U.S. President Donald Trump said on Wednesday the U.S. would charge a 15% tariff on imports from South Korea as part of an agreement to avoid even higher levies.

This deal would mean the duties will be lowered from the 25% that Trump had threatened in his "tariff letter" to Seoul earlier this month. South Korea will "give to the United States $350 Billion Dollars for Investments owned and controlled by the United States,

U.S. President Donald Trump announced Wednesday that the United States will impose a 15% tariff on South Korean goods in a deal made just ahead of an Aug. 1 deadline.