President Donald Trump praised Britain's new prime minister Boris Johnson Friday, saying the U.K. "needed" Johnson and added, "He has what it takes."

Trump told reporters in the Oval Office that he spoke with Johnson Friday afternoon and the two nations already are working on a new trade agreement.

He predicted the U.S. and U.K. could reach "a very substantial trade agreement" that far exceeds existing levels of commerce.

Trump added that trade between the two had been "impeded" by the U.K.'s relationship with the European Union.

He says that with Brexit, "we could do much, much more trade and we expect to do that." Trump said trade could increase as much as five times above current levels.

Trump also vowed to retaliate against France for adopting a pioneering tax on internet giants like Google, Amazon and Facebook.

He also managed to get in a shot at French wine. Trump, who doesn't drink alcohol, tweeted: "I've always said American wine is better than French wine!"

The digital tax primarily targets companies that use consumer data to sell online advertising. The tax is designed to stop multinationals from avoiding taxes by setting up headquarters in low-tax European Union countries. Currently, the companies pay nearly no tax in countries where they have significant sales.

Trump sounded a slightly pessimistic tone about the ongoing Chinese trade talks, saying he believes Beijing would prefer to hold out for the chance of a Democratic president being elected in 2020.

"I think China would probably say let's wait, let's wait. Maybe Trump will lose and we can deal with another dope or another stiff like the people that allowed these deals to happen," he said.

Still Trump predicted he will win and countries like China and Iran will sign deals "almost immediately... and they're going to be phenomenal deals for the country."

1. SOUNDBITE (English) Donald Trump, US President:

"Well you know why your timing is good because I spoke to him about, how long have you been here? Sixteen minutes? I spoke to him 17 minutes ago. I hung up the phone as you're coming in and he's a good guy, he's a friend of mine. I think we can have a great relationship and Boris is going to be a great prime minister. I predict he will be a great prime minister. He has what it takes. They needed him for a long time. UK needed him for a long time and let's see what happens. I hope he and I will spend a lot, we just spent a lot of time when I was with the Queen in one of the great most beautiful couple of days that I've ever experienced, she's a tremendous woman, an incredible woman. We get along very well. So Boris and I just spoke. I congratulated him and he's all set to go. He's going be, I think he'll do a great job. We're working already on a trade agreement. And I think it'll be a very substantial trade agreement. You know we can do with the U.K., we can do three to four times, we were actually impeded by their relationship with the European Union. We were very much impeded on trade. And I think we can do three to four or five times what we're doing. We don't do the kind of trade we could do with what some people say is Great Britain. And some people, remember a word you don't hear too much is the word England, which is a piece of it. But with the U.K. we could do much, much more trade and we expect to do that. OK."

++BLACK BETWEEN SOUNDBITES++

2. SOUNDBITE (English) Donald Trump, US President:

"(Reporter question: Are you going to slap tariffs on French wine?)

I might, I might. So France put on a tax on our companies, you know that and wrong, wrong thing to do. They should not have done it. So I may do that I may, I've always liked American wines better than French wines even though I don't drink wine. I just like the way they look. OK. But the American wines are great. American wines are great and they didn't do the right thing when they start taxing our companies. We tax our companies. They don't tax our companies. So France did that. I told them, I said don't do it because if you do it I'm going to tax your wine, tariff or tax, call it whatever you want. So yeah we're working on that right now."

++BLACK BETWEEN SOUNDBITES++

3. SOUNDBITE (English) Donald Trump, US President:

"We'll be announcing it sometime fairly soon. We'll see what happens. But they put a tax on. We said don't do it. We tax our companies you don't tax our companies and we'll be announcing something. It might be a wine it, it might be on something else but we'll be it's called reciprocal, it's a reciprocal tax and we'll be announcing that fairly soon. Makes sense, John. You agree with that. You're a man, you're a man that enjoys wine. You just won't enjoy French wine anymore."

++BLACK BETWEEN SOUNDBITES++

4. SOUNDBITE (English) Donald Trump, US President:

"(Reporter question about US delegation going to China for trade talks)

They will be going. No, I never, look, look, look. I think that China will probably say let's wait, it's 14-15 months til the election. Let's see if one of these people that give the United States away, lets see if one of them could possibly get elected. And I'll tell you what, when I win, like almost immediately, they're all going to sign deals and they're going to be phenomenal deals for the country. But, so I don't know if they're going to make a deal. Maybe they will, maybe they won't, I don't care. Because we're taking in tens of billions of dollars worth of tariffs."

++BLACK BETWEEN SOUNDBITES++

5. SOUNDBITE (English) Donald Trump, US President:

"Whether a deal is made, you know they're going next week, they have more meetings, meeting after meeting I don't think personally China would sign a deal if I had a 2 percent chance of losing the election, I think China would probably say let's wait, let's wait. Maybe Trump will lose and we can deal with another dope or another stiff like the people that allowed these deals to happen, this, this horrible thing to happen to our country. Because what's happened to our country, the money that China has taken out of the United States has rebuilt China. And I don't blame China. I blame the United States for allowing that to happen. So if I'm President Xi or if I'm frankly Iran - and Iran wants to make a deal, I can tell you that right now - but if I'm Iran, I'll probably say man, if I can hold out, I'm going to wait for a sleepy Joe Biden instead of Trump because sleepy Joe, we can make any deal we want with him. He doesn't know what's happening. So what else."

