The European Union and South Korea have pledged to buy billions of dollars’ worth of energy products under trade deals with the Trump administration, as the White House aims to capitalize on the role of the U.

President Trump announced a trade deal with South Korea as his Aug. 1 tariff deadline approaches. This comes as he comments on Federal Reserve Chair Jerome Powell's latest decision on interest rates.

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