US "Discussing new trade agreement with China… Over 100 countries request consultations"

Caroline Leavitt U.S. White House Spokesperson (Source: AP)

Amid intense tariff confrontation between the United States and China, the White House announced that discussions for a new trade agreement between the two countries are progressing smoothly. With the world's top two economic powers exchanging high tariffs exceeding 100%, the market is watching whether dialogues between the two sides will resume.

Caroline Leavitt, White House Spokesperson, in a briefing on the 22nd (local time) conveyed that "President Trump wanted to deliver the message directly," stating that seeking a U.S.-China trade agreement is "going very well." However, she did not disclose the specifics of the negotiation progress or communication details.

The market interprets this move as an attempt to resolve conflicts in a manner similar to the 'Phase One Trade Agreement' signed during the first term of the Trump administration. However, there are no signs yet that official negotiations have started.

Scott Besant, U.S. Treasury Secretary, mentioned at a private event hosted by JP Morgan on the same day that the stalemate over tariffs between the U.S. and China cannot last and is expected to ease soon. He said, "No one wants this state to continue, and easing will give relief to the market and the world."

The U.S. government had delayed the mutual tariffs imposed on 57 economic entities by only 13 hours for 90 days on the 9th. Following this, through individual negotiations with each country, significant progress has been made in consultations to resolve the trade deficit, according to the White House.

This week alone, the U.S. is conducting trade talks with 34 countries worldwide, including Korea. From the Korean side, Choi Sang-mok, Deputy Prime Minister of Economy and Minister of Strategy and Finance, and Ahn Deok-geun, Minister of Trade, Industry and Energy, are attending.

Leavitt also explained that the U.S. trade team, consisting of Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamison Greer, and White House Trade Advisor Peter Navarro, is negotiating at “Trump Speed.”

There are over 100 countries wishing to have a trade agreement with the U.S., and a total of 18 official written proposals have been received so far.

President Trump is scheduled to depart on the 25th to attend the funeral mass of Pope Francis at the Vatican on the 26th. Before that, on the 24th, he is scheduled to hold a summit meeting with Jonas Gahr Støre, the Prime Minister of Norway, visiting the United States, and in May, he is set for visits to Saudi Arabia, Qatar, and the United Arab Emirates (UAE).