Trump Says South Korea Talks ‘Good,’ Waiting for China Call

(Bloomberg) -- US President Donald Trump said prospects for a trade deal with South Korea were “looking good” after a phone conversation Tuesday with acting South Korean President Han Duck-soo, but was less optimistic about a negotiation with China. 

“We have the confines and probability of a great DEAL for both countries,” Trump posted on social media. “Their top TEAM is on a plane heading to the U.S., and things are looking good. We are likewise dealing with many other countries, all of whom want to make a deal with the United States.”

Trump said he would negotiate with nations on issues beyond trade and tariffs, making for a “beautiful and efficient process.” He compared talks with South Korea favorably to China, saying he was “waiting for their call.”

“China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call. It will happen!” the president said.

The US president’s higher duties on roughly 60 trading partners that he dubbed the “worst offenders” are set to take effect after midnight New York time, including a 25% levy on imports from South Korea. The S&P 500 Index jumped 3.4% at the open, and the Nasdaq 100 rose 3.5% following Trump’s comments, which buoyed optimism that he would broker deals to reduce or avert the levies.

The US president said he spoke with the South Korean leader “about their tremendous and unsustainable Surplus, Tariffs, Shipbuilding” and “large scale purchase” of US liquid natural gas. He also discussed “their joint venture in an Alaska Pipeline, and payment for the big time Military Protection we provide to South Korea.”

Treasury Secretary Scott Bessent said earlier that “Japan is going to get priority” in a long line of nations looking to persuade Trump to roll back his so-called reciprocal duties, praising Tokyo for holding off on retaliating against the US following Trump’s tariff announcement. 

National Economic Council Director Kevin Hassett said Trump had given clear direction to his team to sequence talks with friendly nations ahead of others seeking a deal.

“The president will decide when and if to talk with China, but right now, we’ve received the instruction to prioritize our allies and our trading partners like Japan and Korea,” Hassett said in an interview with Fox News.

Earlier: Trump Keeps Investors on Edge With Clashing Tariff Comments 

Trump has sent conflicting signals about his willingness to consider exemptions for nations seeking relief from his import taxes.

He has praised trading partners for coming forward to make concessions, but also brushed aside some offers, including an offer from Israeli Prime Minister Benjamin Netanyahu made in the Oval Office to bring down barriers and erase a trade surplus with the US.

“There can be permanent tariffs and there can also be negotiations, because there are things that we need beyond tariffs,” Trump told reporters on Monday. 

He has threatened to slap China with an additional 50% duty if Beijing does not back down from its plan to retaliate with a 34% charge against American goods, and dismissed the idea of a blanket pause before the tariffs go into place. 

And some of Trump’s top aides have publicly split over the tariff regime. Elon Musk, Trump’s billionaire adviser, has criticized the announcement and on Tuesday said trade counselor Peter Navarro was “truly a moron” in a post on X. 

(Updates with Hassett, Musk comments)

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