Trump suspended the loophole in February for China, Mexico and Canada, but he reinstated it to allow Commerce Secretary Howard Lutnick to establish protocol for collecting tariff revenue on low-value imports that would be eligible for the exemption.

President Donald Trump announced a new trade deal with South Korea, which calls for 15% tariffs on goods from there.

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.