Donald Trump announces deal to lower tariffs on South Korea to 15%
by Shannon Cook · LBCBy Shannon Cook
President Donald Trump says the US will charge a 15% tariff on imports from South Korea as part of an agreement.
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Writing on Truth Social, Trump said: "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea."
South Korean President Lee Jae Myung said the deal would put his country on an equal or better footing compared with other countries.
The announcement comes just a day before a 1 August deadline for countries to reach agreements with the US or be hit with higher tariffs.
South Korea had been facing a 25% levy if it had not reached a deal.
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As part of the deal, South Korea would invest $350bn (£264.1bn) in the US for projects chosen by Trump and buy $100bn of liquefied natural gas and other energy products - Trump said.
The US president also said South Korea would accept American products - including cars, trucks and agriculture into its markets and impose no import duties on them.
Trump added that Lee Jae Myung would visit the White House "within the next two weeks" for a meeting with the US president.
Since returning to office in January, the US president's controversial trade tariffs have caused the world economy to descend into chaos - with critics warning that tariffs are making products more expensive for US consumers.