President Trump's Aug. 1 tariffs deadline is approaching as several countries announce trade deals with the U.S. CBS News' Nancy Cordes breaks down what's known about Mr. Trump's negotiations.

Washington

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

Global Tariffs

President Trump's administration has imposed a series of tariffs, including a recent 15 percent tariff on South Korean imports, as part of a broader effort to secure trade deals with multiple countries. The initial goal was to achieve 90 deals in 90 days, but only frameworks with seven or eight countries have been established, with many details still unresolved. Tariff revenue has increased significantly, with the U.S. Treasury reporting over $27 billion in the past month, roughly three times higher than the same period last year. 

Despite the administration's assertion that tariffs will benefit the U.S. economy and be absorbed by foreign countries, critics and Federal Reserve officials warn that higher tariffs are contributing to rising inflation and may lead to higher consumer prices. Recent polling indicates that a majority of Americans expect prices to rise and plan to reduce discretionary spending as a result. The debate continues over whether increased tariff revenue should be used for debt reduction or direct rebates to Americans.

Fact-checking Trump's progress on tariffs as Aug. 1 deadline looms

President Trump's August 1st tariff deadline, well, check your calendars, it's fast approaching. It's tomorrow, and the administration is working to lock in last-minute deals. Just last night, the president announced a 15 percent tariff on South Korean imports. Trump's top trade advisor, Pete Navarro, joined the takeout yesterday to explain the reason behind tariffs. Listen. The reason why we put tariffs on products from countries is because they cheat, full stop. Okay? They cheat, the products come in, they steal our jobs, they shut down our factories, wages go down. So the logic of tariffs is to stop that. CBS News chief White House correspondent Nancy Cordes joins us now from the White House with more on this. Nancy, good morning. So let's think back for a moment. In April, the president said when he announced these, this threat, that it was in an effort to secure 90 deals in 90 days. Here we are, Nancy. What did the administration do? Well, they were off by about 80 deals. Last I checked, they had established frameworks with seven or eight countries, and the rest, the president has said, will simply get a letter or find out tomorrow what their new interest rate is, tariff rate, rather, is going to be, which is a nod to the reality that these negotiations take time. And even the countries that the U.S. has now established deals with, and you've got them up there on the screen right now, or just simply announced what their new rate is going to be in the case of Brazil, obviously Brazil did not agree to a 50% tariff rate. You know, even those agreements are frameworks and a lot of the fine print still has to be worked out. Nancy, according to the treasury, tariff revenue was more than $27 billion last month. It sounds like a big number, but can you put that into context? How does that compare to previous months? Well, it's about three times higher than the same month last year. So the U.S. is definitely bringing more tariff revenue in, because remember, even as we await the president's final tariff numbers, he did impose those 10% tariffs on virtually every country a couple of months ago. So revenue is increasing. It is coming in. It's going to the U.S. treasury. And the president has even floated the possibility of sending rebate checks to Americans, several hundred dollars, you know, as a result of the new tariff revenue that's coming in. But keep in mind that because of the big, beautiful bill and the fact that income taxes are going to be lower or remain lower for a lot of Americans, that's revenue that is not going into the treasury. And so we wait to see if Congress is going to get on board with that or whether a lot of members of his own party will say, actually, we'd rather see that revenue go towards debt reduction instead. Yeah, and if we think, Nancy, to why the administration says it's doing this tariff push, they say they want to push businesses to build in the U.S., to build American and to help fortify the American economy. However, critics have said it's going to cost Americans more in the interim and it would take years to build these factories. So help us understand fresh new CBS News polling, which actually looks into how Americans feel about things overall economically. So the polling shows that many Americans anticipate that prices are going to go up. You had the lion's share of Americans saying they're either going to keep their spending on discretionary items steady or reduce it in the coming months because they do expect that prices are going to go higher. And we got some fresh evidence today that they are right. New inflation data from last month shows that inflation rose for the second month in a row, inching back up, which is something that the Federal Reserve chair had warned against just yesterday when he said that's why they're not lowering interest rates right now because they are worried that higher tariffs will mean higher prices for consumers. This White House continues to insist that it is going to be foreign countries and foreign countries that absorb these new higher tariff rates. But what the Fed chair argued was just the opposite, Errol. He said that the data shows that right now it's American companies that are absorbing a lot of that increase, but that over time they are likely to pass more and more of that cost on to American consumers. Yeah. And it looks like most of the people we surveyed agree with that. A majority, 51 percent, saying they plan to make fewer optional purchases in the months ahead. Tells you everything you need to know about how people feel about their money in their wallets. Nancy Cordes, great to chat with you. Thank you very much.

