The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Wednesday that the US President has significantly undermined the global trading system.
He noted that while this attack has disrupted the economies of over a hundred countries overnight, it has also resulted in a five-trillion-dollar loss for American companies, which may be temporary.
Talking to the business community, the veteran business leader said that many countries had not yet been able to assess the impact of Trump’s destructive actions when the US decided to increase tariffs on Chinese exports to 104 per cent, with a possibility of another fifty per cent hike. In response, China has also declared a fight to the last. Poor countries will fuel this war between the two superpowers of the world.
Mian Zahid Hussain said Canada is also responding to the US moves, while Europe has also planned to impose retaliatory taxes against the United States. This shows that this trade dispute can escalate significantly.
On the other hand, all the affected countries have started contacting the United States and are trying to eliminate their trade surplus with the United States by increasing imports. He said the countries’ efforts to import US products and services to avoid additional tariffs will greatly reduce China’s exports.
Under these circumstances, Pakistan has established contact with the United States to protect its interests. Pakistan is considering eliminating its trade surplus with the US.
The business leader said Pakistan can import iron, steel, cotton, soybean oil, LPG, and cybersecurity equipment from the US. In addition, Pakistan is a nuclear power as well as a frontline state in the war against terrorism. Pakistan has handed over many terrorists to the US, which can be used to get concessions, he said.
Mian Zahid Hussain noted that the new American policy also creates new possibilities for Pakistan. Pakistan can further increase its current exports to the US by exporting mines, minerals, cement, and many other items. In this situation, high-level contacts between the two countries are of exceptional importance, which has helped to remove many ambiguities regarding mutual relations.
Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar’s contact with the US Secretary of State and discussions on bilateral relations, regional and security, and economic cooperation are welcome, as they will yield better results.
Ishaq Dar informed his counterpart that Pakistan is further committed to strengthening its partnership with the US. In contrast, his counterpart described economic cooperation as necessary for future relations between the two countries.
Mian Zahid Hussain said that Pakistan should help resolve the issue of billions of dollars of American weapons in Afghanistan because, firstly, this is a demand of the US. Secondly, these weapons are also being used for terrorism in Pakistan.
Mian Zahid Hussain said that the US Secretary of State has appreciated Pakistan’s efforts against terrorism and has also expressed his desire to enhance further cooperation to eliminate terrorism.
The US Secretary of State desired to increase cooperation with Pakistan in trade and investment. It was also agreed that close contacts should be continued, interests should be advanced, and we should work together, which reflects Pakistan’s strategic importance.
Mian Zahid Hussain said restoring high-level contacts between the two countries is a positive decision that will benefit both countries. He noted that if nothing worked for Pakistan, the maximum loss would be 600 to 700 million dollars.
