President Donald Trump and a senior South Korean official say they have finalized a trade deal that sets mutual tariffs at 15% and includes $350 billion in investments in the U.S.

Under the agreement, which was negotiated over several months, South Korea will make $200 billion in investments in the U.S. and also join in a shipbuilding partnership valued at $150 billion, South Korea's senior secretary for policy, Kim Yong Beom, confirmed. Mutual tariffs will remain at 15%, and tariffs on South Korean cars and auto parts will be cut to 15%, the secretary said.