A view from an observatory in Seoul, South Korea, on Monday, Oct. 20, 2025.
Jean Chung | Bloomberg | Getty Images
U.S. President Donald Trump has been using tariffs in creative ways: to stop drug trafficking (ostensibly), to preserve national security aims (purportedly) and, now, to hasten the legislative process in another country.
Trump on Monday said he would increase tariffs on some South Korean goods because of Seoul’s delay in implementing the trade deal with the U.S. struck in October. Duties on autos, pharmaceuticals and lumber would increase to 25% from 15%.
Even as the U.S. continues to erect barriers with its economic partners, others are building trade corridors among themselves.
India announced Monday that it had concluded negotiations over a trade deal with the European Union. The deal is expected to be formally signed in about six months and enter into force within a year, Reuters reported.
Belligerent moves by the U.S. could further estrange it from its allies and the global economy — a concern reflected in the U.S. Dollar Index, which is at its weakest since September, and in the continued surge in gold and silver prices.
U.S. equities, however, remain resilient, as investors positioned themselves ahead of Big Tech earnings. Apple, Meta, and Microsoft were major drivers of Monday’s market gains, and they are set to disclose their financial results for the previous quarter later this week.
Attention now turns to the U.S. Federal Reserve, which will announce its interest rate decision in the coming days. While the central bank is expected to keep rates unchanged, Chair Jerome Powell’s press conference could shed light on Trump’s attacks on Fed independence — and Trump might time his announcement of the next Fed Chair for the same day.
For investors, it adds another variable to a week already heavy with earnings, data and political noise.
What you need to know today
Trump says he will raise certain tariffs on South Korea. Duties on imported autos, pharmaceuticals and lumber will go up to 25% from 15% because of a delay in South Korea’s legislature approving a trade deal with the U.S., Trump said Monday.
Nvidia invests $2 billion in CoreWeave. The chipmaker purchased CoreWeave Class A common stock at $87.20 per share, according to a release on Monday, a discount from Friday’s closing price of $92.98. Shares of CoreWeave jumped nearly 6% on Monday.
Memory chip shortage to last through 2027. That’s according to Sassine Ghazi, CEO of Synopsys, which designs semiconductor tools. Ghazi told CNBC last week that most of the memory from the top players “is going directly to AI infrastructure.”
Positive day for U.S. stocks. Major indexes rose Monday, on the back of gains in Apple, Meta and Microsoft, ahead of their earnings reports later in the week. The pan-European Stoxx 600 added 0.2%. ASML, LVMH and Deutsche Bank will report results this week.
[PRO] Behind silver’s new highs. The precious metal gained 5.9% on Monday, pushing the price to $109.10. There are two main reasons behind its record-breaking run, according to an analyst.
