“We are in the process of choosing the Oil Company that will lead this Partnership,” he announced on social media. While the US president did not mention tariffs, Islamabad said the agreement would lead to a reduction in the steep reciprocal import taxes Washington had slapped on its exports under the so-called Liberation Day duties announced in April but temporarily suspended for 90 days to give room for trade talks. Pakistan faces a potential tariff of 29pc. The country’s finance ministry said this deal signals “the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors”. Finance Minister Muhammad Aurangzeb described it as a win-win situation for both nations. While neither side gave too many details, Pakistani authorities expect the pact to boost bilateral trade, expand market access, attract investment and foster strategic cooperation.