The United States and Pakistan said they had clinched a deal that Islamabad described as leading to lower tariffs on its exports, while President Donald Trump trumpeted a pact to help develop the South Asian nation's oil reserves.

At its current daily consumption rate of approximately 550,000 barrels, these reserves would cover less than two years of demand.

"We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves," Trump wrote on social media. "We are in the process of choosing the Oil Company that will lead this Partnership.