U.S. President Donald Trump said on Wednesday the U.S. would charge a 15% tariff on imports from South Korea as part of an agreement to avoid even higher levies.

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 after other American allies, like Japan, clinched their own deals, partly to moderate President Trump’s tariff threats.