The federal government has decided to devise an effective strategy to tackle the challenges posed by the 29 percent United States (US) tariff on Pakistan's products, News reported.
In response to the move approved by US President Donald Trump, Prime Minister Shehbaz Sharif has formed a high-level steering committee and a working group to negotiate with the US on the additional tariff issue.
Minister for Finance and Revenue, Muhammad Aurangzaib, will chair the 12-member steering committee, while Secretary Commerce, Jawad Paul, will head the 19-member working group.
Pakistan will negotiate with the US to address the additional tariff issue, which is expected to affect the country's textile sector. The move follows the US's imposition of a 29% reciprocal tariff on Pakistani products in response to Pakistan's existing tariff on US imports.
The steering committee will oversee the working group on the tariff issue and ensure effective negotiations with the US. The working group, consisting of relevant secretaries and business personalities, will collaborate to find a solution to the tariff issue.
President Donald Trump has escalated a global trade war that could impede the economy and fuel inflation by imposing a 10% duty on most products imported into the United States and increasing charges on dozens of countries, from friends to adversaries, Reuters reported.
The broad levies, unveiled Wednesday against the tranquil backdrop of the White House Rose Garden, immediately unleashed instability on global markets. They sparked outrage from other leaders, who now must deal with the end of decades of trade liberalism that built the global system.
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