In a last-minute trade deal ahead of an August 1 deadline, President Donald Trump announced the US will impose a 15% tariff on imports from South Korea, avoiding a higher 25% levy. This agreement also includes a pledge from South Korea to invest $350 billion in the US.

• South Korea will face a 15% tariff on key exports like cars and semiconductors, while steel and aluminium will be taxed at 50%.
• The deal was praised by South Korean leader Lee Jae Myung, who highlighted that South Korea did not have to open its rice and beef markets further.
• A significant portion of the investment, $150 billion, is earmarked for helping the US build ships, including warships.