SEOUL, July 31 (UPI) -- U.S. President Donald Trump announced Wednesday that the United States will impose a 15% tariff on South Korean goods in what he called a "full and complete trade deal" between the two countries ahead of an Aug. 1 deadline for negotiations.
The deal calls for $350 billion in South Korean investments "owned and controlled by the United States and selected by myself," Trump wrote on his Truth Social platform.
Seoul will also purchase $100 billion of U.S. liquified natural gas and will announce further investments when South Korean President Lee Jae Myung visits Washington "within the next two weeks," Trump said.
The arrangement comes just ahead of the Aug. 1 deadline for countries to make deals with Washington before facing higher "reciprocal" tariffs. South Korea was facing a 25% levy if it had not reached an agreement.
"We have overcome a major hurdle," South Korean President Lee Jae Myung wrote on Facebook Thursday. "Through these negotiations, the government has eliminated uncertainty in the export environment and aligned U.S. tariffs with those of our major export competitors, creating an environment where we can compete on equal or superior terms with major countries."
