President Donald Trump announced a new U.S.–South Korea trade deal that sets a 15% blanket tariff on Korean exports to the U.S., down from a previously threatened 25%.

The deal includes South Korea committing $350 billion in U.S.-controlled investments, though Seoul says the funds will support Korean companies entering key U.S. industries like shipbuilding and semiconductors.

Trump also said Seoul will buy $100 billion in U.S. energy products.

Disagreements remain over how the investment profits will be distributed, CNBC has reported.

U.S. goods will face no tariffs, and existing tariffs on Korean steel, aluminum, and copper exports remain unchanged.

Written by B.C. Begley