Here are the latest business news headlines:

• South Korea requests exclusion from Trump's tariff plans, emphasizing existing low duties on American products under their free trade agreement1.

• President Trump endorses idea to return some savings from Elon Musk's government efficiency efforts (DOGE) to taxpayers1.

• Florida files federal lawsuit against Target, claiming its diversity, equity, and inclusion initiatives "misled investors"1.

• Average U.S. 30-year mortgage rate drops to 8-week low, potentially boosting home sales during the traditionally busy season1.

• Slightly more Americans applied for jobless benefits last week, but layoffs remain relatively low1.

• Walmart reports strong sales and profits for 2024, but faces new challenges in 2025 amid economic uncertainty1.

• IRS plans to lay off approximately 7,000 probationary workers starting Thursday, February 19, 20251.

• President Trump considers purchasing used Boeing aircraft, possibly from overseas, for Air Force One due to delays in producing modified planes1.

• Tesla's law firm helps draft bill that some experts say could restore Elon Musk's compensation package1.

• Union leaders call on Trump administration to boost U.S. shipbuilding and enforce penalties against China's increasing dominance in the industry1.