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

“I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,” Trump said on Truth Social on Wednesday.

The South Korean president, Lee Jae Myung, said on Thursday the deal would put South Korea on an equal or better footing compared with other countries.

He also said the countries had agreed to set up a $350bn investment fund, out of which $150bn was aimed at a shipbuilding partnership.

Trump had said that as part of the arrangement, South Korea would invest $350bn in the US in projects selected by him and purchase $100bn of liquefied natural gas and other energy products.

It was not immediately clear how the investment deals would be structured or over what time frame. Trump said additional investments would be announced later.

Lee would visit the White House “within the next two weeks” for a meeting with Trump, the US president added.

He also said South Korea would accept American products – including cars, trucks and agriculture – into its markets and impose no import duties on them.