US President Donald Trump announced that South Korea has agreed to pay $350 billion in exchange for a reduction in tariffs.

Trump said in a press statement,"South Korea has agreed to pay $350 billion to the United States in exchange for our reduction of the tariffs imposed on it."

He added that "South Korea has agreed to buy our oil and gas in huge quantities and its companies' investments in our country will exceed $600 billion," adding,"Our military alliance with South Korea is stronger than ever."

Trump noted that he had agreed to "build a nuclear-powered submarine for South Korea instead of its diesel-powered submarines," adding,"I am very much looking forward to my meeting with the Chinese president in a few hours."