US and Pakistan to Collaborate on Oil Reserves; India Faces Tariffs and Sanctions

• President Trump announced a deal between the US and Pakistan to develop Pakistan's oil reserves, though details and tariff rates remain unclear.

• India was hit with a 25% tariff and additional penalties for purchasing oil and military equipment from Russia, with sanctions also imposed on six Indian companies for engaging in Iranian petrochemical trade.

• Pakistan's Finance Minister is in Washington for tariff deal negotiations, aiming for terms similar to recent US trade agreements with other Asian countries.

• The US is also negotiating with India on tariffs, while threatening no further extensions for countries failing to reach a deal by the deadline.

• The announcement of sanctions against Indian companies and tariffs on Indian imports caused the Indian rupee to drop against the USA