President Donald Trump has announced a new trade agreement with South Korea, setting a 15% tariff on car and semiconductor imports.
The move comes just ahead of a 1 August deadline for trade deals, replacing a threatened 25% levy.
The deal includes a pledge from Seoul to invest $350 billion in the US, with $150 billion earmarked for shipbuilding, a key industry for both countries.
However, South Korean steel and aluminium will face a higher 50% tariff, matching the US global rate.
South Korea avoided opening up its protected rice and beef markets to US imports, a red line for its government. The agreement leaves wider military cost-sharing talks for a later summit in Washington.