The announcement comes as international pressure mounts on Israel over the war in Gaza and the deepening humanitarian crisis in the Palestinian enclave.

Ljubljana

Middle East Conflict

Slovenia become first EU country to ban arms trade with Israel

The United States imposed sanctions on Palestinian Authority officials just as other nations are stressing the importance of the PA in governing Gaza in the event of an end to the devastating war in the enclave.

New York

U.S. sanctions Palestinian Authority in growing diplomatic rift

Ukraine’s Parliament has reversed a controversial law signed last week by President Volodymyr Zelenskyy, which would have allowed the government greater control over anti-corruption agencies. The decision comes as the country faces one of its most significant political crises since Russia’s full-scale invasion in 2022.

Kyiv

Ukraine Invasion

Ukraine parliament reverses bill on anti-corruption agencies amid crisis

U.S. President Donald Trump has signed an executive order increasing tariffs on Canadian goods that don't meet the terms of the Canada-U.S.-Mexico Agreement to 35 per cent.

Ottawa

Trump raises Canada tariff to 35%, grants extension to Mexico

U.S. special envoy Steve Witkoff met Israeli Prime Minister Benjamin Netanyahu on July 31 in a bid to salvage Gaza truce talks and tackle a humanitarian crisis in the enclave, where a global hunger monitor has warned that famine is unfolding.

Jerusalem

Trump's envoy meets Netanyahu for Gaza aid, ceasefire push

U.S. special envoy Steve Witkoff is visiting Israel as more countries join the call to recognize a Palestinian state in September. CBS News' Robert Berger has the latest.

Trump envoy in Israel as Canada joins call on Palestinian statehood

President Donald Trump says the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally.

Trump says U.S. will set 15% tariff on South Korean imports

U.S. President Donald Trump slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.

Rio de Janeiro

Trump hits Brazil with tariffs, sanctions but key sectors excluded

Widespread damage from tsunami waves after one of the strongest earthquakes ever recorded appears to have been largely avoided. Experts say this event should be used to gauge disaster preparedness for a more serious situation in the future.

Okinawa

Tsunami damage less severe than feared after Russian earthquake

Prime Minister Mark Carney announced that Canada will recognize a Palestinian state later this year if the Palestinian Authority, which governs parts of the West Bank, meets certain conditions.

Canada to recognize Palestinian state in September if conditions met

Australia said on Wednesday (July 30) it will add YouTube to sites covered by its world-first ban on social media for teenagers, reversing an earlier decision to exempt the Alphabet-owned video-sharing site and potentially setting up a legal challenge.

Canberra

Australia expands teen social media ban to YouTube

President Donald Trump said on Wednesday (July 30) the United States will impose a 25% tariff on goods imported from India, as well as an unspecified penalty for buying Russian weapons and oil, on Aug. 1.

Trump says U.S. to hit India with 25% tariff starting August 1

Mourners flooded the streets of Birmingham to celebrate the life of rock-and-roll legend Ozzy Osbourne during his funeral procession in the United Kingdom. Mark Savage, a music reporter at the BBC, a CBS News partner, joins with more details.

Birmingham

Ozzy Osbourne fans flood Birmingham streets to mourn late music icon

U.S. President Donald Trump told reporters before departing from Scotland that Jeffrey Epstein poached workers from his Mar-a-Lago spa. Trump mentioned Virginia Giuffre, one of Epstein's most vocal accusers, in his latest remarks.

