U.S. President Donald Trump announced Wednesday that the United States will impose a 15% tariff on South Korean goods in a deal made just ahead of an Aug. 1 deadline.

South Korea and the United States said they reached a deal that would set U.S. tariffs on most South Korean goods at 15% in return for $350 billion in investment in the U.S.

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