President Lee Jae Myung says deal puts South Korea on an equal or better footing than other countries

Donald Trump has said the US will charge a 15% tariff on imports from South Korea as part of an agreement with the key Asian trading partner and ally that avoids even higher levies.

The arrangement, announced shortly after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements ahead of a self-imposed 1 August deadline.

That is when Trump has promised higher tariffs will kick in on US imports from a range of countries. Imports from South Korea, a powerhouse exporter of computer chips, cars and steel, faced a 25% rate.