China signaled that trade negotiations with the U.S. will continue past the Aug. 12 deadline set by the Trump administration. CBS News' Kelly O'Grady has more on the latest tariff developments.

Beijing

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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China has indicated that trade negotiations with the United States will continue, following recent discussions in Sweden and a proposed 90-day pause in tariff escalation. The U.S. Treasury Secretary noted that while talks have been productive, any extension of the negotiation period past the current deadline would require presidential approval. Meanwhile, trade talks with other countries, including India, Brazil, Canada, and Mexico, face challenges, with some negotiations stalling or complicated by political factors. Economic data shows U.S. inflation rising to 2.6%, above the Federal Reserve's target, with tariffs contributing to higher prices, particularly in the auto sector. The Federal Reserve has chosen to keep interest rates steady, though internal dissent and public criticism from the president have highlighted ongoing tensions.

China signals U.S. trade negotiations will continue

All right, with fewer than 14 hours now until President Trump's tariff deadline, we've seen some deals come through at the very last minute. This morning, the president argued via his True Social platform that his administration's tariff policy, and in his words, is making America great and rich again, but dozens of deals have still yet to be made. CBS News Money Watch correspondent Kelly O'Grady can put this into context for us again. Kelly, great to see you. Good to see you. Great. We're rich. The Dow is up. But let's do a reality check on tariffs. What's the latest on some of the outstanding agreements, and specifically China, the big one? Yeah, there's a number of ones. So let's start with China. That deadline's actually August 12th, so we've got a little bit of breathing room. Of course, we saw both sides talk in Sweden this week. China, it sounds like, jumped the gun and said, hey, we've got another 90-day pause. We're going to continue negotiating. The Treasury Secretary threw a little bit of cold water on that, saying the negotiations have been good. We will likely reach a deal, but they do need to talk with the president and confirm he wants to extend that 90 days past August 12th. So that's where we stay, sort of, it's kind of status quo, I would say, on China. At least they're talking. Yeah, they're talking. So that's good. Then you look at Brazil. You've got this 50 percent tariff. Right. India has a 25 percent tariff and then a penalty for trading with Russia that has yet to be determined. It does sound like negotiations with India have stalled. We heard from the administration, with folks on different networks this morning saying that they were early to the table, but they've been really slow rolling things and that the president is not very happy with that negotiation. That being said, we also have Canada and Mexico in the mix. Remember, we do have an existing free trade agreement with them. That window is up in 2026 to renegotiate. But now there are talks of the president being frustrated with Canada over them saying that they would recognize the state of Palestine. So a lot of things ahead of that deadline tomorrow. But what I will say is that the president has also said that it doesn't mean that negotiations will stop. It's just that higher tariffs would kick in and potentially negotiations for a deal would be ongoing. Yeah. Yeah. A far cry from the pledge of 90 deals and 90 days back in April, which was, we understand, the administration's goal. We've also got some new personal consumption expenditures data, or PCE. Strange to me, but this is what gets Kelly going. She knows all about this stuff. What does it tell us about the lives of our viewers and what's happening in the economy? Well, it's not just me, Errol. This is the Fed's preferred inflation gauge, all right? Oh, okay. It's all the cool kids. I got it. So it's me and my boy, Chair Powell. All right. So basically, this rose more than expected, okay? We were expecting the inflation rate to take up to 2.5%. Remember, the Fed's preferred mark is 2%. Right. We actually got to 2.6%. Now, what you want to see, we're going in the wrong direction. The big driver is that we are starting to see inflation from these tariffs flow through the goods. What I will also note, I thought really interesting, we get some consumer spending data. People really pulled back on autos and auto parts, and that tracks with our reporting that a lot of people went out, they bought cars ahead of that deadline, and now they are not wanting to repair or buy cars with these tariffs that have taken effect. Remember, it's a 25% on the auto sector tariff. That being said, 2.6%, this is not something to go jump off a bridge about. We're just moving in the wrong direction. Yeah. You know, at least people listen to you and watch the news and follow current events so they can change their spending accordingly. I want to quickly ask you about the Fed deciding to hold rates steady. What was interesting is two members of the Fed disagreed with Powell's decision, and then we saw President Trump making personal attacks against Chair Powell this morning. Are either of those things a surprise to you? The latter, no. Right. I have seen that tension, certainly between these two sides. The two that dissented, that's the first time that we've actually had two members dissent on the decision since 1993. That sounds significant. It's significant, but this was the most telegraphed dissent I have ever seen. These two members, who have been floated as potential replacements for Powell, have been very clear that they wanted interest rate cuts. The thing about what the president said this morning on True Social, he was back calling the renovations, sort of that they have been overspending on the Fed headquarter renovations, and he used the word corrupt. That raised a red flag to me, because remember, he can't fire Powell unless there is cause. Now, we haven't gone forward with that, but just that usage of the word corrupt raised my ears. And he's been toying with that plan. I was still fascinated by this top hat moment where the Fed chair said, well, wait a minute. That's not an overrun. That was done a couple years ago. President takes off his, Chairman Powell takes off. It's interesting to watch. It's good to watch the news. Kelly O'Grady, great to have you here with us for that and more. Thank you very much.

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China signals U.S. trade negotiations will continue

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