Pakistan Uses Trump Ties, Iran Talks to Court U.S. Investment

Inside Pakistan's High-Stakes Gamble on Trump — Bloomberg Originals

Bloomberg Originals

Islamabad is leveraging personal ties with Donald Trump and its role as a regional mediator to secure crucial U.S. commercial partnerships and Western financial support.

AI-assisted summary of Inside Pakistan's High-Stakes Gamble on Trump — original source. Check the original for full context.

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Detailed notes

## Background Published on YouTube by Bloomberg Originals on July 24, 2026, this video examines Pakistan's diplomatic maneuvering as an intermediary in the conflict between the United States and Iran. According to the page description, Pakistan's efforts to cultivate ties with Donald Trump could potentially unlock new economic opportunities for the nation.

## TL;DR Pakistan has embarked on a high-stakes diplomatic strategy by building strong personal and business ties with Donald Trump's inner circle to repair its global standing and bolster its struggling economy. Leveraging key figures like Army Chief Field Marshal Asim Munir, Pakistan facilitated historic direct talks between U.S. and Iranian officials in Islamabad and secured commercial partnerships spanning critical minerals and cryptocurrency. While this transactional approach has elevated Pakistan's international profile, its economic benefits remain vulnerable to regional instability and the unpredictable nature of foreign relations.

## Atmosphere & style The video presents a sharp, analytical, and cinematic narrative typical of investigative geopolitical reporting. It balances high-stakes diplomacy—symbolized by lavish summits and custom 'Brewed for Peace' coffee cups—with the gritty economic and security realities facing Pakistan. The tone is measured yet compelling, capturing the ambition and inherent volatility of Islamabad's political gamble.

## Key takeaways - [00:00](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=0s) The Pakistani government owns the historic $1 billion Roosevelt Hotel in New York, and in February 2026, Trump advisor Steve Witkoff helped broker a deal to redevelop the property. - [00:00](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=0s) Pakistan positioned itself as a key diplomatic mediator, successfully bringing U.S. and Iranian delegations to the same negotiating table for the first time in nearly 50 years. - [01:53](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=113s) Pakistan's leaders actively cultivated ties with Donald Trump's inner circle, with Prime Minister Shehbaz Sharif publicly backing Trump for the Nobel Peace Prize. - [01:53](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=113s) Trump bypassed traditional diplomatic norms by directly hosting Field Marshal Asim Munir, Pakistan's military chief and primary power broker, for lunch at the White House. - [02:33](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=153s) Warm relations with the U.S. are crucial for Pakistan's fragile economy, as it is the 4th-largest IMF debtor and has struggled with stagnant foreign direct investment. - [03:45](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=225s) Pakistan practices geopolitical hedging by balancing ties between China and the U.S., evidenced by its military operating both Chinese and American fighter jets. - [03:45](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=225s) Following a major May 2025 military conflict between India and Pakistan, President Trump claimed credit for brokering a ceasefire through trade threats, though India denied external mediation occurred. - [05:40](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=340s) By late 2025, the U.S. and Pakistan signed an MoU to develop Pakistan's untapped critical mineral reserves, highlighted by Field Marshal Munir presenting gem samples to Trump in a briefcase. - [05:40](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=340s) Trump family-backed cryptocurrency venture World Liberty Financial expanded into Pakistan, leveraging the country's status as the world's 3rd-largest crypto market with over 40 million active users. - [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) In April 2026, Pakistan hosted historic high-level U.S.-Iran peace talks in Islamabad, providing luxury accommodations and messaging for delegates. - [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) Peace between the U.S. and Iran offers massive economic incentives for Pakistan, including sanction relief that could unblock the long-delayed Iran-Pakistan natural gas pipeline. - [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) Despite diplomatic progress, Pakistan faces persistent regional instability, including cross-border skirmishes with Afghanistan and the collapse of the initial U.S.-Iran ceasefire. - [09:08](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=548s) Experts warn that relying on personal chemistry with Trump is highly volatile and risky, making Pakistan's diplomatic strategy a delicate gamble for political and economic survival.

## Detailed walkthrough ### [00:00](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=0s) The Roosevelt Hotel and Pakistan's Diplomatic Revival

The iconic Roosevelt Hotel in New York City—celebrated for its Italian Renaissance architecture and historic legacy as a favorite destination for Hollywood stars—recently served as a migrant shelter and now sits shuttered. Despite its dormant state, its owners value the real estate at $1 billion and have brought in high-profile assistance to revamp it. Those owners are none other than the government of Pakistan, for whom the hotel represents one of its most prized international assets. In February 2026, Steve Witkoff, a key advisor to Donald Trump, helped broker a landmark deal between the U.S. government and Pakistan to jointly redevelop the New York landmark.

This hospitality venture is only a small fragment of a broader realignment between Islamabad and Washington. Pakistan has recently stepped onto the global stage in unprecedented ways, notably serving as a mediator between the United States and Iran. Observers noted that Pakistan achieved what seemed nearly impossible: bringing high-level American and Iranian officials to the same negotiating table after nearly 50 years of hostility. Although that initial ceasefire eventually broke down, Pakistan’s deliberate strategy to position itself as an indispensable international player has given the nation its brightest diplomatic spotlight in years.

- **Roosevelt Hotel Valuation:** $1 billion asset owned by the Pakistani government in New York City. - **Redevelopment Partner:** Steve Witkoff brokered the joint US-Pakistan development deal in February 2026. - **Diplomatic Milestone:** Brought U.S. and Iranian delegations to the same table for the first time in nearly five decades.

---

[01:53](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=113s) Inner Circles, Army Power, and Economic Realities

Pakistan's diplomatic resurgence is largely driven by its leaders' success in cultivating close personal ties with Donald Trump's inner circle. Pakistani Prime Minister Shehbaz Sharif publicly praised Trump, going so far as to back him for the Nobel Peace Prize. Meanwhile, Trump has frequently referred to Pakistan’s top leadership as "good friends." At the absolute center of this political dynamic is Field Marshal Asim Munir, the head of Pakistan's military and widely considered the most powerful army chief the country has seen since its founding.

In a departure from traditional foreign policy norms—where U.S. administrations typically focused interactions on democratically elected prime ministers—Trump invited Field Marshal Munir directly to the White House for lunch. Trump’s transactional diplomatic style favored dealing directly with Pakistan's primary power broker. This access represents a dramatic pivot for Pakistan, a nation whose international reputation has long been defined by cascading crises, including catastrophic floods, severe energy shortages, political turmoil, and persistent reliance on foreign debt.

- **Key Figures:** Prime Minister Shehbaz Sharif and Field Marshal Asim Munir (Army Chief). - **White House Lunch:** Munir became the first Pakistani Army Chief directly hosted for lunch at the White House by a U.S. President. - **IMF Debt Burden:** Pakistan is the 4th-largest debtor to the IMF, trailing only Argentina, Ukraine, and Egypt. - **Foreign Direct Investment (FDI):** Stagnant for over two decades, making warm U.S. relations vital for securing Western loans and financial support.

