WASHINGTON—President Donald Trump said Wednesday he has offered President Xi Jinping more favorable trade terms for Beijing in exchange for help on confronting the threat of North Korea, raising the prospect of a new pact that does less than Mr. Trump would otherwise like to address the U.S. trade deficit with China.

Mr. Trump, in a wide-ranging interview with The Wall Street Journal, said he told Mr. Xi when they met for the first time last week that his administration wouldn’t accept a continued large trade deficit with...