President Donald Trump said he had reached a trade deal with South Korea that would impose a 15% tariff on its exports to the US and see Seoul agree to $350 billion in US investments.

South Korea pledged to invest $350 billion in the U.S., as well as to lower tariff barriers, as part of the deal.

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.