Trump, South Korea's new president agree to make a deal on tariffs that would satisfy both countries

President Donald Trump agreed to quickly work toward a deal on tariffs during his first phone call with South Korean President Lee Jae-myung since he was elected on Tuesday, Lee's office said on Friday.

Lee Jae-myung, a liberal, replaced former conservative President Yoon Suk Yeol, who was impeached and ousted over his martial law declaration.

South Korea, one of many countries impacted by Trump's tariffs, has a bilateral free trade deal with the U.S.

"The two presidents agreed to make an effort to reach a satisfactory agreement on tariff consultations as soon as possible that both countries can be satisfied with," Lee's office said in a statement, adding that working-level negotiations are encouraged to "yield tangible results."

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The future of South Korea's export-oriented economy may be contingent on the type of deal Lee can reach with Trump, as the country's key sectors are heavily exposed to global trade.

In addition to imposing tariffs, Trump has pressured South Korea to pay more for the more than 28,000 U.S. troops stationed in the country.

Separately, Trump allies have expressed concerns over Lee's more conciliatory position toward China, which U.S. officials have warned is a threat to the Indo-Pacific region.

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Trump invited Lee to a summit in the U.S., and the two leaders plan to meet soon, according to the White House. The two could potentially meet at a G-7 summit in Canada later this month.

During their call on Friday, Lee and Trump also discussed the assassination attempts they each experienced last year and their joint enthusiasm for golf.

Lee underwent surgery after he was stabbed in the neck by a man in January of last year, while Trump was wounded in the ear when a man shot at him during a campaign rally in July.

South Korea, one of the first countries to engage with U.S. officials on trade talks, agreed in April to craft a package by early July scrapping levies before the 90-day pause on Trump's tariffs is lifted, although progress was disrupted by the administration changes in Seoul.

Lee said just ahead of the elections that "the most pressing matter is trade negotiations with the United States." 

His camp has also said they plan to seek more time to negotiate with Trump, reiterating the importance of the relationship between the U.S. and South Korea.

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Lee has also voiced more conciliatory plans for ties with China and North Korea, acknowledging China as a major trading partner while shying away from taking a firm stance on security tensions in the Taiwan Strait.

Speaking at a security conference in Singapore last week, Defense Secretary Pete Hegseth said many countries were tempted by the idea of seeking economic cooperation with China and defense cooperation with the U.S., which he warned could complicate defense cooperation.

Reuters contributed to this report.