The government is set to send a high-level delegation to the United States to promote trade relations and discuss a 29 per cent tariff that has been imposed on goods the US imports from Pakistan, the Prime Minister’s Office (PMO) said on Wednesday.

As the US imposed heavy levies on dozens of allies and rivals alike on April 2, Pakistan was hit by a 29pc tariff on goods it exports to the US, which economists say could bring immediate hurdles but also long-term opportunities.

According to a press release issued by the PMO, the decision to send a delegation was made during a meeting chaired by PM Shehbaz Sharif in Islamabad today to discuss the trade tariff imposed by the US.

“On the directives of the prime minister, the delegation will also include renowned business persons and exporters,” the statement said, without specifying which government officials would be part of the team.

“The delegation has been tasked by the prime minister to work out a mutually beneficial course of action for the future after negotiations on the new tariffs imposed by the US on imports,” the PMO said.

“Trade relations between Pakistan and America span decades,” PM Shehbaz was quoted as saying in the statement.

“The government is keen to further strengthen trade partnership with the US,” the premier added.

During the meeting, the prime minister was presented with a report by the Steering Committee and Working Group on the tariff imposed by the US and the proposed future course of action, the PMO statement said.

Various alternative courses of action were also presented during the meeting.

The meeting was told that Pakistan’s Embassy in the US was in “constant” contact with the Trump administration.

Deputy PM Ishaq Dar, Finance Minister Muhammad Aurangzeb, Special Assistant to PM Tariq Fatemi, among others, were present during the meeting, according to the statement.

The development comes as the Pakistan Stock Exchange (PSX) earlier today declined by over 2,600 points, as additional US tariffs on Chinese imports reached 104pc.

This followed Monday’s bloodbath at the PSX when shares plunged by 3,882 points amid rising fears of a global recession after US President Donald Trump imposed “reciprocal” tariffs on dozens of rivals and allies alike.

Meanwhile, a US official conveyed the interest of US companies to invest in the country’s mineral sector, state-run Radio Pakistan reported.

A US delegation led by Eric Meyer, a senior bureau official (SBO) for the Bureau of South and Central Asian Affairs at the US State Department, met with PM Shehbaz in Islamabad today.

During the meeting, PM Shehbaz expressed Pakistan’s desire to work with Trump and his administration to strengthen bilateral relations, the report said.

Meyer congratulated Pakistan on successfully hosting the Pakistan Minerals Investment Forum, held from April 8-9 in Islamabad.

“He acknowledged the potential of Pakistan’s mineral sector and conveyed the interest of US companies to invest in the sector,” Radio Pakistan stated.

He also expressed the US’s desire to work with Pakistan on issues of shared interest and said his country looked forward to enhancing bilateral ties with Pakistan, according to the report.

The prime minister also welcomed US participation at the investment forum. He emphasised that the minerals sector of Pakistan presented immense opportunities and encouraged US companies to invest in this priority sector, according to Radio Pakistan.

It further said the premier underscored the importance of enhanced cooperation in areas of mutual interest, including trade, investment and counterterrorism.

He highlighted the significance of Pakistan-US relations not only in the bilateral context but also for regional peace and security, the report added.

High-level US delegation calls on army chief

The US delegation later called on Chief of Army Staff (COAS) General Asim Munir at General Headquarters in Rawalpindi, according to a statement from the Inter-Services Public Relations (ISPR).

“Appreciating the first-of-its-kind forum, the delegation expressed confidence in Pakistan’s policy to develop vast untapped mineral wealth through mutually beneficial partnerships,” the statement reads.

Commenting on the US administration’s priorities, where collaboration in mineral development with Pakistan was an area of mutual interest, Meyer “expressed interest in Pakistan’s steadily improving investment landscape”, the statement read.

The ISPR said that the meeting also allowed both sides to share perspectives on global developments and Pakistan’s regional security objectives.

“Both sides expressed confidence about the positive trajectory of bilateral relations and agreed on the need to explore B2B avenues in addition to expanding existing G2G and P2P cooperation for comprehensively strengthening the relationship,” the ISPR said.