Just days after reaching a trade deal with the European Union and around a week after doing the same with Japan, the United States has come to an agreement over tariffs, shipbuilding, LNG, and other energy products with South Korea.

The trade deal includes a provision that South Korea will invest $350bn in the United States, of which $150bn will be committed to assisting South Korea companies in entering the American shipbuilding industry, South Korea’s president Lee Jae Myung said on social media, as reported by the government.

The Korea-U.S. shipbuilding cooperation will span the entire shipbuilding ecosystem including construction, MRO (maintenance, repair and operation), and equipment.

The deal, announced by US president Donald Trump, came after South Korean deputy prime minister Koo Yun Cheol, during his visit to Washington, D.C. for Korea-U.S. trade talks, held a meeting on July 29 with the U.S. secretary of commerce Howard Lutnick, joined by the minister of trade, industry and energy Kim Jung-kwan and trade minister for trade Yeo HanKoo.

South Korea had “overcome a major hurdle” by striking a trade deal with the US to cut import tariffs to 15 per cent, easing tensions with its chief ally.

Announcing the deal, Mr Trump said they had agreed to a tariff of 15 per cent for South Korea. “America will not be charged a tariff,” he added.

South Korea agreed under the deal to invest $350bn in the US in projects selected by Mr Trump and to purchase $100bn of LNG, or other energy products.

In addition, South Korea agreed to invest “a large sum of money” for their investment purposes, the announcement said.

“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,” Trump said.

The deal also says South Korea will accept American products including cars and trucks, and agriculture and not apply tariffs.

Full Statement of Donald Trump on Truth Social:

“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. 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.

“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.

“I would also like to congratulate the new President on his Electoral Success. It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc. We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff.

“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!”