The US reached a trade agreement with South Korea that will impose a 15% tariff on imports, including autos, and sets up major investment in American energy and shipbuilding.

The top diplomats of South Korea and the United States are set to hold talks in Washington on Thursday (U.S. time), following a tariff agreement between the two countries and the announcement of a planned summit between their leaders.

Trump has announced a new trade agreement with South Korea, calling it a “full and complete” deal that lowers tariffs on imports from the country to 15 per cent.