By Kanishka Singh, Asif Shahzad and Ariba Shahid WASHINGTON/ISLAMABAD (Reuters) -The U.S. and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves,

In a major shake-up of international trade, US President Donald Trump made two big announcements within hours on Wednesday. Major Tariff and Trade Moves in One Day First, he said that the United States will now slap a 25% tariff and extra penalties on Indian goods starting August 1.

Pakistan's Cnergyico will import 1 million barrels of US crude oil from Vitol in October, marking the first purchase of American crude due to a trade deal. This follows encouragement from Pakistani ministries after tariff threats from the U.