US to impose 15% tariffs on South Korean goods

US President Donald Trump said on Wednesday that the United States would impose 15 percent tariffs on South Korean imports, down from the previous 25 percent, as part of a deal that eases tensions with one of its main trading partners and key Asian ally.

The agreement, announced shortly after Trump met with Korean officials at the White House, is part of a wave of tariff policy announcements ahead of an August 1 deadline, Reuters writes.

"I am pleased to announce that the United States of America has agreed to a comprehensive trade agreement with the Republic of Korea," Trump wrote on the Truth Social platform.

These negotiations were an early test for South Korean President Lee Jae Myung, who took office in June after snap elections.

He said the agreement has eliminated uncertainties in the export environment and has set US tariffs lower or at the same level as those of major competitors.

"We have overcome the biggest obstacle," Lee announced on Facebook. Trump announced that Lee would visit the White House "within the next two weeks" for his first meeting with the US president.

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South Korea has agreed to invest $350 billion in the United States in projects selected by Trump himself and to purchase $100 billion worth of energy products.

He also added that South Korea will accept American goods, including vehicles and agricultural products, into its markets and will not impose import taxes on them.