US will set 15pc tariff on S.Korean imports in new deal
South Korea also agreed to invest $US350 billion ($A544 billion) in the United States in projects selected by Trump and to purchase energy products worth $US100 billion.
The arrangement, announced after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements.
Many countries are rushing to cut deals before August 1, when Trump has promised higher tariffs will kick in.
"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 wrote on Truth Social.
The negotiations were an early test for South Korean President Lee Jae-myung, who took office in June after a snap election.
He said the deal eliminated uncertainty and set US tariffs lower than or at the same level as major competitors.
"We have crossed a big hurdle," Lee said in a Facebook post.
Trump said Lee would visit the White House "within the next two weeks" for his first meeting with the US president.
South Korea would accept American products, including autos and agricultural goods into its markets and impose no import duties on them, Trump said.
South Korea's top officials said the country's rice and beef markets would not be opened further, and discussions over US demands on food regulations continued.
South Korea is one of three Asia-Pacific countries that had a comprehensive free trade agreement with the United States, but that did not spare it from new tariffs.
Pressure on negotiators increased after Japan clinched its deal earlier in July.
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