US tariffs estimated to cause $700 million loss to Pakistani exports

Analysis shows the United States’ newly imposed tariffs will damage Pakistan’s export industry to the extent of around $700 million. Pakistani exports might lose between $500 million to $700 million due to the 29% tariff imposed by former US President Donald Trump on Pakistani-made products.

The US action drives market instability that reduces international trade relations and puts the American economy at risk of entering a recession. The US has launched the trade restrictions as part of an extensive program to implement tariffs across different nations including China and Canada, Japan, Ukraine and the European Union. The United States will respond with additional tariffs against every nation that introduces trade penalties on American products according to Trump’s orders.

President Trump maintained that to get rid of existing tariffs companies must produce their goods inside US territory.

During the present trade war the United States administered a strong 104% tariff against China and accused the country of manipulating its currency. The leader hopes both nations will eventually establish an agreement despite current tensions.