President Donald Trump says the US will charge a 15% tariff on imports from South Korea, in what he called a "full and complete trade deal". 

It comes just a day before a 1 August deadline for countries to reach agreements with the US or be hit with higher tariffs. South Korea had been facing a 25% levy if it had not struck a deal, BBC reported.

Pressure on Seoul had been mounting after Japan, a key competitor in the car and manufacturing industries, secured a 15% tariff rate with the US this week.

The deal, which will also see Seoul invest $350bn (£264.1bn) in the US, has been touted as a success in South Korea - especially given the record trade surplus of at least $56bn with the US last year, according to BBC.