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,

The agreement comes just a day before a 1 August deadline for countries to strike deals with the US or be hit with higher tariffs.

The clock is ticking closer to President Trump’s latest tariff deadline of Aug 1. And while several more deals have been reached, talks with many countries are still in flux.