6. Wide shot of reporters

President Donald Trump praised Britain's new prime minister Boris Johnson Friday, saying the U.K. "needed" Johnson and added, "He has what it takes."

Trump told reporters in the Oval Office that he spoke with Johnson Friday afternoon and the two nations already are working on a new trade agreement.

He predicted the U.S. and U.K. could reach "a very substantial trade agreement" that far exceeds existing levels of commerce.

Trump added that trade between the two had been "impeded" by the U.K.'s relationship with the European Union.

He says that with Brexit, "we could do much, much more trade and we expect to do that." Trump said trade could increase as much as five times above current levels.

Trump also vowed to retaliate against France for adopting a pioneering tax on internet giants like Google, Amazon and Facebook.

He also managed to get in a shot at French wine. Trump, who doesn't drink alcohol, tweeted: "I've always said American wine is better than French wine!"

The digital tax primarily targets companies that use consumer data to sell online advertising. The tax is designed to stop multinationals from avoiding taxes by setting up headquarters in low-tax European Union countries. Currently, the companies pay nearly no tax in countries where they have significant sales.

Trump sounded a slightly pessimistic tone about the ongoing Chinese trade talks, saying he believes Beijing would prefer to hold out for the chance of a Democratic president being elected in 2020.

"I think China would probably say let's wait, let's wait. Maybe Trump will lose and we can deal with another dope or another stiff like the people that allowed these deals to happen," he said.

Still Trump predicted he will win and countries like China and Iran will sign deals "almost immediately... and they're going to be phenomenal deals for the country."

1. SOUNDBITE (English) Donald Trump, US President:

"Well you know why your timing is good because I spoke to him about, how long have you been here? Sixteen minutes? I spoke to him 17 minutes ago. I hung up the phone as you're coming in and he's a good guy, he's a friend of mine. I think we can have a great relationship and Boris is going to be a great prime minister. I predict he will be a great prime minister. He has what it takes. They needed him for a long time. UK needed him for a long time and let's see what happens. I hope he and I will spend a lot, we just spent a lot of time when I was with the Queen in one of the great most beautiful couple of days that I've ever experienced, she's a tremendous woman, an incredible woman. We get along very well. So Boris and I just spoke. I congratulated him and he's all set to go. He's going be, I think he'll do a great job. We're working already on a trade agreement. And I think it'll be a very substantial trade agreement. You know we can do with the U.K., we can do three to four times, we were actually impeded by their relationship with the European Union. We were very much impeded on trade. And I think we can do three to four or five times what we're doing. We don't do the kind of trade we could do with what some people say is Great Britain. And some people, remember a word you don't hear too much is the word England, which is a piece of it. But with the U.K. we could do much, much more trade and we expect to do that. OK."

++BLACK BETWEEN SOUNDBITES++

2. SOUNDBITE (English) Donald Trump, US President:

"(Reporter question: Are you going to slap tariffs on French wine?)

I might, I might. So France put on a tax on our companies, you know that and wrong, wrong thing to do. They should not have done it. So I may do that I may, I've always liked American wines better than French wines even though I don't drink wine. I just like the way they look. OK. But the American wines are great. American wines are great and they didn't do the right thing when they start taxing our companies. We tax our companies. They don't tax our companies. So France did that. I told them, I said don't do it because if you do it I'm going to tax your wine, tariff or tax, call it whatever you want. So yeah we're working on that right now."

++BLACK BETWEEN SOUNDBITES++

3. SOUNDBITE (English) Donald Trump, US President:

"We'll be announcing it sometime fairly soon. We'll see what happens. But they put a tax on. We said don't do it. We tax our companies you don't tax our companies and we'll be announcing something. It might be a wine it, it might be on something else but we'll be it's called reciprocal, it's a reciprocal tax and we'll be announcing that fairly soon. Makes sense, John. You agree with that. You're a man, you're a man that enjoys wine. You just won't enjoy French wine anymore."

++BLACK BETWEEN SOUNDBITES++

4. SOUNDBITE (English) Donald Trump, US President:

"(Reporter question about US delegation going to China for trade talks)

They will be going. No, I never, look, look, look. I think that China will probably say let's wait, it's 14-15 months til the election. Let's see if one of these people that give the United States away, lets see if one of them could possibly get elected. And I'll tell you what, when I win, like almost immediately, they're all going to sign deals and they're going to be phenomenal deals for the country. But, so I don't know if they're going to make a deal. Maybe they will, maybe they won't, I don't care. Because we're taking in tens of billions of dollars worth of tariffs."

++BLACK BETWEEN SOUNDBITES++

5. SOUNDBITE (English) Donald Trump, US President:

"Whether a deal is made, you know they're going next week, they have more meetings, meeting after meeting I don't think personally China would sign a deal if I had a 2 percent chance of losing the election, I think China would probably say let's wait, let's wait. Maybe Trump will lose and we can deal with another dope or another stiff like the people that allowed these deals to happen, this, this horrible thing to happen to our country. Because what's happened to our country, the money that China has taken out of the United States has rebuilt China. And I don't blame China. I blame the United States for allowing that to happen. So if I'm President Xi or if I'm frankly Iran - and Iran wants to make a deal, I can tell you that right now - but if I'm Iran, I'll probably say man, if I can hold out, I'm going to wait for a sleepy Joe Biden instead of Trump because sleepy Joe, we can make any deal we want with him. He doesn't know what's happening. So what else."

6. Wide shot of reporters