U.S. President Donald Trump said on July 30 that the U.S. and South Korea had reached a trade agreement, and that planned tariffs set to begin Aug. 1 would be reduced from 25% to 15%.Trump made the announcement on his social media platform Truth Social after meeting with South Korean officials visiting Washington,

President Donald Trump on Wednesday announced a trade deal with South Korea. The deal includes a 15% tariff on goods made in South Korea. Trump had previously placed a 25% tariff on South Korean goods.

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.