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[03:45](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=225s) Balancing China and the U.S.

Historically, Pakistan relied heavily on China as its primary economic and geopolitical benefactor. Through the massive China-Pakistan Economic Corridor (CPEC), Beijing poured billions of dollars into Pakistani infrastructure and energy projects. Despite rising tensions between Beijing and Washington, Pakistan has managed to maintain a delicate geopolitical balance between both superpowers. A clear illustration of this dual strategy is visible in the Pakistani military, which operates a mixed fleet featuring both American and Chinese fighter jets.

Relations between Washington and Islamabad were not always smooth, strained for years by deep-seated distrust following the 2011 military raid that killed Osama bin Laden inside Pakistan. However, a major military flashpoint in South Asia helped reshape this dynamic. In May 2025, hostilities flared up dramatically between India and Pakistan. India launched targeted military strikes across the border, and Pakistan retaliated by claiming to have shot down five Indian fighter jets. After four days of intense brinkmanship, a ceasefire was struck—and Trump immediately claimed full credit for ending the conflict by threatening to freeze bilateral trade with both nations if they did not stop fighting.

- **Geopolitical Hedging:** Pakistan maintains military hardware from both China (CPEC partner) and the U.S. - **May 2025 India-Pakistan Conflict:** A 4-day military escalation involving Indian targeted strikes and Pakistani aerial counterattacks. - **Trump’s Trade Threat:** Trump claimed he halted the war by telling both sides, "If you stop it, we'll do trade. If you don't stop it, we're not going to do any trade." - **Contrasting Reactions:** India flatly denied any external mediation occurred, whereas Pakistani Prime Minister Sharif praised Trump effusively, stating Trump "saved 35 million lives" by stopping the war.

---

[05:40](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=340s) Minerals, Crypto, and Commercial Ties

The warming diplomatic environment quickly translated into commercial partnerships, spanning sectors from critical raw materials to emerging technologies. By late 2025, the U.S. and Pakistan signed a Memorandum of Understanding (MoU) focused on developing and extracting Pakistan's vast untapped reserves of critical minerals. During his high-profile visit to the White House alongside Prime Minister Sharif, Field Marshal Munir brought a physical briefcase filled with raw Pakistani mineral specimens and gemstones to show President Trump directly.

Simultaneously, Pakistan established commercial ties with World Liberty Financial, a cryptocurrency venture co-founded by Donald Trump Jr., Eric Trump, and Zachary Witkoff (son of Steve Witkoff). The entity signed an agreement allowing it to operate within Pakistan, tapping into a booming regional market. These business ties built deep interpersonal trust between Islamabad and Trump's inner circle, which Pakistan swiftly leveraged on the geopolitical stage.

- **Critical Minerals MoU:** Signed by late 2025 to encourage U.S. investment in Pakistani mining. - **The Mineral Briefcase:** Field Marshal Munir brought a briefcase filled with local gems and minerals to demonstrate resource potential directly to Trump. - **Crypto Expansion:** World Liberty Financial signed an MoU to expand operations into Pakistan. - **Crypto Market Size:** Pakistan ranks as the world's 3rd-largest crypto market, boasting over 40 million active users.

---

[06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) High-Stakes Peace Brokerage in Islamabad

As geopolitical tensions flared between Washington and Tehran, several regional countries—including Turkey, Qatar, and Pakistan—offered to facilitate communication. Thanks to its newly minted trust with the Trump team and its long-standing relationship with neighboring Iran, Pakistan emerged as the primary mediator. Pakistan shares a lengthy land border with Iran, maintains deep historical and cultural connections, and houses a substantial Shia Muslim population, creating a foundation of trust that Western nations lacked.

Initial diplomacy involved Pakistani officials literally shuttling messages back and forth between Washington and Tehran. By April 2026, these efforts culminated in direct, high-level negotiations hosted in Islamabad. To accommodate the talks, the Pakistani government requisitioned an entire luxury hotel, rolling out an elaborate diplomatic reception—even serving media members custom coffee cups stamped with the slogan "Brewed for Peace." The meeting marked the first time in decades that a U.S. Vice President sat down directly across from top Iranian government counterparts.

- **Mediator Advantages:** Shared border with Iran, cultural ties, and a large Shia population complemented Pakistan's access to the Trump administration. - **April 2026 Summit:** Requisitioned a luxury hotel in Islamabad for direct, historic negotiations between the U.S. Vice President and top Iranian officials. - **Diplomatic Touch:** Media press centers were outfitted with special coffee cups labeled "Brewed for Peace."

---

[08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) Fragile Peace and Political Survival

For Pakistan, brokering a lasting peace between the U.S. and Iran is not merely a matter of international prestige—it is tied directly to its national economic survival. A permanent end to U.S. sanctions against Iran would unlock vast regional trade opportunities and potentially revive the long-delayed Iran-Pakistan gas pipeline, which could resolve Pakistan's chronic energy shortages. However, these ambitions remain on hold as the ceasefire between the U.S. and Iran subsequently collapsed, returning the region to active conflict. Furthermore, Pakistan faces ongoing security challenges along its western border, engaged in active cross-border skirmishes with Afghanistan since the start of 2026.

Diplomatic experts caution that relying on personal chemistry with Trump is an inherently risky strategy. Reflecting the classic foreign policy maxim that "countries do not have permanent friends, only permanent interests," analysts point to neighboring India—where Prime Minister Narendra Modi went from close personal ally to facing sudden diplomatic friction with Trump—as a cautionary tale. For Pakistan’s current ruling establishment, maintaining warm relations with Washington is essential to securing international legitimacy, economic lifelines, and political regime survival.

- **Economic Upside of Peace:** Sanction relief on Iran would enable the completion of the Iran-Pakistan natural gas pipeline to alleviate domestic power shortages. - **Regional Instability:** Cross-border military clashes with Afghanistan have persisted since early 2026. - **Diplomatic Volatility:** Experts note Trump’s transactional style can quickly shift from warm friendship to hostility, making Pakistan's high-stakes gamble a delicate balance.

