Commerce Secretary Wilbur Ross said Friday the U.S. is "close" to negotiating a trade deal with South Korea that would address a $10.3 billion trade deficit with the country and possibly include exemptions from the steel and aluminum tariffs President Trump imposed this month.

"We believe we are relatively close to a pretty comprehensive resolution with the South Korean government that will encompass, if it goes through, both the 232s and broader trade issues," Ross said during a bill signing at the White House.

Trump added that negotiations with South Korea, which last agreed to a free trade pact in 2012, were "very hard," but moving along quickly.

"The deal with South Korea, according to Secretary Ross and [U.S. Trade Representative] Bob Lighthizer, is very close to being finished and we're going to have a wonderful deal with a wonderful ally," the president told reporters.

The Trump administration invited foreign leaders this month to work with the U.S. to address trade imbalances and unfair practices in an effort to make the president's steel and aluminum tariffs more flexible. Only Canada and Mexico were exempt from the tariffs, which Trump raised to 25 and 10 percent, respectively.