The Government is ready to send a high -level delegation to the United States to promote commercial relations and discuss a 29 percent tariff that has been imposed on the goods that imports from the United States of Pakistan, the office of the Prime Minister (PMO), said Wednesday on Wednesday.
While the United States imposed heavy bulk to dozens of allies and rivals alike on April 2, Pakistan was beaten by a 29pc tariff on goods that exports to the United States, that economists, according to economists, could bring immediate obstacles, but also long -term opportunities.
According to a press release issued by the PMO, the decision to send a delegation was taken during a meeting chaired by Prime Minister Shehbaz Sharif in Islamabad today to discuss the commercial rate imposed by the United States.
“In the directives of the Prime Minister, the delegation will also include renowned commercial and exporters,” said the statement, without specifying which government officials would be part of the team.
“The prime minister has commissioned the delegation to elaborate a mutually beneficial course of action for the future after negotiations on the new rates imposed by the United States on imports,” said the PMO.
“Commercial relations between Pakistan and America have decades,” said Prime Minister Shehbaz in the statement.
“The government is interested in even more strengthening the commercial association with the United States,” added the prime minister.
During the meeting, the Prime Minister received a report from the Steering Committee and the working group on the rate imposed by the United States and the proposed future action course, said the PMO statement.
There were also several alternative courses during the meeting.
The meeting was told that the Pakistan embassy in the United States was in “constant” contact with the Trump administration.
The vice president Prime Minister Ishaq Dar, the Minister of Finance, Muhammad Aurengzeb, special assistant of Prime Minister Tariq Fatemi, among others, was present during the meeting, according to the statement.
Development occurs when the Pakistan Stock Exchange (PSX) today decreased by more than 2,600 points, since additional tariffs of the United States over Chinese imports reached 104 %.
This followed the Bloodbath on Monday at the PSX when the actions fell by 3,882 points in the midst of growing fears of a global recession after the president of the United States, Donald Trump, imposed “reciprocal” tariffs on dozens of rivals and allies equally.
Meanwhile, an American official transmitted the interest of US companies to invest in the country’s mineral sector, administered by the State Pakistan radio reported.
Development occurred as an American delegation led by Eric Meyer, a senior office official (SBO) for the South Affairs Office and Central Asians in the United States Department of State, met with Prime Minister Shehbaz in Islamabad.
The new Trump tariffs enter into force, with 104pc in Chinese products
Trump’s punishing tariffs in dozens of economies entered into force on Wednesday, including 104PC in taxes against Chinese products, sending markets to a tail again as the devastating global commercial war intensified.
After the 10 percent barrels that entered into force during the weekend, rates in imports to the United States of exporters such as the European Union or Japan increased even more at 12:01 am (9:01 am PKT) on Wednesday.
China, Washington’s main economic rival, but also an important commercial partner, is the most affected, with tariffs imposed on its products since Trump returned to the White House that now reached an amazing 104pc.
Trump said Tuesday that his government was working on “custom agreements” with business partners, with the White House saying that he would prioritize allies such as Japan and South Korea.
His senior trade official Jamieson Greer also told the Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.
Trump told a dinner with other Republicans on Tuesday night that countries were “dying” to reach an agreement.
“I tell you that these countries call us kissing my **,” he said.
But Beijing has not shown signs of defending, promising to fight a commercial war “until the end” and promising countermeasures to defend their interests.
34pc China retaliation rates on US goods in the United States will enter into force at 12:01 am local time on Thursday (9:01 PM PKT on Wednesday).
The president of the United States believes that his policy will relive the lost manufacturing basis of the United States by forcing companies to move to the United States.
But many business and economist experts question how fast, if ever, this can take place, warning greater inflation as tariffs increase prices.
Trump said Tuesday that the United States was “receiving almost $ 2 billion per day” of tariffs.
Trump originally announced an additional 34 pieces on Chinese products.
But after China responded with its own rate of the same amount in American products, Trump accumulated with another duty of 50 percent.
Counting the existing taxes imposed in February and March, which makes the increase in the accumulated rate for Chinese products during the second presidency of Trump at 104pc.
Trump has insisted that the ball was on the court of China, saying that Beijing “wants to make a deal, bad, but they don’t know how to start.”
On Tuesday night, Trump also said that the United States would announce an important rate about pharmaceutical products “shortly.”
Separately, Canada said that its tariffs on certain car imports in the United States will take effect on Wednesday.
Meltdown
After the billions of capital value were eliminated from Global Bours in recent days, the markets in Asia returned on Wednesday, with Hong Kong immersing more than 3 percent and Japan Nikkei sinking 2.7pc.
The markets accelerated their losses when the new tariffs entered into force, with the actions of Taiwan closing 5.8pc in the afternoon.
Before the opening of European markets, actions of shares also indicated steep falls ahead.
The currency markets also witnessed the rations, with the cattle of South Korea falling to their lowest level against the dollar since 2009 this week.
The Yuan on China also fell to a historical minimum against the US dollar, since the Central Bank of Beijing moved to weaken the Yuan on Wednesday so Bloomberg That was the fifth consecutive day.
However, analyst Stephen Innes said that “letting Yuan move lower at this measured rhythm will not compensate for the blow of a flood rate.”
“The levies are simply too large. China is trying to thread the needle, but the track is short,” he warned.
Petroleum prices fell, with western Texas Intermediate closing below $ 60 for the first time since April 2021.
Global reference bonds, assets received as relatively safe, were also trapped in market agitation on Wednesday, a disconcerting turn towards forced sale and a career for cash security.
The EU wants to avoid the ‘additional escalation’
The European Union has tried to cool the tensions, with the main warning of Ursula von der Leyen of the block of the block, warning against the worsening of the commercial conflict in a call with the Chinese prime minister Li Qiang.
She emphasized stability for the world economy, along with “the need to avoid greater escalation,” said an EU reading.
The Chinese prime minister told Von der Leyen that his country could resist the storm, saying that “he trusts in the maintenance of sustained and healthy economic development.”
The EU, which Trump has bitterly criticized for its tariff regime, can present its response next week to the new levies of 20pc facing.
In retaliation against steel and aluminum encumbrances of the United States that entered into force last month, the EU plans tariffs up to 25 percent on US goods ranging from soybeans to motorcycles, according to a document seen by AFP.
German Finance Minister Joerg Kukies said on Wednesday that the largest economy in Europe runs the risk of another recession as a result of commercial tensions.
The JP Morgan investment bank estimates that there is a possibility of 60 percent of the world economy from entering the recession at the end of the year.
In a public friction signal on tariffs, Trump Elon Musk’s key ally described the senior commercial advisor of the White House Peter Navarro as “more silly than a sack of bricks.”
Musk, who has pointed out his opposition to Trump’s commercial policy, hit after Navarro described his company Tesla as a “car assembler” who wants cheap foreign pieces.