<ElicitationsGroup message="To explore these topics further:"> <Elicitation label="Analyze the economic viability of the Iran-Pakistan gas pipeline" query="Analyze the economic viability, history, and geopolitical hurdles facing the Iran-Pakistan natural gas pipeline."/> <Elicitation label="Detail the military structure and political power of Pakistan's Army Chief" query="Detail the historical role, political power, and military structure surrounding the position of Army Chief in Pakistan."/> </ElicitationsGroup>

## Notable quotes > [01:53](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=113s) good friends — Donald Trump

> [03:45](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=225s) saved 35 million lives — Shehbaz Sharif

> [03:45](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=225s) If you stop it, we'll do trade. If you don't stop it, we're not going to do any trade. — Donald Trump

> [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) Brewed for Peace

> [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) countries do not have permanent friends, only permanent interests

## Mentioned Roosevelt Hotel, New York City, Pakistan, Steve Witkoff, Donald Trump, U.S. Government, Iran, Shehbaz Sharif, Asim Munir, White House, IMF, Argentina, Ukraine, Egypt, China, China-Pakistan Economic Corridor, Beijing, Washington, Osama bin Laden, India, Memorandum of Understanding, World Liberty Financial, Donald Trump Jr., Eric Trump, Zachary Witkoff, Turkey, Qatar, Islamabad, Tehran, Afghanistan, Narendra Modi, Bloomberg Originals

[Source](https://www.youtube.com/watch?v=jbuB1DhZlnM)

中文简报

巴基斯坦借助特朗普关系及美伊会谈吸引美国投资 伊斯兰堡正利用与唐纳德·特朗普的私人关系及其地区调停者角色，争取关键的美国商业伙伴关系和西方金融支持。 巴基斯坦采取了一项高风险外交战略，通过与唐纳德·特朗普的核心圈子建立密切的私人与商业联系，以修复其国际声望并提振陷入困境的经济。借助陆军参谋长阿西姆·穆尼尔陆军元帅等关键人物，巴基斯坦在伊斯兰堡促成了美伊官员之间历史性的直接会谈，并获得了涵盖关键矿产与加密货币领域的商业合作关系。尽管这种交易型策略提升了巴基斯坦的国际地位，但其经济收益仍面临地区不稳定及对外关系不可预测性的影响。 2026年2月，特朗普顾问史蒂夫·威特科夫促成协议，推动美巴联合重新开发巴基斯坦政府拥有的纽约罗斯福酒店（估值10亿美元），拉开了两国关系全面升温的序幕。 (0:00) 特朗普打破传统外交惯例，在白宫直接宴请巴基斯坦军方领导人阿西姆·穆尼尔元帅；作为国际货币基金组织第四大债务国，巴基斯坦高层亦公开支持特朗普竞逐诺贝尔和平奖以深化双边利益。 (1:53) 美巴两国在2025年底签署了开发关键矿产储备的合作备忘录，同时特朗普家族旗下的加密货币项目World Liberty Financial也获准拓展至巴基斯坦市场，加深了商业与政界联结。 (5:40) 2026年4月，巴基斯坦在伊斯兰堡促成美伊近50年来首次高层直接和平谈判；但随着停火协议随后破裂，巴基斯坦押注特朗普个人外交的地缘博弈仍面临高度风险。 (6:54)

Reading summary

Pakistan's ruling establishment is leveraging commercial ventures and personal ties with Donald Trump's inner circle to secure economic lifelines and position the country as an indispensable diplomatic broker. However, diplomatic experts warn that this personalistic strategy remains highly fragile amid regional instability and Washington's shifting transactional priorities. Commercial Deals with the Trump Orbit (5:40) In February 2026, key Trump advisor Steve Witkoff helped broker a joint redevelopment agreement between the United States and Pakistan for New York's shuttered Roosevelt Hotel, a government-owned asset valued at $1 billion. Islamabad expanded these business ties in late 2025 by signing a Memorandum of Understanding (MoU) with the U.S. to develop its untapped critical mineral reserves, highlighted during a White House visit where Field Marshal Asim Munir presented President Trump with a briefcase of raw gemstones. Simultaneously, Pakistan entered into an agreement with World Liberty Financial, a cryptocurrency enterprise co-founded by Donald Trump Jr., Eric Trump, and Zachary Witkoff. The venture seeks to capitalize on Pakistan's domestic digital asset market, which ranks as the world's third-largest with more than 40 million active users. These commercial intersections established deep interpersonal rapport between Islamabad and Trump's inner circle. Military Primacy and Pressing Debt Realities (1:53) Breaking with standard diplomatic protocol that prioritizes democratically elected officials, Trump directly engaged Pakistan's military chief, hosting Field Marshal Munir for lunch at the White House—a first for a Pakistani army chief. Munir, widely viewed as the nation's most powerful military leader since independence, operates alongside Prime Minister Shehbaz Sharif, who publicly supported Trump for the Nobel Peace Prize. This concerted push for U.S. favor is driven by severe domestic economic distress. Pakistan carries the fourth-largest debt burden with the International Monetary Fund, behind Argentina, Ukraine, and Egypt, and has experienced stagnant foreign direct investment for over two decades. Securing access to the White House is viewed by the ruling establishment as vital for maintaining Western financial lifelines and securing regime survival. Superpower Hedging and the 2025 India Conflict (3:45) Islamabad maintains a calculated geopolitical balance between Washington and Beijing, relying on massive infrastructure funding through the China-Pakistan Economic Corridor (CPEC) while operating a military fleet composed of both American and Chinese fighter jets. Bilateral trust with the U.S., severely eroded following the 2011 raid that killed Osama bin Laden, was recalibrated following a four-day military escalation with India in May 2025. After cross-border strikes and Pakistani claims of shooting down five Indian aircraft, Trump declared that he halted the war by threatening to freeze bilateral trade with both nations. While the Indian government rejected assertions of external mediation, Sharif praised Trump effusively, claiming the intervention saved 35 million lives. US-Iran Brokerage and Regional Fragility (6:54) Leveraging its direct line to Trump and deep historical, cultural, and border ties with Iran, Islamabad emerged as the primary mediator between Washington and Tehran. In April 2026, Pakistan hosted a landmark summit in an Islamabad luxury hotel, bringing the U.S. Vice President and Iranian officials to the same negotiating table for direct talks after nearly five decades of severed relations. For Pakistan, normalized U.S.-Iran relations offered critical economic dividends, notably sanction relief required to complete the stalled Iran-Pakistan gas pipeline and alleviate chronic domestic energy shortages. However, the initial ceasefire later collapsed, returning the region to active confrontation, while Pakistan simultaneously engaged in cross-border clashes along its border with Afghanistan beginning in early 2026. Foreign policy analysts caution that banking on personal chemistry with Trump is inherently unpredictable, citing India's sudden diplomatic friction under Narendra Modi as evidence of how quickly Washington's transactional alliances can shift. Pakistan's diplomatic resurgence remains vulnerable to the collapse of regional peace efforts and persistent economic volatility.

