South Korea to invest $350B in US under new Trump trade agreement, tariff rate lowered to 15%

President Trump announced Wednesday that the U.S. and South Korea have reached a comprehensive trade agreement, in which the East Asian country will invest $350 billion in American projects selected by Trump.

South Korea, which has agreed to be "completely open" to trade with the U.S., will now face a reduced tariff of 15% on imported goods — down from the planned 25%, which would have gone into effect on Aug. 1, Trump said. 

"I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea," Trump said in a Truth Social post Wednesday. "The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President."

As part of the deal, the U.S. President said South Korea will also purchase $100 billion worth of liquefied natural gas (LNG) or other energy products.