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

Economic data out Wednesday showed trade turmoil wasn’t holding back the U.S. economy, but the Federal Reserve left rates unchanged, citing fear of inflation.

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.