Rolls Royce Stock Hits Record High, US-Korea $350 Billion Trade Deal | The Opening Trade 7/31

The US reached a trade agreement with South Korea that will impose a 15% tariff on imports, including autos, and sets up major investment in American energy and shipbuilding. The agreement, announced by President Donald Trump and confirmed by officials in Seoul, brings one of the world’s biggest exporters from a 25% rate just a day before the deadline. The agreement includes a $350 billion South Korean fund for US investments. The won weakened against the dollar after a bounce at the open and shares in Seoul erased early gains.

President Donald Trump also said he would impose a tariff of at least 25% on India’s exports to the US starting Friday, though later added that the two sides were still in talks. “Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE,” he posted on social media. “INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST.”

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