Finance Minister Muhammad Aurangzeb has expressed confidence that the recent imposition of a 29% tariff on Pakistani exports by the United States could ultimately be turned into a mutually beneficial opportunity.
Speaking at a press conference in Islamabad on Saturday, Aurangzeb said, “We want to make sure that we, in terms of our representations, put forward how we see it in the medium to long term as a win-win situation for both Pakistan and the US.”
The move by Washington, under the directive of former US President Donald Trump, marks one of the most aggressive trade actions in decades. Starting April 9, Pakistani exports—primarily textiles—will face a steep 29% duty, following an initial 10% tariff that came into effect today (April 5).
With the US being Pakistan’s largest export destination, accounting for $5.44 billion in exports during FY2023-24, the new tariff poses a serious challenge to the country’s economy, particularly its textile sector.
However, Finance Minister Aurangzeb—a seasoned banker—stressed that the government views the situation not merely as a setback but also as a catalyst for deeper economic engagement with the US. He emphasized Pakistan’s readiness to work with Washington on a long-term strategic partnership.
To coordinate the response, Prime Minister Shehbaz Sharif has formed two key bodies:
A steering committee, led by Aurangzeb and comprising ministers, business leaders, secretaries, and academics.
A working group, chaired by the Secretary of Commerce, to formulate technical recommendations.
“This is not just about tariffs. It’s about creating a constructive dialogue and strengthening bilateral ties,” the finance minister said. He reiterated the government’s resolve to present a “well-structured package” to the US, adding that “you should never let a good crisis go to waste.”
The proposed response plan is expected to be finalized in the coming days. A high-level delegation will then travel to Washington for direct engagement with US officials, ahead of the April 9 deadline.
Aurangzeb concluded by reaffirming that Islamabad remains “very constructively engaged” and hopeful for a diplomatic breakthrough that benefits both nations.
