Just before the August 1 deadline imposed by the Trump administration, the U.S. reached an agreement with South Korea that sets import tariffs at 15 percent.

U.S. President Donald Trump said on Wednesday the U.S. would charge a 15% tariff on imports from South Korea as part of an agreement to avoid even higher levies. The deal includes a South Korean investment of $350 billion in the U.

The agreement comes after other American allies, like Japan, clinched their own deals, partly to moderate President Trump’s tariff threats.