Name: Higher U.S. tariffs officially take effect
Uploaded: 2025-08-07T18:50:33.012Z
Duration: 1 min 54 s
Description: U.S. President Donal Trump officially began levying higher import taxes on dozens of countries on Thursday (August 7), just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy.

U.S. President Donal Trump officially began levying higher import taxes on dozens of countries on Thursday (August 7), just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy.

Washington

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

Global Tariffs

The United States has enacted sweeping tariffs on imports from over 60 countries, a move announced by President Donald Trump as a strategy to transform the U.S. economy. The administration projects the tariffs will generate significant new revenue and encourage foreign investment, with Treasury Secretary Scott Besant estimating an increase to $300 billion in tariff revenue.

While the White House insists these tariffs will not substantially raise inflation or consumer prices, critics argue that the uncertainty has already led to higher costs and a weaker job market. The administration has indicated that companies relocating manufacturing to the U.S., particularly in the semiconductor sector, may be exempt from some tariffs as they transition operations.

Higher U.S. tariffs officially take effect

We start with several big stories out of the White House. First, the world is waking up to sweeping global tariffs imposed by President Donald Trump. Trump vows that historic tariffs will transform the U.S. economy. Effective today, more than 60 countries are facing steep levies for goods brought into the U.S. Deals with key trading partners China and Mexico are still pending. The president says his policy will bring billions in revenue and foreign investments, but critics say tariff uncertainty has already inflicted higher prices and a weaker jobs market on the U.S. economy. CBS News White House reporter Erin Navarro is joining us live right now from the White House. Erin, thank you for your time today. Let's start with those tariffs we talked about. Trump is counting on these tariffs to boost the U.S. economy, but is the administration concerned at all about the negative impact they've had so far? Yeah, Mugo, at least not publicly, though they do have their arguments when asked about that. They continue to insist the tariffs have not caused or raised inflation so far. Treasury Secretary Scott Besant also repeated the belief that it'll be manufacturers abroad as well as retailers that will absorb the costs of these tariffs and that it will not be passed down to consumers on a large scale. You also saw Besant claim a projection of $300 billion more in new revenue from these tariffs up from $77 billion in 2024. And we're also learning a bit more about the caveats within this whole tariff plan. You heard from President Trump yesterday, Besant today talk about how companies who make commitments to bring manufacturing inside the United States, especially when it comes to those crucial semiconductor chips for smartphones and laptops, may not be subject to these global tariffs as they take the time to relocate.

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Higher U.S. tariffs officially take effect

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