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Hello from CNN, I'm Joe Beck, with the five things you need to know for Thursday, July 31st.

It's the final day before President Donald Trump's tariff pause runs out.

The latest country to secure an agreement before the deadline is South Korea,

with Trump making the announcement yesterday.

To tell us what's in the deal, here's CNN's Christy Luceout.

Now he says the deal includes a 15% tariff on imports from South Korea, and that's down

from the 25% rate originally did a kick in on Friday.

The deal also includes a $350 billion investment from South Korea into the U.S. and the

purchase of $100 billion worth of liquefied natural gas

and other U.S. energy products. Trump also said that South Korea would accept U.S.

products, including cars, trucks, and agriculture with no import duties.

But the new tariff rate for South Korea is still higher than the 10% minimum tariff they

and dozens of other nation's goods have faced

since April. It's a dilemma in front of all of America's trading partners, give in to Trump's

demands, or face potentially crippling import duties. For example, Trump increased tariffs on

Brazilian goods by 40 percentage points to 50% yesterday, after its president

...