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, the two sides said.

"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."