Washington: US President Donald Trump announced a new trade deal with South Korea, which includes 15% tariffs on Korean goods, as well as the expansion of investments and trade between the two countries.

According to Qatar News Agency, Trump said on his platform, Truth Social, that they have agreed to impose a 15% tariff on South Korean imports, while no tariffs will be imposed on American exports. This comes after he had previously threatened to impose a 25% tariff on Korean products starting August 1.

US Secretary of Commerce Howard Lutnick clarified that the new tariffs will also apply to car imports from South Korea, which are among Seoul's major exports to the US market.

Trump added that South Korea will invest $350 billion in the United States in projects that are American-owned and controlled. He also noted that the agreement includes South Korea's commitment to purchase $100 billion worth of LNG and other energy products, in addition to accepting more American products, including automobiles and agricultural goods.