President Trump announced a trade deal with South Korea on Wednesday, putting 15 percent tariffs on South Korean goods, much higher than they were just a few months ago but lower than Mr. Trump had threatened.

President Donald Trump announced a new trade deal with South Korea, which calls for 15% tariffs on goods from there.

The U.S. agreed that South Korean firms would not be put at a disadvantage compared with other countries over upcoming tariffs on chips and pharmaceutical products, while retaining 50% tariffs on steel and aluminium.