Investors are bracing themselves for second-quarter corporate earnings reports. Meanwhile, Commerce Secretary Howard Lutnick said on "Face the Nation with Margaret Brennan" that the White House is expecting major trade deals over the next two weeks as President Trump's Aug. 1 tariff deadline approaches.

Washington

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

Global Tariffs

With the Trump administration's tariff deadline imminent, nations are under pressure to reach trade agreements. Commerce Secretary Howard Lutnick has stated that a baseline 10% tariff will remain, with higher rates for countries like Vietnam and Indonesia. Lutnick argues that these tariffs will make American-made products comparatively cheaper, despite higher domestic labor costs.

However, economists are divided on the likely outcomes. Some point to a recent rise in the Consumer Price Index, attributed mainly to tariffs, and question whether the impact will be a one-time adjustment or lead to sustained inflation. Experts also note that the U.S. lacks the infrastructure in many industries to quickly shift to domestic production, and that higher labor costs may offset any price advantages. The long-term effects of the tariffs remain uncertain.

Investors brace for Trump's Aug. 1 tariff deadline

And we continue on CBS News 24 7. I'm Reid Cowan. So August 1 is just days away, and so also is the deadline for nations to reach deals with the Trump administration over trade and tariffs. Here's Commerce Secretary Howard Lutnick on CBS News faced the nation yesterday pretty fairly confident. He says those deals will happen, and those tariffs will look pretty good after August 1. 10% is definitely going to stay. Many countries will pay higher, like Vietnam and Indonesia, right there, 19% to 20%. Most countries will pay higher. The small countries are likely to be 10%, but the bigger countries are likely to pay higher. Tariffs are just going to reset the price level for imports, for certain imports from certain countries. But everybody who's building in America, and remember, Donald Trump announced over $11 trillion of building in America, all that building in America, the construction jobs here. But then when those products come on the shelves, they come on much cheaper. Much cheaper. Interesting. CBS News Money Watch correspondent Kelly O'Grady joining me on a Monday. OK, so Kelly, tariffs leading to lower prices, he says much cheaper. We're six months in now to the Trump presidency, and economists have said all along prices would go up. So which is it? Well, I think what he was trying to say there is that because you're going to have higher prices, if you have a baseline 10% tariff, or as he mentioned, higher tariffs on a number of other countries, that's going to make the made in America products be cheaper, even with higher labor costs. So more of an in comparison. I think what economists are trying to figure out now, though, is are we going to see a sort of long sustained impact on prices where you see inflation ticking up, up, and up? Remember, we got that Consumer Price Index report last week, and we saw a little bit of an increase, mainly due to tariffs. Or is this going to be a one time price adjustment, where you're going to see sort of everything pick up a little bit and then that's where it stays. You don't see things continue to increase. And that was what Secretary Lettnick was saying, that you would see sort of that readjustment, a resetting of imported goods, which would then, in comparison, make made in America products cheaper. That is a theory. In practice, though, we're not going to be able to test that for months and years when it comes to American made products, because we don't have the infrastructure in many industries. And we also know that labor costs are higher here than they are in other countries. So I would say the jury is still out on that. But from an economic standpoint, most economists would disagree with the Secretary.

The next set of peace talks between Ukraine and Russia - the first meeting in seven weeks - is planned for Wednesday in Turkey, President Zelenskyy quoted the head of Ukraine's National Security and Defence Council as saying.

Kyiv

Ukraine Invasion

Zelenskyy says new peace talks planned for Wednesday

A sweeping cyber espionage operation targeting Microsoft server software 'SharePoint' compromised about 100 different organizations as of the weekend, two of the organizations that helped uncover the campaign said on Monday (July 21).

Redmond

Microsoft server hack hit about 100 organizations, experts say

Protestors showed up at the federal courthouse in Boston on Monday amid Harvard's $2 billion legal battle with the Trump administration.

Boston

Protestors gather outside courthouse amid Harvard-Trump hearing

Malcolm-Jamal Warner, an actor and artist who rose to fame as a child as Theodore Huxtable on “The Cosby Show,” has died in a drowning accident in Costa Rica, where he was on vacation with his family, according to a source close to the actor.

Los Angeles

‘The Cosby Show’ star Malcolm-Jamal Warner dead at 54

An off-duty U.S. Customs and Border Protection agent was shot after an apparent robbery went wrong in New York, officials say. New York Mayor Eric Adams said a 21-year-old undocumented immigrant was taken into custody. The agent is in stable condition and is expected to survive.

New York

Off-duty Border Patrol agent shot in NYC by undocumented migrant

The jet crashed onto the campus of Milestone School and College in Dhaka's Uttara neighbourhood, where students were taking tests and attending regular classes.

Dhaka

At least 20 killed after Bangladesh Air Force jet crashes into school

An investigation into Jeju Air's fatal plane crash in December has found "clear evidence" that pilots shut off the less-damaged engine after a bird strike in South Korea, a source told Reuters. But a progress report was not released as planned, after families of the bereaved protested some of its phrasing.

Muan-gun

Report says pilot shut wrong engine before Jeju Air crash

Iran, China and Russia will discuss Tehran's nuclear activities and sanctions on Tuesday, with the E3 nations set for talks on Friday amid threats of reimposing sanctions.

Tehran

Iran to consult with Russia, China ahead of European nuclear talks

Hundreds of Bedouin civilians were evacuated from Syria's predominantly Druze city of Sweida on Monday (July 21) as part of a U.S.-backed truce meant to end fighting that has killed hundreds of people, state media and witnesses said.

