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,

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.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

The U.S. international trade deficit narrowed 55.5% in April to $61.6 billion, the Commerce Department said Thursday. Economists surveyed by the Wall Street Journal h