Under the deal, South Korea will invest $350 billion in key U.S. industries and purchase $100 billion worth of its liquified natural gas.

This deal would mean the duties will be lowered from the 25% that Trump had threatened in his "tariff letter" to Seoul earlier this month.

U.S. President Donald Trump will meet South Korea's trade delegation, South Korea's presidential office said on Thursday, as top officials from Seoul are in Washington to cut a last-minute deal on U.S.