精炼阅读摘要

彭博原创（Bloomberg Originals）指出，面临深重经济危机与地缘孤立的巴基斯坦，正通过与美国总统唐纳德·特朗普核心圈子建立深厚私人关系、推动商业利益捆绑以及充当美伊秘密调解人，进行一场高风险的外交与地缘政治豪赌。 绕过传统外交互动与对美直接接触 (1:53) 巴基斯坦的外交转变主要依赖其高层与特朗普核心圈子建立的密切联系。巴基斯坦总理夏巴兹·谢里夫（Shehbaz Sharif）曾公开支持特朗普竞选诺贝尔和平奖，而特朗普也称巴基斯坦领导层为“好朋友”。在这一交往中，巴基斯坦陆军参谋长阿西姆·穆尼尔（Asim Munir）陆军元帅扮演了核心角色。特朗普打破了以往美国政府仅与民选总理接触的外交惯例，直接邀请被视作该国实际权力中枢的穆尼尔前往白宫共进午餐，穆尼尔也成为首位获此礼遇的巴基斯坦陆军参谋长。 这种急剧转向的背后是巴基斯坦严峻的国内经济现实。巴基斯坦目前是国际货币基金组织（IMF）的第四大债务国，仅次于阿根廷、乌克兰和埃及，且外国直接投资（FDI）陷入停滞已逾二十年。巴基斯坦官方寄望通过与白宫建立畅通的直连渠道，以换取至关重要的西方贷款审批与外部财政支持。 深度捆绑商业利益：地产、矿产与加密货币 (5:40) 巴基斯坦将外交破局与特朗普商业人脉紧密交织。2026年2月，特朗普的关键顾问史蒂夫·威特科夫（Steve Witkoff）促成了美国政府与巴基斯坦联合重新开发纽约地标罗斯福酒店（Roosevelt Hotel）的重大协议。这座隶属于巴基斯坦政府、估值达10亿美元的资产此前曾被用作移民庇护所并处于停业状态，该合作被视作双边务实合作的重要突破。 商业拓展随后迅速延伸至战略矿产与数字金融领域。2025年下半年，美巴签署了旨在开发巴基斯坦关键矿产储量的谅解备忘录，穆尼尔甚至在访美期间携带装满本地未加工矿石与宝石标本的手提箱直呈特朗普。此外，由小唐纳德·特朗普、埃里克·特朗普以及扎卡里·威特科夫联合创立的加密货币平台World Liberty Financial与巴基斯坦签署了准入协议。巴基斯坦拥有超过4000万活跃加密用户，是全球第三大加密市场，商业合作的推进有效强化了双方核心高层的互信基础。 大国平衡术与2025年印巴危机的调解争议 (3:45) 长期以来，巴基斯坦在经济与地缘上高度倚赖中国，并依托中巴经济走廊（CPEC）获得了大量基建与能源投资。即便中美摩擦加剧，巴基斯坦仍在军备采购等层面维系平衡，其空军同时列装中美两国的战斗机。自2011年美军在巴境内击毙本·拉登后，美巴关系经历多年互疑，但2025年南亚的军事对峙意外成为双边关系回暖的催化剂。 2025年5月，印巴爆发为期四天的严重边境交火，印度发起定点军事打击，巴方则宣称击落了五架印度军机。冲突平息后，特朗普声称自己以冻结双边贸易作为威胁，成功迫使双方停火并挽回局势。印度官方坚决否认存在任何外部调解；巴基斯坦总理谢里夫则对特朗普的干预予以高度赞扬，甚至宣称特朗普的调解“拯救了3500万人的生命”。 促成历史性美伊和解与能源困局考量 (6:54) 凭借与特朗普团队建立的直接互信，加之与伊朗接壤的地缘优势、深厚文化联系及国内庞大的什叶派穆斯林人口，巴基斯坦在土耳其和卡塔尔等竞争者中脱颖而出，成为美伊紧张局势的关键斡旋者。巴基斯坦官员长期在华盛顿与德黑兰之间穿梭传递信息，这一努力在2026年4月达到顶峰，巴方征用伊斯兰堡一家豪华酒店促成了美伊高级别谈判，实现了数十年来美国副总统与伊朗高级代表团的首次直接面对面会晤。 巴基斯坦积极斡旋的动力与其能源生存直接挂钩。若美伊达成永久和平并解除制裁，巴基斯坦长期受阻的“伊朗-巴基斯坦天然气管道”项目将得以重启，进而缓解巴国内长期的严重能源短缺。然而，美伊初步达成的停火协议不久后宣告破裂，中东重回冲突状态，令巴基斯坦的地缘红利面临不确定性。 分析人士指出，建立在领导人个人化学反应之上的“交易型外交”具有高度波动性，邻国印度在特朗普任内遭遇的关系起伏即为前车之鉴。伴随美伊停火协议破裂以及自2026年初以来巴基斯坦与阿富汗边境冲突的持续，巴基斯坦执政当局押注特朗普的策略，虽在短期内赢得了国际声量与经济喘息空间，但其长期稳定性仍面临地缘冲突与大国利益转移的双重考验。

