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.

Global Tariffs

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.

U.S. President Donald Trump said on Monday that Kyiv and Moscow will both have to cede land to end the war in Ukraine and talks with Russian President Vladimir Putin this week will instantly show whether the Kremlin leader is willing to make a deal.

Washington

Ukraine Invasion

Trump says both sides in Ukraine war will need to cede territory

A prominent Al Jazeera journalist, who had previously been threatened by Israel, was killed along with four colleagues and another journalist in an Israeli airstrike in an attack condemned by journalists and rights groups.

Jerusalem

Middle East Conflict

Israeli strike kills Al Jazeera journalists in Gaza

At last one person is dead, dozens are injured and two people are unaccounted for after an explosion at the U.S. Steel Clairton plant in Pennsylvania on Monday.

Clairton

At least 1 dead, dozens injured in U.S. Steel plant explosion

President Donald Trump has placed the Metropolitan Police Department under federal control and announced he's activating the National Guard to combat crime in Washington, D.C.

Trump deploying National Guard to Washington, D.C.

Ukrainian President Volodymyr Zelenskyy is thanking European leaders for backing his push to join this week's Trump-Putin summit in Alaska, insisting an end to the war must be fair.

Alaska

Trump and Putin set to meet on Friday without Zelenskyy

U.S. President Donald Trump and Russian President Vladimir Putin are scheduled to meet in Alaska on Friday to discuss ending the war in Ukraine. Kyiv and its allies fear being sidelined and worry any deal could reward Moscow’s occupation of Ukrainian territory.

Kyiv

Ukraine fights for a seat at the table ahead of Trump-Putin summit

Israeli Prime Minister Benjamin Netanyahu is defending his decision to keep fighting in Gaza, despite protests at home and abroad. Debora Patta has the latest.

Tel Aviv-Yafo

Netanyahu defends plan to expand war in Gaza

Ukrainian President Volodymyr Zelenskyy is thanking European leaders for backing his push to join this week's Trump-Putin summit in Alaska, insisting an end to the war must be fair. Willie James Inman has more from the White House.

Anchorage

Countdown begins to Trump-Putin meeting, without Zelenskyy

Violent weather hit several Midwest states over the weekend, with high winds being blamed for the death of at least one person in Nebraska and flash flooding prompting a state of emergency in Milwaukee County, Wisconsin.

Milwaukee

Milwaukee inundated with floodwaters, one dead in Nebraska

Thirty-seven major wildfires are currently burning across nine states in the western United States. Firefighters have made significant progress on the Canyon Fire in California, achieving 62% containment and allowing over 4,000 residents to return home, with minimal property loss reported.

Major fires continue to burn across western U.S.

President Donald Trump's envoy met with the Qatari prime minister on Saturday in Spain to discuss possible deals to end the Israel-Hamas war in Gaza, as Israel's military plans to expand into Gaza City. Meanwhile, families of Israeli hostages and Palestinians alike are pleading for peace.

Families of Israeli hostages, Palestinians plead for ceasefire

Renewed anti-government protests have taken place in Israel, where relatives and supporters of Israeli hostages held by Hamas demanded their release and an end to the brutal war Israel has been waging in Gaza.

Israeli anti-government protesters take to the streets in Tel Aviv

Ukraine's President Volodymyr Zelenskiy said that Kyiv "values and fully supports" a joint statement by European leaders that welcomed U.S. President Donald Trump's efforts to try to end the war, while emphasizing the need to pressure Russia and provide security guarantees for Kyiv.

Europe stresses need to protect Ukraine ahead of Trump-Putin meet

Ukrainian President Zelenskyy has firmly rejected Russia’s proposal requiring land concessions to end the war. Ukrainian and European officials have submitted a counterproposal to Washington.

Ukraine, Europe counter Russian ceasefire proposal ahead of US talks

There have been more protests, and counter protests, in several British towns and cities, outside of hotels used to accommodate asylum seekers. Some far-right protesters called for one of the hotels to stop housing migrants.

Bournemouth

UK: Anti-immigration & anti-racism protesters face off

A man who opened fire on the U.S. Centers for Disease Control and Prevention headquarters in Atlanta, firing into the complex from a pharmacy and killing a police officer, blamed the COVID-19 vaccine for making him depressed and suicidal, according to reports.

Atlanta

Vaccine conspiracy could be behind Atlanta shooting

The Gifford Fire burning through the rugged backcountry of California's Central Coast is now the state's largest wildfire of the year. It has reached so-called "mega-fire" status and is one of 38 large fires burning across nine states.

San Luis Obispo

Largest California wildfire of 2025 reaches "mega fire" status

President Trump is preparing to take another swing at a deal with President Putin during a high-stakes summit next Friday in Anchorage, Alaska. Ukraine President Volodymyr Zelenskyy says the country will never give up land, even if it means an end to the war.

Trump: Ukraine must cede land for ceasefire; Zelenskyy refuses

The United Nations Security Council is set to hold a rare Sunday meeting to discuss Israel's plan to intensify its 22-month war with Hamas by taking control of Gaza City. CBS News' Debora Patta reports on the conflict and the mounting humanitarian crisis.

Netanyahu's plan to occupy Gaza comes under fire

At least 200 protesters have been arrested at a rally showing solidarity for Palestinians in Gaza, outside the Parliament in London. Crowds are also demonstrating against a ban on the Palestine Action group, after it was designated as a terrorist organisation.

London

London:  Hundreds arrested during Palestine action protest

After almost four decades of a bloody conflict that until recently had no end in sight, Azerbaijan and Armenia signed a peace agreement in the presence of the US President Donald Trump. Notably absent in this historic moment is Russia, which no longer plays a central role in the South Caucasus.

Azerbaijan and Armenia sign historic agreement

Montana's governor said that the dayslong manhunt for the suspect in a bar shooting has ended. 45-year-old Michael Brown was taken into custody on Friday.

Anaconda

Montana bar shooting suspect captured after weeklong manhunt

President Trump announced Friday that he will hold a one-on-one meeting with Russian President Vladimir Putin on Aug. 15 in Alaska. The summit comes as Russia has been pushing to keep all the Ukrainian territory it gained from its invasion. Nancy Cordes and Margaret Brennan have the latest.

Trump, Putin to hold meeting in Alaska next week

The U.S. Department of Justice issued subpoenas in its investigation into New York Attorney General Letitia James. CBS News' Jake Rosen reports.

New York

Trump's DOJ subpoenas New York AG Letitia James

Vladimir Putin and Donald Trump will meet in the coming days, the Kremlin said on Thursday (August 7), as the U.S. president seeks a breakthrough to end the Ukraine war after voicing mounting frustration with his Russian counterpart and threatening him with new sanctions.

Moscow

Kremlin says Trump, Putin to meet soon; Ukraine seeks role for Europe

U.S. President Donald Trump's rushed deadline for Russia to strike a ceasefire deal or face more sanctions has arrived without much movement from Russian President Vladimir Putin.

Trump deadline for Russia to reach ceasefire arrives

Protesters in Israel are voicing their concerns about a plan approved by Prime Minister Benjamin Netanyahu's Security Cabinet to take over Gaza City. CBS News' Debora Patta has more.

Israel's security cabinet approves plan to take over Gaza City

Israeli Prime Minister Benjamin Netanyahu says Israel intends to take full military control of Gaza and push a new offensive, despite mounting international criticism over the war’s human toll and growing hunger crisis.

China signals U.S. trade negotiations will continue

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