President Donald Trump said the United States has reached a “full and complete” trade agreement with South Korea that will cap tariffs on the country’s exports to the U.S. at 15%, backing away from a previously threatened 25% levy that was due to take effect on Aug. 1. Under the accord, Seoul will channel about $350 billion into U.S.–controlled projects and purchase $100 billion worth of liquefied natural gas and other American energy products, according to statements posted by Trump on Truth Social and details provided by South Korean officials. Ninety percent of the profits from the investment fund will accrue to the United States, the president said. South Korea also agreed to open its market further to American goods—including cars, trucks and agricultural products—while imposing no new duties on U.S. imports. Seoul’s government said roughly $150 billion of the investment package would target shipbuilding, with the remainder directed to semiconductors, batteries, nuclear power and biotechnology. The deal eases trade tensions with one of Washington’s top Asian allies and follows a similar pact with Japan earlier in July that set a 15% tariff and pledged a $550 billion Japanese investment in the U.S. economy. Both agreements form part of a broader push by the White House to renegotiate tariffs ahead of next month’s deadline. Newly elected South Korean President Lee Jae-myung is expected to visit the White House within two weeks to formalize the arrangement. Korean equities and the won edged higher after the announcement, although analysts warned that the 15% duty could still pressure exporters, particularly automakers.