Detailed notes — zh

## Background 该视频由彭博社旗下栏目 Bloomberg Originals 于 2026 年 7 月 31 日发布在 YouTube 平台。视频简介指出，巴基斯坦在美以与伊朗的冲突中扮演了重要斡旋角色，正处于外交的高光时刻，其领导层试图通过深度拉拢唐纳德·特朗普，为陷入困境的国家经济开辟新的发展机遇。 ## TL;DR 面对严峻的经济衰退与巨额 IMF 债务危机，巴基斯坦选择了一场押注特朗普的高风险外交豪赌。巴基斯坦军政高层打破传统外交惯例，不仅高调提名特朗普角逐诺贝尔和平奖，还通过合作翻新纽约罗斯福酒店、推销关键矿产及向特朗普家族的 World Liberty Financial 开放加密货币市场来深度捆绑商业利益。凭借这一信任通道与自身地缘优势，巴基斯坦甚至成功斡旋并主办了美伊数十年来的首次高层面对面谈判。然而，随着美伊停火协议迅速瓦解、阿富汗边境冲突升级，加之特朗普外交风格的高度善变，这场试图以个人私交换取国家经济利益与执政合法性的博弈正面临巨大反噬风险。 ## Atmosphere & style 全片充盈着彭博社典型的冷峻调查基调与精巧的镜头张力，叙事节奏紧凑，在宏大的地缘博弈与荒诞微妙的细节（如装满矿石的手提箱、印着“为和平而煮”的峰会咖啡杯）之间游刃有余地穿梭。观感上既有巴基斯坦在伊斯兰堡铺设红地毯时的体面与雄心，又始终笼罩着经济濒临崩溃的紧迫感与窒息感。随着后半段和平破裂与地缘现实的逼近，全片的叙事弧线从高歌猛进的投机豪赌急转直下，透出一种伴君如伴虎、无路可退的焦虑与清醒。 ## Bulletin - [00:03](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=3s) 巴基斯坦通过促成价值10亿美元的纽约罗斯福酒店联合重建协议，并向特朗普家族的加密机构 World Liberty Financial 开放拥有4000万用户的本土市场，将国家利益与特朗普核心圈深度绑定。 - [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) 在经历数十年外交坚冰后，巴基斯坦击败卡塔尔和土耳其成为核心斡旋国，成功促成美国副总统与伊朗高级代表团在伊斯兰堡展开历史性直接会晤。 - [01:44](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=104s) 巴基斯坦打破传统外交惯例推动军方统帅阿西姆·穆尼尔直通白宫，并通过公开提名特朗普诺贝尔和平奖、盛赞其调停印巴冲突“挽救3500万条生命”，极力迎合其个人政治声望。 - [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 作为全球第四大 IMF 债务国，巴基斯坦在中美之间如履薄冰以维系经济与能源命脉，但随着美伊协议迅速瓦解及特朗普政策的反复无常，这场外交豪赌面临巨大的系统性风险。 ## Key takeaways - [00:03](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=3s) 巴基斯坦政府所持有的海外核心地标——纽约罗斯福酒店（估值10亿美元），在特朗普亲信史蒂夫·威特科夫斡旋下签署联合重建协议，拉开美巴深度商业联姻的序幕。 - [01:44](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=104s) 特朗普政府打破历任美国总统优先对接民选文官政府的外交惯例，直接邀请巴基斯坦军方实权统帅阿西姆·穆尼尔共进白宫午餐，确立了巴军方的对美核心沟通渠道。 - [02:57](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=177s) 巴基斯坦陷入严峻的经济困局并沦为全球第四大 IMF 借款国，外资流入长期停滞，因而极度依赖美国在国际金融机构中的决定性支持以维系资金链。 - [02:57](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=177s) 面对中美大国博弈，巴基斯坦展现高超的走钢丝技巧，既深度参与“中巴经济走廊”建设，又在机队装备与战略层面上兼顾美中两方平衡。 - [04:16](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=256s) 2025年印巴冲突后，在印度严词否认外部斡旋的同时，巴基斯坦全盘顺应并极力迎合特朗普的斡旋叙事，借宣称其“挽救3500万人生命”成功赢取白宫信任。 - [05:40](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=340s) 巴基斯坦军方代表随身携带珍稀矿产手提箱进入白宫椭圆形办公室展示，两国随后迅速达成关键矿产投资谅解备忘录，将地缘合作落地为资源开发利益。 - [05:40](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=340s) 巴基斯坦官方专门签署准入特许，全面放行特朗普家族成员联合创立的 World Liberty Financial 入境展业，借本国超4000万加密用户的庞大市场与特朗普商业圈深度交织。 - [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) 依托与伊朗悠久的地理宗教渊源及在华盛顿积累的特有信任，巴基斯坦成为打破美伊半世纪直接接触僵局的核心信使与斡旋人。 - [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) 2026年4月伊斯兰堡以国宾级红地毯规格促成美伊面对面高层谈判，意在洗刷以往恐袭频发与危机不断的国际负面刻板印象。 - [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 巴基斯坦推动美伊和平的关键地缘经济算盘是推动解除针对伊朗的制裁，从而重启搁置已久的“伊朗-巴基斯坦天然气管道”，缓解国内长期的致命性能源危机。 - [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 美伊停火协议的迅速破局以及巴基斯坦阿富汗边境的剧烈交火，使伊斯兰堡期望的地缘经济与能源红利面临迅速流产的现实考验。 - [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 特朗普外交决策的高不可预测性存在巨大变数，但巴基斯坦执政当局已无退路，深度押注白宫私人关系已成为维系其国内执政合法性的关键底牌。 ## Detailed walkthrough ### [00:03](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=3s) 曼哈顿百年地标与打破半世纪坚冰的外交豪赌 坐落于纽约曼哈顿、拥有意大利文艺复兴风格外立面的罗斯福酒店（The Roosevelt Hotel）曾是好莱坞名流造访纽约时的耀眼地标。然而剥开昔日的光鲜外表，这座建筑近年沦为了难民安置收容所，如今大门紧锁、全面停业。令人意想不到的是，这座估值高达 10 亿美元的核心地标资产，背后的实际拥有者竟是巴基斯坦政府，它也是巴基斯坦在海外最具价值的国有资产之一。 2026 年 2 月，唐纳德·特朗普最核心的亲信顾问之一史蒂夫·威特科夫（Steve Witkoff）出面斡旋，促成了美国政府与巴基斯坦政府联合重新开发该酒店的协议。