A ‘Mornings with Maria’ panel discusses a new report from the Council of Economic Advisors showing import prices falling since President Donald Trump’s second term, contradicting claims that tariffs fuel inflation.
President Trump announced Wednesday that the U.S. has reached a trade deal with Pakistan, in which the two countries will work together to develop the South Asian country’s oil reserves.
“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,” Trump said in a Truth Social post on Wednesday. “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!”
PAKISTAN SAYS TRADE DEAL WITH US COULD COME WITHIN DAYS, TRUMP ADMIN OFFERS NO TIMELINE
The announcement comes just days after Secretary of State Marco Rubio’s Friday meeting with Pakistani Foreign Minister Ishaq Dar. Following the meeting, Dar said a trade deal with the U.S. was “very close,” but officials in Washington did not offer a timeline.
US President Donald Trump speaks before signing the VA Home Loan Program Reform Act in the Roosevelt Room of the White House in Washington, DC, on July 30, 2025. (JIM WATSON/AFP via Getty Images / Getty Images)
“I think we are very close to finalizing a deal with the U.S.,” Dar said at the Atlantic Council think tank on Friday. “Our teams have been here in Washington, discussing, having virtual meetings, and a committee has been tasked by the prime minister to fine-tune now.”
TRUMP ANNOUNCES 25% TARIFFS ON JAPAN, SOUTH KOREA
In the Wednesday Truth Social post, Trump also said that he was slated to meet with South Korean officials that afternoon to discuss a deal to lower the Asian country’s planned 25% tariff on goods imported into the U.S.
U.S. Secretary of State Marco Rubio and Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar shake hands for photographers assembled at the State Department in Washington, D.C., U.S., July 25, 2025. (Reuters / Reuters Photos)
“South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs,” Trump said. “I will be interested in hearing what that offer is.”
A COMPLETE TIMELINE OF TRUMP’S TARIFF IMPLEMENTATION STRATEGY ACROSS THE GLOBE
Earlier this month, Trump announced the U.S. would impose 25% tariffs on goods imported from Japan and South Korea. The new levies will take effect on Aug. 1. If either Japan or South Korea raise tariffs in retaliation, Trump said that the U.S. tariffs will increase by an equal amount.
An American and South Korean flag hang together at Yongin, South Korea, on Aug. 23, 2016. (Ken Scar/U.S. Army/Handout via REUTERS / Reuters Photos)
Trump concluded the Wednesday Truth Social post by noting that other countries are making offers to the U.S. to lower their tariff rates — all of which will help reduce the U.S. trade deficit.
“Likewise, other Countries are making offers for a Tariff reduction,” he said. “All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!”
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The White House did not immediately respond to FOX Business’ request for comment.
FOX Business’ Landon Mion and Eric Revell contributed to this report.
