Donald Trump has announced a 15% tariff on South Korean imports as part of a new trade agreement. Without the deal, South Korea would have faced a 25% tariff. The move comes shortly after Japan agreed to similar terms, increasing pressure on Seoul. Under the deal, South Korea will invest $350 billion in the U.S. While officials in Seoul are touting it as a win—especially given last year’s $56 billion trade surplus with the U.S.—items like steel and aluminum will face a 50% tariff in line with Trump’s global trade policy. Despite the hike, South Korean President Lee Jae-myung welcomed the agreement.