Create function in Typescript that given an object will return an object that has keys and values derived from the values of the given object

I'm trying to wrap my head around types in Typescript. In general it's going well but I'm struggling to convert this function from Javascript to Typescript.

export function keyed(object, key, value) {
  const newKey = object[key];
  const newValue = object[value];
  const newObject = {};
  newObject[newKey] = newValue;
  return newObject;
};

This is my attempt so far:

type ValueOf<T> = T[keyof T];
export function keyed<T, K extends keyof T>(object: T, key: K, value: K): { [key: ValueOf<T>]: ValueOf<T> } {
  const newKey: ValueOf<T> = object[key];
  const newValue: ValueOf<T> = object[value];
  const newObject: { [key: ValueOf<T>]: ValueOf<T> } = {};
  newObject[newKey] = newValue;
  return newObject;
};

But, I'm getting a few errors like:

An index signature parameter type cannot be a literal type or generic type. Consider using a mapped object type instead.ts(1337)

and

Type 'ValueOf<T>' cannot be used to index type '{}'.ts(2536)

I've tried to use underscores DefinitelyTyped definitions to help out over here, since they do quite a bit of these operations but I haven't had any luck. Is it impossible?