The Trump administration has reached a deal that will set tariffs on vehicles and other goods imported from South Korea at 15%, narrowly averting 10% increase that would have taken effect Aug. 1.

A separate agreement with Mexico extends the deadline to Nov. 1, at which point tariffs are set to increase from 25% to 30%. Absent a last-minute deal or reprieve, vehicles built or assembled in Canada will be subject to a 35% tariff starting Friday.

The South Korea pact mirrors an agreement reached with Japan last week. The Japanese government agreed to invest $550 billion in American enterprises as part of a deal that reduced tariffs to 15% from 25%; South Korea has agreed to $350 billion in new investments.

In a statement from Seoul-based Hyundai, factory executives say the agreement charts a path forward for the manufacturer and its U.S. workforce.

“Today’s trade agreement between the United States and the Republic of Korea represents a historic achievement that strengthens our alliance and creates unprecedented opportunities for sustained prosperity,” the statement reads, in part. “For Hyundai Motor Group, this agreement validates our unwavering confidence in the U.S. market and our commitment to American manufacturing.”