“I wish to convey my profound thanks to President Trump for his leadership role in the finalisation of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,” the prime minister wrote on his X timeline.

He said that the “landmark” deal would enhance the growing bilateral cooperation to expand the frontiers of an enduring partnership in the days to come.

Earlier, US President Trump on his Truth Social account said, “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. Who knows, maybe they’ll be selling Oil to India some day.”

Earlier, the Trump administration slapped a 25 per cent tariff and an unspecified penalty on goods imported from India starting on Friday.

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Pakistan says deal reached with US on tariffs, Trump cites oil reserves agreement

“We have, over the years, done relatively little business with them (India) because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary trade barriers of any country… India will therefore be paying a tariff of 25%, plus a penalty for the above, starting on August first,” Trump wrote in a separate strongly worded post on his social media platform.