President Donald Trump announced that the United States (US) will impose a 15% tariff on imports from South Korea to ease tensions with its major Asian trading partner.
The agreement was announced shortly after Trump met with Korean officials at the White House ahead of an August 1 deadline.
On that date, Trump also pledged to implement higher tariffs on imports from various countries.
Furthermore, imports from South Korea, a major producer of computer chips, steel and cars, were previously subject to tariffs as high as 25%.
South Korean President Lee Jae Myung said the tariff agreement with the US would put South Korea in a better position than other countries.
Trump also discussed South Korea's agreement to invest $350 billion in the US in projects of his choosing, in addition to buying $100 billion worth of liquefied natural gas (LNG) products and other energy resources.