As Suwayda

Bedouin civilians evacuate Syria's Sweida as tense truce holds

Japanese Prime Minister Shigeru Ishiba vowed to remain in office on Monday after his ruling coalition suffered a bruising defeat in upper house elections, prompting some of his own party to deliberate his future as the opposition weighed a no-confidence motion.

Tokyo

Japan PM Ishiba vows to stay on after bruising election defeat

Police say Fernando Ramirez drove onto a crowded sidewalk outside a Los Angeles nightclub early Saturday, injuring dozens. He was later shot by a bystander who fled the scene, prompting a citywide search.

Police search for gunman after car-ramming attack in L.A.

Japan's ruling coalition is certain to lose control of the upper house in election, public broadcaster NHK reported, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms.

Japan's ruling coalition loses control of upper house

Iran's foreign minister has said the country France, Germany and the UK are looking to set a date for a meeting for nuclear talks, in what could be a step toward ending the protracted impasse over Iran's nuclear programme and Western concerns.

Middle East Conflict

Iran and three European powers set to resume nuclear talks

The Trump administration said on Saturday (July 19) it will take action against Mexico under its "America First" policy, saying the Mexican government's earlier decision to cut flight slots in Mexico City, which affects U.S. airlines, violates a bilateral air agreement.

U.S. threatens Mexican flights over cargo, competition issues

U.S. President Donald Trump has sued the Wall Street Journal and its owners including Rupert Murdoch for at least $10 billion, over the report that his name was on a 2003 birthday greeting for Jeffrey Epstein that included a sexually suggestive drawing and a reference to secrets they shared.

Trump sues Wall Street Journal for $10 billion over Epstein report

Over 200 Venezuelans who were deported from the U.S. on allegations of gang membership earlier this year and detained in an El Salvador jail have arrived home to Caracas as part of a coordinated prisoner exchange. Ten Americans held in Venezuela returned to the U.S., officials said.

Caracas

El Salvador sends detained Venezuelans home in swap for Americans

Japanese voters headed to the polls on Sunday (July 20) in a tightly contested upper house election that could unleash political turmoil, with rising prices, immigration concerns and the emergence of a Trump-style "Japanese-first" party threatening to weaken Prime Minister Shigeru Ishiba's grip on power.

Japan heads to the polls for Upper House elections

The violent clashes between the Druze minority, Bedouins and other armed groups in the southern province of Sweida have left at least 900 people dead. Some reports suggest that fighting may have halted early on Sunday.

Damascus

Syrian interim president urges respect of ceasefire in Sweida clashes

The proposal comes as Russia continues to intensify its long-range attacks on Ukraine, often firing more drones in a single night than it did during some months in 2024.

Zelenskyy proposes new round of peace talks with Russia

Stacey Williams, a former Sports Illustrated model who briefly dated Jeffrey Epstein speaks with CNN’s Brianna Keilar and describes Epstein’s relationship with Donald Trump. She also alleges Trump once groped her in 1993, but he denies the claim.

Epstein’s ex-girlfriend describes alleged incident with Trump

A vehicle rammed into a crowd of people waiting to enter an East Hollywood nightclub, injuring 30, seven of them critically, in Los Angeles on Saturday morning. Authorities say bystanders attacked the driver, who also sustained a gunshot wound.

West Hollywood

Driver crashes into line of people in Hollywood, police say he was shot

A boat full of tourists capsized during a storm in one of the country's most iconic tourist destinations, leaving at least 34 dead and eight missing. Rescue efforts continue as a new tropical storm approaches.

Hạ Long Bay

Dozens drown after tourist boat capsizes in Ha Long Bay

The agreement comes after intense clashes displaced tens of thousands of people and contributed to a worsening humanitarian crisis in a region still recovering from over a decade of brutal civil war.

U.S. says Israel-Syria agree to ceasefire, clashes continue in Sweida

Ukraine has appointed a new prime minister, 39-year-old Yulia Svyrydenko, as part of a sweeping government reshuffle announced by President Volodymyr Zelenkskyy. This marks the most significant political shift since the start of Russia's full-scale invasion in 2022.

Yulia Svyrydenko takes charge as Ukraine's new prime minister

Former Brazilian president Jair Bolsonaro, currently on trial at the Supreme Court, has been ordered to wear an electronic ankle monitor. Bolsonaro is accused of leading an alleged attempt to stage a coup to overturn the 2022 election.

Rio de Janeiro

Brazil's Bolsonaro ordered to wear ankle monitor

At least three deputies were killed after an explosion at a Los Angeles County Sheriff's Department training facility, officials said. Attorney General Pam Bondi said federal agents were at the scene.

Three killed in explosion at L.A. County Sheriff's Department facility

The UK's Labour Party has passed a landmark electoral reform, aligning with Scotland and Wales in lowering the voting age from 18 to 16. The change fulfills a key promise by the ruling party but garnered criticism from the Conservative Party.

London

UK lowers voting age from 18 to 16 in historic electoral reform

The U.S. House of Representatives approved a rescissions package to slash $9 billion in foreign aid and public broadcasting funding, sending the bill to President Donald Trump's desk.

U.S. House passes $9 billion cut to foreign aid, public broadcasting

U.S. President Donald Trump on Thursday night ordered Attorney General Pam Bondi to help facilitate the release of grand jury transcripts related to Jeffrey Epstein as the administration faces pressure to share more materials on the case.

Trump orders release of Epstein-related grand jury transcripts

The European Union has agreed to impose a new round of sanctions against Russia, targeting the country's energy and financial sectors in a bid to tighten the screws on the Kremlin's war machine and force a temporary ceasefire in Ukraine.

Investors brace for Trump's Aug. 1 tariff deadline

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