Washington: The US has brokered "potential" trade deals with Japan, South Korea, and India, President Donald Trump announced on Wednesday as he navigates through a challenging global tariff dispute. Despite the ongoing economic tensions, Trump indicated that he is not rushing to finalize these agreements.

According to Anadolu Agency, Trump revealed this development during a town hall hosted by NewsNation television network. He stated, "We have potential deals with them, yeah," when questioned about the status of the agreements. Trump emphasized his lack of urgency, stating, "I'm in less of a hurry than you are. We are sitting on the catbird seat. They want us. We don't need them."

In response to concerns raised by host Bill O'Reilly regarding the US economy's vulnerability, Trump suggested that people could "wait two weeks." O'Reilly pointed out the widespread anxiety among Americans concerning the potential impact of tariffs on consumer prices and the possibility of an impending recession.

The US Bureau of Economic Analysis released a report earlier on Wednesday indicating that the American economy contracted by 0.3% year-on-year in the first quarter. The report attributed this downturn mainly to an increase in imports, which negatively affects GDP calculations, along with decreased government spending.