Trump says Epstein 'stole' young women from Mar-a-Lago spa

Owdeh Hathaleen, a 31-year‑old Palestinian activist, teacher, and filmmaker behind the Oscar-winning documentary No Other Land, was shot dead by an Israeli settler near the village of Umm al‑Khair in the South Hebron Hills.

Palestinian activist killed by Israeli settler in West Bank

A powerful magnitude 8.8 earthquake off Russia's Far Eastern Kamchatka Peninsula triggered tsunami waves of up to 16 feet nearby, and sparked evacuation orders in Japan, Hawaii and across the Pacific on Wednesday (July 30).

Hawaii

Tsunami reaches Hawaii after huge quake shakes Russia's Far East

The U.N. General Assembly brought high-level officials together to promote a two-state solution to the decades-old Israel-Palestinian conflict. Israel and the United States are boycotting the two-day meeting, co-chaired by the foreign ministers of France and Saudi Arabia

Israel and U.S. boycott UN Summit for two-state solution

With numerous countries facing an Aug. 1 trade agreement deadline, officials in the Trump administration say China could get an extension while negotiations continue.

Trump officials suggest potential tariff truce with China

Police say the man who shot and killed four people in a New York City office building before he took his own life had a "documented mental health history." Mayor Eric Adams says he may have been targeting the National Football League (NFL).

Manhattan gunman had 'documented mental health history'

Jeffrey Epstein-associate Ghislaine Maxwell is offering to testify before Congress in exchange for concessions like full immunity. CBS News Department of Justice reporter Jake Rosen has more.

Ghislaine Maxwell offers to testify before Congress

Prime Minister Keir Starmer said on Tuesday (July 29) Britain was prepared to recognize a Palestinian state in September at the United Nations General Assembly unless Israel takes a number of steps to improve life for Palestinians.

London

UK to recognize Palestinian state unless Israel takes action

Russia launched overnight air strikes on over 70 Ukrainian cities, killing more than 20 people, according to President Zelenskyy. A pregnant woman died near a hospital in the southeast, while a prison strike killed at least 17.

Deadly Russian air raids hit Ukraine as Trump warns of sanctions

For the first time, human rights groups inside Israel are accusing their own government of committing genocide in Gaza. Israel insists it is targeting Hamas, not civilians—despite nearly 60,000 Palestinian deaths since the war began almost two years ago.

Rights groups in Israel accuse country of genocide

As Gaza’s crisis worsens, France is advocating for a two-state solution at a UN conference co-chaired by the French foreign minister. The meeting follows President Macron’s announcement that France will formally recognize a Palestinian state in September.

France leads UN talks on Israel-Palestine two-state solution

Former Colombian President Álvaro Uribe was found guilty of bribery and witness tampering in an unprecedented trial that has shaken the country.

Bogotá

Ex-Colombian president Uribe convicted of witness tampering, bribery

Russian Security Council Deputy Chairman Dmitry Medvedev posted on social media that President Trump's deadline push for a ceasefire with Ukraine is "a threat and a step towards war."

Moscow

Russian official calls Trump's ceasefire deadline 'a threat'

Ukraine says Russia's overnight air strikes hit a prison in Zaporizhzhia in the southeast, killing at least 17 people. Another 35 were injured. Authorities say the attacks destroyed the jail buildings and damaged several nearby houses.

Zaporizhzhia

Russian air strikes hit a prison in Ukraine's Zaporizhzhia, 17 killed

Russia launched yet another attack on Ukraine overnight, with more than 300 drones and seven missiles. While most of the barrage was intercepted, the attacks prompted President Trump to give his Russian counterpart an ultimatum.

Trump gives Putin new deadline to end Ukraine war

A gunman killed at least one police officer and shot a handful of other people Monday in the heart of New York City. CBS News New York has the latest details.

Gunman kills police officer, wounds others in Midtown Manhattan

The suspect in the Michigan Walmart stabbing attack that injured 11 people over the weekend pleaded not guilty Monday to terrorism and assault charges.

Fact-checking Trump's progress on tariffs as Aug. 1 deadline looms

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Global Tariffs