Trump sets 15% tariffs on South Korean imports under new deal

US President Donald Trump announced a new trade deal with South Korea on Wednesday, stating that the US will impose a 15 percent tariff on goods imported from the country — 10 percent lower than what was initially proposed — under a trade deal that would charge America no tariffs.

In a post on social media platform Truth Social, Trump said South Korea "will give the United States $350 billion for investments owned and controlled by the United States, and selected by myself, as president."

"South Korea has agreed to invest a large sum of money," Trump stated, adding that, "This sum will be announced within the next two weeks when the President of South Korea, Lee Jae-myung, comes to the White House for a bilateral meeting."

In addition, South Korea has agreed to purchase $100 billion worth of liquefied natural gas and other energy products, the US president said.

According to a CNBC translation of South Korea's President Lee Jae-myung's statement on Facebook, South Korea had concluded the tariff negotiations with the US and the $350 billion investment "will play a role in facilitating the active entry of Korean companies into the US market in industries where we have strengths, such as shipbuilding, semiconductors, secondary batteries, biotechnology and energy."

The agreement was concluded after months of negotiations between the two sides, which began when Trump announced in April his plans to impose a 25 percent "reciprocal" tariff on South Korea.