This deal would mean the duties will be lowered from the 25% that Trump had threatened in his "tariff letter" to Seoul earlier this month. South Korea will "give to the United States $350 Billion Dollars for Investments owned and controlled by the United States,

U.S. President Donald Trump announced Wednesday that the United States will impose a 15% tariff on South Korean goods in a deal made just ahead of an Aug. 1 deadline.

The agreement comes after other American allies, like Japan, clinched their own deals, partly to moderate President Trump’s tariff threats.