但巴基斯坦现政权与特朗普政府之间的紧密往来，早已远远超出了酒店地产业的范畴。 ```mermaid flowchart TD accTitle: 巴基斯坦多边外交与地缘经济布局 accDescr: 展示巴基斯坦如何通过地标资产合作、调停美伊以及深耕特朗普核心圈来撬动自身经济与外交利益 subgraph ASSETS["核心资产与商业利益"] A["纽约罗斯福酒店<br/>（估值10亿美元联合开发）"] B["关键矿产合作备忘录<br/>（携带矿石手提箱访美）"] C["加密货币准入协议<br/>（World Liberty Financial）"] end subgraph DIPLOMACY["地缘外交博弈"] D["美伊历史性谈判中间人<br/>（打破50年僵局）"] E["迎合特朗普个人政治声望<br/>（提名诺贝尔和平奖）"] end subgraph OUTCOMES["核心战略诉求"] F["获取 IMF 关键贷款与西方支持"] G["巩固巴基斯坦国内政权合法性"] end ASSETS --> F DIPLOMACY --> G DIPLOMACY --> F ``` 与此同时，国际金融市场与外交界也将目光聚焦在伊斯兰堡。在经历了持续冲突后，巴基斯坦完成了一项被视为“不可能的任务”：成功让断绝直接接触半个世纪的美国与伊朗谈判代表团同坐一张谈判桌前。尽管双方达成的停火协议极为脆弱、随后再次走向破裂，但巴基斯坦借此向全球明确释放了信号——它正主动将自己打造成举足轻重的全球舞台玩家。这一高光时刻引发了国际社会的深刻追问：巴基斯坦是如何一跃成为特朗普最青睐的外交伙伴的？它又能否真正将这份政治资本变现？ ### [01:44](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=104s) 撬动特朗普核心圈：从白宫午餐到诺贝尔和平奖提名 巴基斯坦融入特朗普核心决策圈的标志性事件，伴随着极其高调的情感投资与政治公关。巴基斯坦总理夏巴兹·谢里夫（Shehbaz Sharif）公开宣布：“我想提名这位伟大的总统获得诺贝尔和平奖。”与此同时，特朗普也多次在公开场合将巴基斯坦陆军参谋长与总理亲切地称作自己的“好朋友”，甚至戏谑地谈起自己生命中最重要的两个人分别是一位印度人（其妻子）和一位巴基斯坦人——即陆军参谋长阿西姆·穆尼尔（Asim Munir）陆军元帅。 在这场权力交往中，阿西姆·穆尼尔被公认为巴基斯坦建国以来权柄最重的军方统帅。打破以往所有外交惯例的是，特朗普直接邀请穆尼尔前往白宫共进午餐。以往的美国历任总统为了维护巴基斯坦脆弱的民主制度，通常只与由民众普选产生的文官总理进行正式会面；然而特朗普对传统外交建制派的规范毫无兴趣，他务实而直接地锁定了巴基斯坦境内的最高实权掌控者。 - **文官与军方首领齐赴白宫**：打破美国历届政府优先支持文官政府民选领袖的既定传统，直接确立穆尼尔的战略对接地位。 - **高调政治投桃报李**：巴基斯坦高层全方位迎合特朗普对个人功绩与国际赞誉的渴望，主动为其推动诺贝尔和平奖提名。 ### [02:57](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=177s) 经济深渊中的走钢丝：IMF 借贷与中美平衡术 这种积极向美国示好的举动，背后是巴基斯坦极其严峻的现实经济危机。长期以来，巴基斯坦的国际形象始终被毁灭性的特大洪灾、严重的能源短缺、持续恶化的安全局势以及周而复始的国际货币基金组织（IMF）救助计划所笼罩。过去 20 年间，流入巴基斯坦的外国直接投资（FDI）基本处于停滞状态。 当前，巴基斯坦对外部融资有着病态般的深度依赖，已沦为仅次于阿根廷、乌克兰和埃及的全球第四大 IMF 债务国。为了源源不断地获得紧急贷款注入，巴基斯坦必须借助美国在国际金融机构中的决定性话语权。与此同时，巴基斯坦在传统上极为依赖另一核心盟友——中国。面对美中两国日益激烈的大国竞争，巴基斯坦展现了极高超的走钢丝技巧：不仅深度推进“中巴经济走廊”（CPEC）的庞大基础设施建设，其空军机队中更是同时列装了美制与中制主力战机，在两强之间维持着微妙而精巧的军政平衡。 ### [04:16](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=256s) 从本·拉登阴影到印巴冲突中的“3500万条生命” 历史上美巴关系充满戒备与隔阂，美国社会长期因奥萨马·本·拉登最终在巴基斯坦境内腹地被发现并击毙一事而对巴方心存猜忌。两国关系的实质性戏剧转折发生在 2025 年 5 月的印巴边境冲突。 当时印度宣布对巴基斯坦实施精准军事打击，巴基斯坦则声称击落了 5 架印度战机作为报复，这场持续 4 天的武装冲突最终以停火告终。事后特朗普迅速将停火功劳揽在自己身上，声称自己以双边贸易作为筹码向双方施压：“我跟他们说，‘停下来吧，只要停火我们就做大笔贸易；要是不停火，一笔贸易都别想做。’结果他们突然就说‘那我们还是停手吧’。”对此，印巴两国的反应截然相反： | 涉及方 | 对特朗普斡旋声明的公开回应 | 战略意图与外交姿态 | |:--- |:--- |:--- | | **印度** | 全面否认外部势力介入斡旋，直接驳斥特朗普的说法 | 坚持印巴事务纯属双边问题，不愿向外部调停人让渡地缘话语权 | | **巴基斯坦** | 极尽溢美之词，盛赞特朗普阻止战争爆发 | 总理宣称特朗普的调停“挽救了 3500 万人的生命”，极力迎合其领袖人设 | 这种极高规格的情感认同不仅彻底消弭了早前的外交隔阂，更让伊斯兰堡牢牢赢得了特朗普及其核心圈层的战略好感与信任。 ### [05:40](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=340s) 商业联姻：矿产宝箱与特朗普家族的加密金融版图 外交温度的急剧攀升迅速外溢至具体的商业利益捆绑。到 2025 年底，巴基斯坦与美国正式签署了一份关于投资巴基斯坦关键矿产资源的谅解备忘录（MoU）。在访问白宫期间，巴基斯坦军方统帅穆尼尔甚至随身携带了一只装满稀有矿产与珍贵宝石的手提箱，在椭圆形办公室当面向特朗普逐一展示，展示巴基斯坦未被开发的巨大资源红利。 更引人注目的是巴基斯坦与特朗普家族商业版图的深度交织： - **合作实体**：引入由小唐纳德·特朗普（Donald Trump Jr.）、埃里克·特朗普（Eric Trump）以及史蒂夫·威特科夫之子扎卡里·威特科夫（Zachary Witkoff）联合创立的加密货币机构 World Liberty Financial。 - **签署准入特许**：巴基斯坦官方专门签署备忘录，全面放行并支持该机构在巴基斯坦境内展业运营。 - **庞大本土市场承接**：巴基斯坦如今是全球第三大加密货币市场，拥有超过 4000 万活跃的加密资产用户。 通过将国家资产、战略矿产与特权商业准入深度对接给特朗普家族的核心商业盟友，巴基斯坦在伊斯兰堡与华盛顿之间搭起了一条由商业利益浇筑的信任通道。 ### [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) 伊斯兰堡红地毯：“为和平而煮”的高端外交斡旋 凭借在华盛顿建立的特有信任，加之自身与德黑兰跨越数十年的深厚渊源，巴基斯坦在美伊局势剧烈动荡时脱颖而出，击败了同样积极斡旋的土耳其和卡塔尔，成为主导谈判的核心中间人。 巴基斯坦与伊朗拥有漫长的共同陆地边界，其境内庞大的什叶派穆斯林人口与伊朗在宗教文化上同气连枝。在谈判初期，巴基斯坦外交人员充当了两国最高层之间直接传递密信的“信使”；而在 2026 年 4 月，斡旋迎来历史性突破——美国副总统亲率代表团抵达伊斯兰堡，与伊朗高级官员举行了数十年未见的高规格直接会晤。 