U.S. President Donald Trump and South Korea's new president Lee Jae-myung agreed to work toward a swift tariff deal and shared stories about their experiences in their first phone call since Lee was elected,

South Korea and the United States are expected to accelerate working-level tariff negotiations after President Lee Jae-myung and U.S. President Donald Trump agreed to swiftly reach a mutually satisfactory agreement during their first phone conversation since Lee took office.

Marketplace has been following Lei’s business since 2018, just before President Trump imposed tariffs in his first term. Not only did his business survive the extra levies, but Lei said the percentage of his sales to the U.S. went up from 50% in 2018 to 70% at the start of this year.

China and the U.S. have agreed to more tariff talks amid a trade standoff and concerns over rare earths, President Donald Trump said Thursday after a call with China's leader. Trump and Chinese leader Xi Jinping spoke on Thursday at a time when stalled tariff negotiations between their two countries have roiled global trade.

News of the call came as new data showed U.S. goods imports dropped significantly in April as sweeping tariffs rolled out.