US President Donald Trump said the prospects for a trade agreement with South Korea are “looking good” after a telephone conversation on Tuesday with interim South Korean President Han Duck-Soo, but was less optimistic about negotiation with China.
“We have the limits and likelihood of a major deal for both countries,” Trump posted on social networks. “Their team is on its way to the US, and things are looking good. We are also dealing with many other countries, all who want to make a deal with the United States.”
Trump said he would negotiate with nations on issues beyond trade and tariffs, forming a “beautiful and efficient process.” He compared negotiations with South Korea favorably to China, saying he was “awaiting their call.”
“China also wants to make a deal, desperately, but they don’t know how to start. We’re waiting for their call. This will happen!” said the president. US President’s tariff increases on about 60 business partners that he called “worst offenders” are scheduled to take effect after midnight, New York time, including a 25% rate on South Korea imports.
The S&P 500 index rose 3.4% at the opening, and Nasdaq 100 increased 3.5% after Trump’s comments, which raised the optimism that he will intermediate agreements to reduce or prevent rates.
Treasury Secretary Scott Bessent said earlier that “Japan will have priority” in a long line of nations trying to persuade Trump to reverse his so -called reciprocal tariffs, praising Tokyo for not retaliating against the US after the announcement of Trump tariffs.
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Trump sent conflicting signs about his willingness to consider exemptions to nations seeking relief from his import taxes. He threatened to impose an additional 50% tariff on China if Beijing does not retreat from his retaliation plan with a 34% charge on American products and ruled out the idea of a general break before tariffs enter into force.
He praised business partners for making a concessions, but also rejected some offers, including one of Israeli Prime Minister Benjamin Netanyahu made at the Oval Hall to overthrow barriers and eliminate a commercial surplus with the US.
“There may be permanent rates as well as negotiations, because there are things we need beyond tariffs,” Trump told reporters on Monday. The US president said he talked to the South Korean leader “about his tremendous and unsustainable surplus, tariffs, shipbuilding” and “great purchase” of US liquefied natural gas. He also discussed “his joint venture in an Alaska pipeline and the payment for the great military protection we provide to South Korea.”
