Trump Claims 'Potential' Trade Deals with India, South Korea, Japan Amid US Economic Slump

On Wednesday, US President Donald Trump talked about the "potential" trade agreements that his government is negotiating with India, South Korea, and Japan.

His remarks come as he tries to convert his reciprocal tariff plan into actual trade agreements, while the federal government released that the US economy shrunk for the first time in three years.

Speaking on the tariffs his government imposed on trading partners in February, Trump said he wasn't in a hurry to complete these agreements since the United States was already enjoying the tariffs.

Speaking at a town hall meeting on NewsNation TV, Trump was questioned about when he would announce agreements with India, Japan, and South Korea. In response, "We have potential deals with them," Trump said, according to Reuters.

"I'm not in as big a hurry as you are. We are sitting in the catbird seat. They need us. We don't need them," Trump went on to add in the conversation.

His comments came after the US Commerce Department reported that the country's economy shrank by 0.3% on an annualized basis in the first quarter, marking the first decline in three years. A surge in imports, as companies anticipated the sweeping tariffs on automobiles, steel, aluminum, and other goods from various countries, was cited as a key factor in the economic downturn.

After the GDP report, Trump used Truth Social to lambaste his predecessor, Joe Biden, over the performance of the stock market. "This is Biden's Stock Market, not Trump's," Trump wrote in relation to the slide in market performance since Biden was inaugurated in January.

Trump also weighed in on the coming effect of tariffs, stating, "Tariffs will begin kicking in shortly, and businesses are beginning to come into the USA in record amounts. Our Country will flourish, but we need to eliminate the Biden 'Overhang.' This will take time, has NOTHING TO DO WITH TARIFFS," he wrote on Truth Social.