President Donald Trump on Wednesday announced he would set a 15% tariff on imports from South Korea, a lower threshold than he had been threatening earlier as part of a trade deal that includes a pledge by Korea to invest $350 billion in the U.S. The president announced the deal on his social media platform after earlier saying he was meeting with South Korean officials in the afternoon as they negotiated to “buy down” his threatened 25% tariff rate. In addition to the $350 billion Korea has pledged to invest in things Trump said would be chosen by himself as president and owned and controlled by the U.S., South Korea agreed to buy $100 billion of liquefied natural gas and other energy and invest “a large sum of money” for their investment purposes, the announcement said.

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