South Korea is seeking to cut a “big” trade deal with the US after a last-minute phone call between Donald Trump and Acting President Han Duck-soo raised the prospects of bringing some relief to the export-reliant nation hit hard by the US tariffs blitz.

Trump and Han agreed to have their top commerce officials handle detailed negotiations, South Korea’s Industry Minister Ahn Duk-geun told lawmakers Wednesday, hours after the leaders spoke.

Trump said chances for a trade deal with South Korea were “looking good” after the call that covered topics ranging from the US trade deficit to shipbuilding cooperation, the Alaska pipeline project and defense cost sharing.

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“Like with South Korea, we are bringing up other subjects that are not covered by Trade and Tariffs, and getting them negotiated also,” Trump said on social media, touting the negotiations as “one stop shopping”.

Ahn declined to elaborate on discussions underway but said Seoul’s basic strategy is to tackle the trade balance issue in an extensive deal that includes cooperation in various sectors.

“In a broad sense, as we also heard the expression ‘one stop shopping’, the acting president has explained that our approach in resolving this issue is by pursuing a big deal,” the minister said.

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South Korea is the US’s six-biggest trading partner, but the Asian country’s surplus jumped about 25 percent in 2024 from the previous year to about $55.7 billion, becoming an eyesore for Trump.

Ahn said potential shipbuilding cooperation will be a key bargaining chip for South Korea, as he ruled out taking any retaliatory steps as a move that would be “self-harming”. The minister plans to visit the US again once Trade Minister Cheong Inkyo returns from Washington.

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The phone call comes after the Trump administration imposed a 25 percent duty on South Korea’s exports, among the highest rates on a US security ally. That pushed South Korea’s acting leadership into crisis mode, prompting Han to dispatch the trade minister to the US to negotiate a lower rate. South Korean authorities had struggled to establish direct contact with Trump as the political crisis triggered by former president Yoon Suk Yeol’s martial law created a leadership vacuum in Seoul.

National Economic Council Director Kevin Hassett told Fox News that Trump is prioritizing tariff negotiations with Japan and South Korea amid a “massive number” of requests for talks from other countries. The so-called reciprocal tariffs took effect at 12:01 am Wednesday in Washington.

Despite the hopes of breakthrough in trade talks, South Korean financial markets were reeling under selling pressure. The won briefly declined to the lowest since the financial crisis while the benchmark share index slumped 20 percent from a July peak, entering a bear market.