Pakistan Navigates Economic Turmoil Amid US Tariffs

Prime Minister Shehbaz Sharif forms two committees to address economic challenges due to new US tariffs. Led by Finance Minister Muhammad Aurangzeb, the committees aim to negotiate with the US and strategize for long-term growth. Pakistan seeks to balance economic stability and boost exports despite increased tariffs.

Prime Minister Shehbaz Sharif has established two committees to confront the economic repercussions of new tariffs imposed by US President Donald Trump. This initiative was announced by Finance Minister Muhammad Aurangzeb during a Saturday press conference.

The committees consist of a steering committee, chaired by the finance minister and including key ministers, business leaders, and academics, along with a working group led by the secretary of commerce. Aurangzeb emphasized the crisis as an opportunity for negotiation and strategic partnerships.

With a 29 per cent tariff on Pakistani imports affecting export-driven sectors, the government plans to propose a comprehensive package to the US. Furthermore, structural reforms and engagement in dialogues are underway to strengthen relations and ensure economic growth, highlighting the export achievements in sectors like automotive and cement.

(With inputs from agencies.)