为了这轮峰会，巴基斯坦政府征用了伊斯兰堡整座顶级奢华酒店，为双方代表团铺开最高规格的红地毯。新闻中心内特意摆放着印有“为和平而煮”（Brewed for Peace）字样的高级咖啡杯。伊斯兰堡意图通过无微不至的国宾礼遇，向全世界展示一个彻底摆脱危机与恐袭刻板印象、成熟体面的大国形象。 ### [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 脆弱的收益预期与伴君如伴虎的政治豪赌 对巴基斯坦而言，全力促成美伊和平背后有着极强烈的现实经济算盘。一旦针对伊朗的国际制裁得以解除，不仅将大幅提振整个中东与南亚次大陆的区域贸易，更重要的是，一条搁置多年的“伊朗-巴基斯坦天然气管道”（Iran-Pakistan gas pipeline）将有望彻底重启，从根本上缓解巴基斯坦长年面临的致命性能源危机。 然而，美好期盼很快被残酷的地缘现实打碎：美伊停火协议迅速瓦解，双方重回冲突对抗状态；而在巴基斯坦西北部，其与阿富汗塔利班政权的边境自年初以来持续爆发交火与互袭，局势剧烈恶化。 更深层的系统性风险在于外交关系的本质。“国与国之间没有永远的朋友，只有永远的利益。”熟悉特朗普行事风格的观察人士指出，特朗普在外交政策上具有极高的不可预测性与反复性，“上一分钟可能视你为座上宾，下一分钟就会把你打入冷宫”。正如邻国印度总理莫迪此前与特朗普称兄道弟、随后却因关税等议题迅速反目一样，同样的剧本随时可能降临在巴基斯坦头上。然而对于当前的巴基斯坦当政者而言，这场外交豪赌已没有退路——竭尽所能绑定与美国领导人的私人盟友关系，不仅是为了在国际舞台上赚取外交积分，更是为了确保当下执政政权在国内风雨飘摇中赖以生存的政治合法性。 ## Notable quotes > [00:03](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=3s) 不可能的任务 > [01:44](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=104s) 我想提名这位伟大的总统获得诺贝尔和平奖。 — 夏巴兹·谢里夫 > [01:44](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=104s) 好朋友 — 唐纳德·特朗普 > [04:16](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=256s) 停下来吧，只要停火我们就做大笔贸易；要是不停火，一笔贸易都别想做。 — 唐纳德·特朗普 > [04:16](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=256s) 那我们还是停手吧 — 唐纳德·特朗普 > [04:16](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=256s) 挽救了 3500 万人的生命 — 夏巴兹·谢里夫 > [06:54](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=414s) 为和平而煮 > [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 国与国之间没有永远的朋友，只有永远的利益。 — 观察人士 > [08:26](https://www.youtube.com/watch?v=jbuB1DhZlnM&t=506s) 上一分钟可能视你为座上宾，下一分钟就会把你打入冷宫 — 观察人士 ## Mentioned 唐纳德·特朗普, 夏巴兹·谢里夫, 阿西姆·穆尼尔, 史蒂夫·威特科夫, 扎卡里·威特科夫, 小唐纳德·特朗普, 埃里克·特朗普, 纳伦德拉·莫迪, 奥萨马·本·拉登, 罗斯福酒店, 国际货币基金组织, World Liberty Financial, 诺贝尔和平奖, 中巴经济走廊, 阿富汗塔利班, 伊朗-巴基斯坦天然气管道, 白宫椭圆形办公室 ## Video description Pakistan is enjoying a moment in the diplomatic sun as an intermediary in the US-Israel war with Iran. By cultivating ties with Donald Trump, its leaders may open a path to more economic opportunity. Explore these and other related stories in more depth on Bloomberg.com: Pakistan Signs Deal With US to Revamp NYC’s Roosevelt HOtel https://www.bloomberg.com/news/articles/2026-02-19/pakistan-signs-deal-with-us-to-revamp-nyc-s-roosevelt-hotel Pakistan Backs Trump for Nobel Peace Prize He’s Long Craved https://www.bloomberg.com/news/articles/2025-06-21/pakistan-backs-trump-for-nobel-peace-prize-he-s-long-craved Rubio Seeks to Repair US-India Relations After Trump-Era Strains https://www.bloomberg.com/news/articles/2026-05-26/rubio-tries-to-mend-india-ties-after-trump-roiled-relations 00:00 Intro 01:43 Titlecard 01:53 Pakistan Key Figures 02:33 Trump Diplomatic Approach 02:57 Pakistan’s Economy 03:45 Balancing Act with China and the US 04:16 US-Pakistan Tensions 05:40 Business Partnerships 06:54 Pakistan as Mediator 07:47 High-Level Talks 08:26 Future Economic Stakes 09:08 Conclusion #Pakistan #Trump #US -------- Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1 Get unlimited access to Bloomberg.com for just $1.99 your first month: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginals Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world. Visit our partner channel Bloomberg News for global news and insight in an instant. [Source](https://www.youtube.com/watch?v=jbuB1DhZlnM)

