New Delhi, July 31 -- US President Donald Trump announced a new trade deal with Pakistan on Wednesday, highlighting a joint initiative to develop the country's substantial oil reserves and intriguingly suggesting that "some day" Pakistan might sell oil to India.

This announcement came just hours after Trump declared a 25 per cent tariff, along with additional penalties, on imports from India, citing high trade barriers and India's energy and military purchases from Russia as key reasons.

Trump described India as a friend but criticised its trade policies as among the most strenuous and obnoxious non-monetary trade barriers globally.

The US President also emphasised that the US is in the process of choosing an oil company to lead the pa...