Delhi decided to attack Pakistan on May 7; thereafter, the two countries exchanged hostilities until a cease-fire was reached three days later.