Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has departed for the United States to participate in the annual meetings of the International Monetary Fund (IMF) and the World Bank.

According to a statement issued by the Ministry of Finance in Islamabad on Saturday, the minister will represent Pakistan at the plenary sessions of both institutions.

During his six-day visit, Senator Aurangzeb is scheduled to hold meetings with senior officials of the IMF, World Bank, International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).

He will also hold a one-on-one meeting with World Bank President Ajay Banga and attend a dinner hosted by him for finance ministers of selected countries.

Additionally, the minister will meet IMF Managing Director Kristalina Georgieva during sessions of the G24 and MENAP (Middle East, North Africa, and Pakistan) groups, where he is expected to deliver a keynote address.

Aurangzeb will also participate in a World Bank regional roundtable on the digital transformation of the Federal Board of Revenue (FBR), alongside tax authorities from other nations.

Moreover, he will attend two major events hosted by the World Economic Forum (WEF) and hold bilateral meetings with finance ministers from China, the United Kingdom, Saudi Arabia, Türkiye, and Azerbaijan.

The finance minister’s schedule also includes meetings with senior White House officials, the Chairman of the U.S. Congress Financial Services Committee, and representatives from the U.S. State and Treasury Departments and the International Development Finance Corporation (DFC).

He will engage with office bearers and members of the U.S.-Pakistan Business Council to discuss tax proposals and investment opportunities in Pakistan.

The minister will also meet with representatives of global credit rating agencies, commercial banks particularly investment banks from the Middle East and address various investment forums and seminars to highlight Pakistan’s economic outlook.

Aurangzeb will visit leading U.S. think tanks, including the Atlantic Council and the Peterson Institute for International Economics (PIIE), and meet prominent members of the Pakistani community.

He will also give interviews to selected international and American media outlets during his visit, which includes over 65 events, forums, meetings, and official engagements.

India should be careful in its negotiations with the US and should focus on its self-reliance rather than depending on Washington, Global Trade Research Institute (GTRI) said in a report. In a report titled “Trump’s tariff offensive hits a rare earth wall,” the think tank analysed the impact of Trump’s recently imposed tariffs on China and how India should proceed.

The US President Donald Trump on Friday announced an additional 100% tariff on Chinese imports, raising total US duties to around 130%, which will be in effect from November 1. The action is one of the most major escalations in US-China trade tensions since the 2018 tariff war. Washington’s move responds to China’s stringent restrictions on rare-earth exports, which are vital for the US defence, clean-energy, and technology sectors.‘The message is clear’: Lessons for IndiaThe report said that India should advance its negotiations with the US cautiously and on “equal terms,” warning that “no deal with the US is ever final.”It suggested ensuring reciprocity and safeguarding strategic autonomy. The GTRI report also said that instead of depending on “shifting US promises,” New Delhi should prioritise self-reliance in critical technologies and minerals, shielding its economy from future trade shocks. The country should also use its neutral stance to strengthen ties with both Western and BRICS nations.ImpactPrices of electric vehicles, wind turbines and semiconductor parts are expected to rise as China and the US get embroiled in a new series of trade tensions.The report further noted that if Washington seeks support from its allies, costs could rise further, as they can’t quickly match China’s dominance in rare-earth minerals.Analysing the impact, think tank GTRI said, “The impact will be felt quickly. Prices of EVs, wind turbines, and semiconductor parts are expected to rise, while the US will try to “friend-shore” its mineral supply chains to Australia, Vietnam, and Canada. China, meanwhile, is likely to redirect supplies toward its non-Western partners to strengthen alternative industrial networks.”Washington may feel the heat tooWashington is still heavily reliant on Beijing for its electronic, textile, footwear, white goods and solar panels, some areas where China could strike back.Once the new tariffs take effect, prices might surge making it difficult for the Trump administration to handle the inflation and production costs. Hence, the US President’s “tough-on-China” approach could backfire, potentially raising costs for American consumers and weakening his wider economic agenda.‘China appears better prepared’Given the importance of rare earths to US industries, Washington may soon have little choice but to negotiate a new deal with Beijing. “Unlike the US, which often acts before weighing economic consequences, China appears more deliberate and better prepared,” the GTRI said.

Gold prices increase in both international and local markets.

In the international bullion market, the price of gold rises by $21 per ounce, reaching $4,016.

In the local market, the price of gold per tola increases by Rs 2,100 to reach Rs 422,700.

Similarly, the price per 10 grams rises by Rs 1,800, closing at Rs 362,397.

The upward trend reflects ongoing fluctuations in global demand and market conditions.

Read: Gold prices hit record high, cross Rs425,000 mark

Earlier, Spot gold fell nearly 2% to $3,959.48 per ounce by 01:53 p.m. ET (17:53 GMT). U.S. gold futures for December delivery fell 2.4% to settle at $3,972.6.