'Looking good': Trump opens South Korea trade talks as 70 nations call US about tariffs
WASHINGTON ― President Donald Trump on Tuesday said he opened trade negotiations with South Korea, one of the many countries that “want to make a deal with the United States” following the steep U.S. tariffs he announced last week that have sent stock markets into turmoil.
Trump said that he spoke to South Korea’s acting president, Han Duck-soo, adding that his administration and South Korea “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,” Trump said in a Tuesday morning post on Truth Social, his social media platform.
On Monday, Trump described similar negotiations underway with Japan as world leaders try to convince the U.S. president to roll back his new tariffs on all imports. Trump, however, told reporters that his trade negotiations with other countries could still mean his tariffs remain permanent.
Treasury Secretary Scott Bessent said leaders from about 70 countries have approached the Trump administration following last week's tariff announcement, which rattled the stock market for three straight consecutive trading days. The U.S. market showed signs of calming Tuesday as the Trump administration signaled progress on trade negotiations.
"We were having a discussion last night about which countries to prioritize, and I think you are going to see some very large countries with large trade deficits come forward very quickly," Bessent said in a Tuesday morning interview with CNBC.
"If they come to the table with solid proposals, I think we can end up with some good deals. And part of the calculus on that may be that some part of the tariffs stay on," he said.
Trump’s 10% baseline tariff went effect over the weekend. Higher tariffs on dozens of other countries, including a 25% tariff on South Korea, are set to begin Wednesday.
“Like with South Korea, we are bringing up other subjects that are not covered by Trade and Tariffs, and getting them negotiated also,” Trump wrote in his post, describing his interactions with other nations. “‘ONE STOP SHOPPING’” is a beautiful and efficient process!!!”
National Economic Advisor Kevin Hassett said the administration was fielding so many requests for tariffs negotiations, that the White House’s national security and economic teams had to put together a proposal outlining the countries that should receive priority status for meetings and calls with Trump.
Hassett said Trump is prioritizing talks with America’s top allies and trading partners such as South Korea and Japan.
China has not reached out to US, Trump says
“There are a heck of a lot of concessions on the table,” Hassett said in an interview with Fox News. “In the end, the president of course, is going to be the one who decides whether the deal is good enough to change his mind about the tariffs.”
Trump said China – which the president threatened Monday with an additional 50% tariff – has not reached out to the U.S.
“China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call,” Trump said.
Bessent called China's defiant response to Trump's threats of higher tariffs "a big mistake."
"We are the deficit country," the Treasury secretary said. "So what do we lose by the Chinese raising tariffs on us? We export one fifth to them of what they export to us. So that is a losing hand for them."
This story has been updated with additional information.
Reach Joey Garrison on X @joeygarrison.