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President Donald Trump announced Wednesday night that the United States has finalized a sweeping trade deal with South Korea, locking in $350 billion in U.S.-controlled investments and securing a 15% tariff rate on Korean exports, just hours before a looming trade deadline.

“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 wrote on Truth Social.

“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,” he continued. “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.”

According to Trump, the full scope of the investment will be revealed when South Korean President Lee Jae Myung visits the White House, a meeting expected “within the next two weeks.”

As part of the agreement, South Korea will open its markets fully to U.S. exports, with Trump specifically noting access for “Cars and Trucks, Agriculture, etc.”

While South Korean imports will be subject to a 15% U.S. tariff, Trump said American products will face no such reciprocal duties.

Back in April, South Korea had been slated to face 25% tariffs under Trump’s “Liberation Day” policy, but implementation was delayed by 90 days to allow time for negotiation.

In a Truth Social post quoting directly from the agreement, Trump reiterated, “The Deal is that South Korea will give to the United States $350 Billion for Investments owned and controlled by the United States, and selected by myself, as President.”

The president had reinforced his position earlier this month with a letter to President Lee warning that failing to agree on a one-for-one trade deal would trigger new tariffs aimed at correcting the trade imbalance.

Trump had set August 1 as the deadline for countries to reach bilateral agreements or face steep tariffs designed to counter what he called “Trade Deficit disparity.”

Just hours before the announcement, Trump welcomed South Korean trade envoys to the White House to finalize the deal.

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

Last year, the U.S. trade deficit with South Korea reached $66 billion, marking a 29% increase from the previous year, according to the Office of the U.S. Trade Representative.

Until now, trade between the two countries had been governed by a 2012 free trade agreement that removed most tariffs on bilateral goods.