U.S. Commerce Secretary Howard Lutnick says 90 percent of the profits from the 350 billion dollars that South Korea has pledged to invest in the United States will be going to the American people.

Lutnick made the remark in a post on social media on Wednesday after U.S. President Donald Trump announced a trade agreement with South Korea. 

The commerce secretary also said South Korea agreed to purchase 100 billion dollars’ worth of liquefied natural gas and other energy products from the U.S. over the next three and a half years. 

Lutnick added that when President Lee Jae Myung visits the White House in the coming weeks, Trump and Lee will announce the enormous investments that South Korean companies plan to make in America.

He said South Korea’s reciprocal and auto tariff rate will be 15 percent, adding the country will not be treated any worse than any other country on semiconductors and pharmaceuticals. 

Lutnick said steel, aluminum and copper are not included in the deal and remain unchanged.