KARACHI: Businessmen are first thrilled about Donald Trump’s victory in the US election, believing that Pakistan will gain if the US increases import taxes for many nations and then lowers freight and oil prices if the two conflicts end as the incoming US president wants.
According to Ehsan Malik, CEO of the Pakistan Business Council (PBC), Trump’s policies would probably be more heavily influenced by the “America First” theme than in the past, particularly if the Republican Party holds a majority in both houses.
He thought the biggest benefits would go to the US manufacturing sector. There will be an increase in tariffs on certain imports and products made in Chinese factories that have moved.
“As there are hardly any such plants in Pakistan, I doubt if textile exports from Pakistan will be affected by tariffs,” the PBC chief continued.
According to him, reducing US taxes will probably spur demand, which will be good for Pakistani exports.
According to Mr. Ehsan, US governments don’t tell businesses which nations to invest in. Therefore, it is doubtful that more foreign direct investment or outbound US investment into Pakistan will follow a shift in the White House.
The PBC CEO came to the conclusion that in order to draw in both domestic and foreign investment, the government must lower tax and energy expenses while also enhancing the investment climate and security.
Mohammad Jawed Bilwani, president of the Karachi Chamber of Commerce and Industry (KCCI), cited Trump’s optimistic pre-election remarks about eliminating income taxes, increasing import duties, putting a stop to the conflict between Russia and Ukraine, and resolving the Israel-Palestine conflict.
“Pakistan will undoubtedly benefit if the new US president makes this happen because the end of two wars will undoubtedly bring down shipping freight, oil prices, raw material and finished goods prices, etc.” he hoped.
He said that raising import taxes on goods from China, Iran, India, and Turkey will also give Pakistani exporters access to new markets.
Atif Ikram Shaikh, president of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), expressed his optimism that Trump would deepen and expand Pakistan-US ties.
He hoped that both the United States and Pakistan will make a sincere effort to salvage their relationship from a crisis.
According to him, Donald Trump’s victory indicates that Americans value democracy and independence, and they also trusted his leadership.
The head of the FPCCI thought that Trump will be instrumental in bringing about international peace by settling long-standing disputes.
He believed that Trump’s criticism of the ongoing wars was the reason he was given this enormous mandate.
