Morning Business Report: Trade, interest rates, and rent on the move

President Donald Trump announced a new trade deal with South Korea last night, imposing a 15% tariff on products such as Samsung phones and Hyundai cars.

(LILAMAX)- President Donald Trump announced a new trade deal with South Korea last night, imposing a 15% tariff on products such as Samsung phones and Hyundai cars. As part of the agreement, South Korea will invest $350 billion in the United States, according to the president.

Meanwhile, the Federal Reserve decided to hold interest rates steady, despite pressure from President Trump to cut them. In a rare move, two Fed governors dissented, advocating for a rate cut—the first such split in 30 years. With rates unchanged, consumers can expect little movement in mortgage, auto loan, and credit card interest rates.

Ford says it will take an $800 million hit from tariffs and warns the total cost could reach $2 billion this year. CEO Jim Farley says the company has been in discussions with the Trump administration and is hopeful a resolution can be reached.

On Wall Street, stocks fell after Fed Chair Jerome Powell said no decision has been made yet on a possible rate cut in September, despite stronger-than-expected economic growth in the spring.

Renters may see some relief—Apartment List reports the national rental vacancy rate rose above 7% in July, pushing average rents down nearly 1% from last year.

A new study by Talker Research for Ziebart found that while 90% of Americans feel a fondness for their cars, 40% say they love them. More than one in five car owners have even named their vehicles, and on average, people say 11 major life milestones have happened inside their current car.