ISLAMABAD: Pakistan dispelled the impression of any loss of $1 billion due to the imposition of 19% tariff by the United States, said Jam Kamal Khan, Commerce Minister while responding the questions in the National Assembly.
In his response submitted to the lower house of parliament, the commerce minister said the US has slashed the tariff on Pakistani goods from 29% to 19%.
The reduction in tariff will lead to increase in the sales of Pakistani products in the US market and likely to boost Pakistan’s textile exports, he maintained.
The response came as Trump’s higher tariff rates of 10% to 50% on dozens of trading partners including Pakistan kicked in on Thursday, testing his strategy for shrinking US trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners.
Earlier this month, Trump announced a fresh wave of steep import duties, targeting dozens of countries — including Pakistan with 19% reciprocal tariff, ahead of August 1 deadline.
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