Source quotes

[0:03] 不可能的任务 [1:44] 夏巴兹·谢里夫: 我想提名这位伟大的总统获得诺贝尔和平奖。 [1:44] 唐纳德·特朗普: 好朋友 [4:16] 唐纳德·特朗普: 停下来吧，只要停火我们就做大笔贸易；要是不停火，一笔贸易都别想做。 [4:16] 唐纳德·特朗普: 那我们还是停手吧 [4:16] 夏巴兹·谢里夫: 挽救了 3500 万人的生命 [6:54] 为和平而煮 [8:26] 观察人士: 国与国之间没有永远的朋友，只有永远的利益。 [8:26] 观察人士: 上一分钟可能视你为座上宾，下一分钟就会把你打入冷宫

Source quotes

[1:53] Donald Trump: good friends [3:45] Shehbaz Sharif: saved 35 million lives [3:45] Donald Trump: If you stop it, we'll do trade. If you don't stop it, we're not going to do any trade. [6:54] Brewed for Peace [8:26] countries do not have permanent friends, only permanent interests

Original transcript

[0:03] The Roosevelt Hotel [0:04] with its Italian Renaissance style facade used [0:08] to be a happening spot, [0:10] a choice location when Hollywood visited New York. [0:13] But ladies and gentlemen, we're not here [0:14] to indulge in fantasy. [0:17] The reality is, last year it was a migrant center. [0:21] Today it's shuttered. [0:24] And yet its owners say it's worth a billion dollars [0:27] and they've called in help from this guy. [0:30] Oh, and who are the owners? [0:32] That would be the Pakistan government. [0:37] It is one of Pakistan's most valuable foreign assets. [0:40] In February 2026, Steve Witkoff, one [0:42] of Trump's closest advisors, helped broker a deal [0:45] for the US government and Pakistan to jointly [0:48] redevelop the hotel. [0:50] But recent deals between the Trump administration [0:52] and Pakistan have extended beyond the hospitality scene. [0:56] Markets are waiting for Islamabad as delegations from Iran [1:00] and the United States prepare for talks in Pakistan, [1:02] the ceasefire remains fragile. [1:05] Pakistan has done something impossible. [1:07] Pakistan brought the US and Iran together on one table [1:10] after 50 years. [1:12] This was a deliberate attempt by Pakistan [1:14] to make itself a global player. [1:19] That peace hasn't lasted. [1:20] The ceasefire between the US and Iran has collapsed. [1:25] But Pakistan hopes its role as mediator has more longevity. [1:30] So this has really been Pakistan's shining moment. [1:33] So how did Pakistan become one [1:35] of Trump's favorite diplomatic partners [1:38] and can it capitalize on it? [1:44] I would like to nominate this [1:47] great president for Nobel Peace Prize. [1:53] That's Pakistan's Prime Minister Shehbaz Sharif. [1:56] In the past year or so, [1:58] Pakistan has found its way into Trump's inner circle. [2:02] I have two very, very important people in my life, [2:04] an Indian and a Pakistani. [2:06] The Indian is my wife [2:07] and the Pakistani is Field Marshal Munir. [2:10] There's several occasions where we have seen President [2:11] Trump refer to the Army Chief [2:13] and the Prime Minister as his good friends. [2:15] The key character in Pakistan is Field Marshal Asim Munir. [2:20] He's the most powerful army chief [2:22] that Pakistan has had almost since its founding. [2:25] We have sacrificed a lot for the creation of this country. [2:31] He was the first Army chief [2:32] to be invited to the White House for lunch. [2:34] This was shocking for a number of reasons, mostly [2:36] because the US president in the past has tried to deal [2:40] with the Pakistani prime minister who's [2:42] elected by the people. [2:44] And this was to support democracy within Pakistan. [2:48] Trump really didn't care about that so much. [2:51] He wanted to talk to the most powerful person in Pakistan, [2:54] which is Asim Munir. [2:57] It was also surprising [2:59] because for years, [3:00] Pakistan's global image has been shaped by crisis. [3:04] Devastating floods, energy shortages, security concerns, [3:09] and repeated IMF bailouts. [3:12] Take a look at this. Foreign direct investment into the [3:16] country has remained mostly stagnant [3:18] for the past two decades. [3:21] Pakistan is heavily reliant on external financing. [3:25] It's currently the fourth-largest IMF debtor [3:28] behind only Argentina, Ukraine and Egypt. [3:33] Pakistan is continually looking for IMF support, [3:36] so a good relationship [3:37] with the US would help it get loans from the IMF [3:41] and from other Western partners potentially. [3:46] Traditionally, the country has largely relied on financing [3:49] from another key partner, China. [3:52] China invested lots of money in Pakistan to build out [3:56] what they call the China-Pakistan economic corridor. [3:59] Amid US-China tension, Pakistan's been able [4:03] to juggle both sides. [4:05] If you look at Pakistan's military purchases, [4:07] for instance, it has both American fighter jets [4:11] and Chinese fighter jets in its fleet. [4:16] US-Pakistan relations weren't always this good. [4:20] From the US side, there had been distrust of Pakistan [4:23] because the history that most Americans know [4:26] of Pakistan in recent times was that Osama Bin Laden was [4:29] of course located and killed in a compound in Pakistan. [4:36] Now more on the escalation in the India-Pakistan conflict. [4:40] The tipping point came in May 2025. [4:43] India's saying it conducted targeted military strikes [4:46] against Pakistan, which says it shot down five Indian [4:49] jets in retaliation. [4:51] The four-day conflict ended in a ceasefire, [4:53] which Trump quickly claimed credit for. [4:56] We helped a lot. I said, "Come on, we're going [4:58] to do a lot of trade with you guys. [5:00] Let's stop it. Let's stop it. [5:03] If you stop it, we'll do a trade. [5:04] If you don't stop it, we're not going [5:06] to do any trade." [5:07] And all of a sudden they said, "I think we're going to stop." [5:09] The two parties involved in the conflict reacted somewhat [5:12] differently to Trump's claims. [5:17] The Indians said no external actors [5:19] mediated the ceasefire. [5:21] They rejected Trump's claims outright. [5:23] On the other hand - Pakistan was extremely generous [5:28] and effusive in its praise of President Trump. [5:32] Prime Minister of Pakistan said yesterday [5:34] that President Trump could have saved 35 million lives [5:37] by getting us to stop fighting. [5:40] Other areas have seen the benefit [5:41] of these warming relationships, particularly in business [5:45] and of course that hotel in Men in Black. [5:48] By the end of 2025, Pakistan [5:50] and the US had signed a memorandum of understanding [5:53] where they would be investing in [5:54] Pakistan's critical minerals. [5:56] When the Army Chief visited the White House [5:57] with the Prime Minister, he took this briefcase full [6:00] of minerals and gems that he showed the president. [6:04] And it doesn't end there. [6:05] Pakistan's also struck up a relationship [6:07] with World Liberty Financial, [6:10] a cryptocurrency venture co-founded by Donald Trump Jr., [6:14] Eric Trump, and Zachary Witkoff, son [6:17] of Trump advisor Steve Witkoff. [6:20] And they signed a memorandum of understanding [6:23] to allow the company to do business within the country. [6:26] Pakistan's now the world's third-largest crypto market [6:30] with over 40 million crypto users. [6:34] And chumming up to Trump's inner circle helped build trust [6:38] between Washington and Islamabad. [6:40] Trust, Pakistan has leveraged. [6:43] Hold that thought, till after this. [6:46] I feel like a pawn in a big game of chess. [6:48] Uncover more at bloomberg.com/videos. [6:54] We started to see countries, Pakistan, Turkey, Qatar, [6:57] all offering to help start a diplomatic process [7:01] between the US and Iran. [7:03] There was a lot of distrust on both sides. [7:07] Pakistan ultimately emerged as the key mediator, [7:11] not only thanks to its relationship [7:12] with the Trump administration, but also with Iran. [7:17] Pakistan's relationship with Iran has been a relationship [7:19] that has gone stronger over years. [7:22] It shares a massive border with Iran. [7:25] So it's trusted by Iran. [7:27] There is a vast majority of the Shia population [7:29] that's in Pakistan, which is the prominent religion in Iran. [7:32] The ties are not just political [7:34] or neighborly, it's also the religion [7:35] and culture that brings them together. [7:37] In the early stages of the talks, [7:39] Pakistan was literally passing messages back [7:42] and forth between Iran and the US. [7:44] Then in April 2026... [7:47] You hadn't seen a figure as high-level [7:50] as the vice president of the US sitting down [7:53] with top officials from Iran, [7:55] top counterparts from Iran in decades. [7:58] Pakistan really rolled out the red carpet [8:01] for both negotiating teams. [8:03] The press center had these cups of coffee [8:05] that were labeled on them brewed for peace. [8:08] The talks took place in another luxury hotel, [8:11] this time in Islamabad. [8:13] The government requisitioned the entire hotel just [8:16] for these talks, and they were really trying to [8:19] use the opportunity to show [8:22] the world a different side of Pakistan. [8:26] For Pakistan, a permanent ceasefire between the US [8:29] and Iran could lead to much needed economic gains. [8:34] If the sanctions got lifted from Iran, [8:36] it means more trade in the region. [8:38] If there are better relations between the US [8:41] and Iran, it could pave the way [8:43] for a long-stalled gas pipeline between Iran [8:46] and Pakistan that would help alleviate Pakistan's [8:49] energy woes. [8:51] Those hopes will have to wait, as the US [8:53] and Iran return to conflict. [8:56] Pakistan also has challenges on its border with Afghanistan. [9:02] Pakistan has been in conflict [9:03] with Afghanistan since beginning of this year. [9:05] Both countries keep attacking each other. [9:08] There's definitely been a shift in [9:09] how Pakistan is perceived globally. [9:12] The question is how long will it last? [9:15] It's a truism of diplomacy [9:17] that countries do not have friends. [9:19] They have interests. [9:22] Trump can be very fickle. [9:24] He could like you one minute [9:26] and you could be in the doghouse the next minute. [9:28] Just look at India next door. [9:30] Modi and Trump were best friends [9:33] and all of a sudden Trump turned on him very quickly. [9:36] So the same thing could eventually happen to Pakistan. [9:40] This isn't a question of whether Pakistan is doing this [9:43] to score good points diplomatically. [9:46] Pakistan needs this good relationship with the US [9:49] to secure the legitimacy of the government [9:52] and the regime that's in power there now.