JUST IN: Trump Announces Trade Deal With Major Asian Trading Partner

President Donald Trump announced Wednesday that the U.S. and South Korea had come to an agreement on a new trade deal after weeks of arduous negotiations.

South Korea is the latest nation to negotiate a new deal just days ahead of the president’s August 1 tariff deadline, when all trading partners who have yet to negotiate new deals with the U.S. will be hit with hefty tariff rates based on existing trade deficits.

“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,” Trump announced in a Truth Social post. “Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes. 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.”

Like the additional trade deals inked earlier this week, South Korea will drop all tariffs and existing trade barriers levied against the United States while also agreeing to pay a 15 percent duty on most exports to the U.S. This identically mirrors the rates agreed to by the European Union and Japan over the last several days.

“I would like to thank the Trade Representatives who came forward today. It was an Honor to meet them, and talk about the Great Success of their Country!” Trump added.

South Korea is the United States’ seventh-greatest source of imports. Last year it shipped $132 billion worth of goods to the US, according to Commerce Department data

Cars, car parts, semiconductors and electronics were among the top goods Americans imported from South Korea last year. Meanwhile, the US exported $66 billion worth of goods to South Korea last year. Oil and gas, as well as industrial machinery, were among the top U.S. exports.

The deal comes nearly a week after a similar deal with Japan, and days after a deal was announced with the European Union. All three agreements include 15 percent tariff rates on exports to the U.S., hundreds of billions of dollars in additional U.S. investment, and open access to their respective markets for the United States.

Trade discussions are also ongoing with China, which was the initial lone exemption to the President’s Liberation Day tariff pause. The two sides initially levied heavy duties against each other before Beijing relented back in May.

The two sides are still working on a final agreement and agreed to extend the tariff truce beyond this week’s deadline so that negotiations can continue.

In total, U.S. Treasury Secretary Scott Bessent has projected that tariff revenue could generate more than $300 billion in revenue for the federal government this year. Tariff revenues have already increased to a record $28 billion in the month of July, up from $7.9 billion when Trump took office in January.