More than 70 countries have now begun trade talks with the White House following a blistering series of tariffs enacted last week.
Some of those talks are yielding positive results, President Donald Trump revealed on Tuesday, singling out South Korea president Han Duck-soo for participating in a “great call” about the 25% reciprocal tariff that hit his country last week.
“I just had a great call with the Acting President of South Korea. We talked about their tremendous and unsustainable Surplus, Tariffs, Shipbuilding, large scale purchase of U.S. LNG, their joint venture in an Alaska Pipeline, and payment for the big time Military Protection we provide to South Korea,” Trump wrote Tuesday on Truth Social. “They began these Military payments during my first term, Billions of Dollars, but Sleepy Joe Biden, for reasons unknown, terminated the deal.”
“That was a shocker to all! In any event, we have the confines and probability of a great DEAL for both countries. Their top TEAM is on a plane heading to the U.S., and things are looking good,” he added.
Trump’s praise for South Korea follows similar praise for Japanese Prime Minister Shigeru Ishiba, who opened talks with the Trump administration on Monday.
He also used the opportunity to predict that China is realizing it needs to “make a deal” to avoid a record-high 50% tariff on all imports to the U.S. by Wednesday.
“We are likewise dealing with many other countries, all of whom want to make a deal with the United States. Like with South Korea, we are bringing up other subjects that are not covered by Trade and Tariffs, and getting them negotiated also. ‘ONE STOP SHOPPING’ is a beautiful and efficient process!!!” the president wrote online, The Hill reported.
“They don’t know how to get it started. We are waiting for their call. It will happen!” he said.
Unlike their eastern neighbors, Chinese officials have vowed to “fight to the end” over President Trump’s promise to hit all Chinese imports with a grand total of 104% in tariffs by Wednesday. The country’s communist government on Monday responded with its own 34% “retaliatory” tariff on U.S. imports.
U.S. Treasury Secretary Scott Bessent appeared on CNBC Tuesday morning to argue against China’s “losing case.”
“I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos,” Bessent said on “Squawk Box.”
Other countries coming to the bargaining table are going to see better deals in the end, he promised.
“If they come to the table with solid proposals, I think we can end up with some good deals,” he said, “and part of the calculus of that may be that some part of the tariffs stay on.”
Members of the Trump administration gathered last night to discuss a prioritization of countries with which to begin trade talks, the outlet reported. Hopes of immediate bargaining remain high: By Tuesday morning futures rose in Asian markets as traders began to bake in the sentiment that talks will yield fruit.
