Pakistan is exploring the possibility of buying more cotton and soybean from the US as part of an attempt to halve its bilateral trade surplus and escape tariffs imposed by US President Donald Trump, reported Bloomberg.

India’s western neighbour is apparently trying to reduce the trade surplus from
about $4 billion to below $2 billion in the financial year ending June, the report claimed, quoting unnamed sources.

Although Trump announced a 90-day pause on country-specific tariffs — Pakistan is slapped with 29 per cent levies — Islamabad is busy trying to draw up a strategy to escape the tariff, which will significantly impact the country’s exports.

There are reports of a high-level Pakistani delegation leaving for the US for discussions.

Pakistan is already the second-largest buyer of US cotton by value after China and mainly sells garments and textiles to America, which is its largest export market.

There are also reports that the authorities are considering importing US crude oil to help balance trade, though there are concerns about high freight costs.

Speaking to local media, commerce minister Jam Kamal Khan expressed optimism about lowering tariffs through negotiations, emphasising the importance of the US market for Pakistan’s economy.