WASHINGTON 

President Donald Trump announced Thursday that South Korea has agreed to a sweeping economic and defense package with the US.

"South Korea has agreed to pay the USA 350 Billion Dollars for a lowering of the Tariffs charged against them by the United States," he said on his Truth Social platform.

Additionally, he said South Korea agreed to buy US oil and gas "in vast quantities" and investments into the US by South Korean companies and businessmen will exceed $600 billion.

"Our Military Alliance is stronger than ever before and, based on that, I have given them approval to build a Nuclear Powered Submarine, rather than the old fashioned, and far less nimble, diesel powered Submarines that they have now," he added.

On Wednesday, during his meeting with President Lee Jae Myung in South Korea, Trump said that an elusive trade deal with South Korea has been "pretty much finalized” but stopped short of saying the leaders came to terms on a final deal.

Later Thursday, Trump is expected to meet with his Chinese counterpart Xi Jinping, who is in South Korea for the Asia-Pacific Economic Cooperation (APEC) summit. Trump will not attend the regional meeting.