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.

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As Suwayda

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Brussels

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Kyiv

Ukraine Invasion

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Tel Aviv-Yafo

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Anaconda

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Los Angeles

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Sderot

Middle East Conflict

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Moscow

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Ottawa

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

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Global Tariffs