President Trump posted on social media about his sweeping tariffs minutes before they took effect. CBS News' Aaron Navarro reports after Trump alluded to the legal challenge his tariffs are facing.

Washington

The Trump administration has enacted new tariffs of 10% or higher on imports from dozens of countries, aiming to address what it describes as longstanding trade imbalances. Economic officials estimate the tariffs could generate $300 billion in new revenue, a substantial increase from the previous year, with discussions ongoing about potential uses for these funds, including deficit reduction or rebate checks.

Legal challenges have arisen, with lawsuits from Democratic-led states and small businesses arguing that the president may be overstepping executive powers by bypassing Congress. A federal circuit court is currently reviewing these challenges but has allowed the tariffs to remain in effect for now. Additionally, the administration is moving forward with an executive order directing the Labor Department to expand guidance on 401K investment options, potentially allowing broader access to private equity, real estate, and cryptocurrency.

Is Trump concerned about the legality of his tariffs?

Now turn to the new tariffs in effect for dozens of countries around the world. The new levies of 10% or higher took effect just about 10 hours ago. Now the president posted this last night, an hour before they took effect. He says the tariffs are hitting countries that have quote, taken advantage of the US for years, laughing all the way. He also said the only thing that could stop them are quote, radical left courts. And CBS News White House reporter Aaron Navarro joins us now. Aaron, good to see you. So what else have we heard from the White House since these new tariffs took effect? Yeah, good morning. A couple things from the economic officials that have kind of been leading the tariff push and these trade talks. Treasury Secretary Scott Besson was on MSNBC this morning and said that the administration is projecting $300 billion in new revenue. That's up from the $77 billion collected from tariffs in 2024. That is money that goes to the treasury and is of course worth watching on what the federal government does with that. They've talked about using that to pay down the national deficit, but President Trump has also said and entertained some sort of rebate check from these tariff revenues. You also saw Commerce Secretary Howard Lutnick emphasize that companies who make commitments to expand their manufacturing in the US, particularly when it comes to semiconductor chips, crucial for smartphones and laptops, might not have to pay these tariffs as they spend time relocating those physical assets and resources to the United States. And on China, Lutnick said that that August 12 deadline that the US has to reach a trade deal between the US and China could be extended by 90 days, showing that the administration is looking to give themselves more time to reach a final trade agreement with the biggest global partner in the globe. You know, Aaron, I wanna circle back to the post that the president put on social media because the last part of the president's post is really interesting here. It's really striking. Is the president concerned about the legality of the tariff plan? Yeah, well, we've seen lower court decisions really create legal obstacles for other parts of his agenda, particularly when it comes to cutting government employees en masse, his effort to eliminate birthright citizenship, and there's numerous lawsuits filed by Democratic-led states and small businesses that argue that the president is overstepping his executive power of the Emergency Economic Powers Act by instituting these tariffs, essentially skipping the role of Congress. A federal circuit court is currently hearing arguments on this case, but said in the meantime that these tariffs remain in effect. Now, I wanna change gears here and look ahead to today, something else that we're following. Tell us about this executive order president will be signing later today that could have a direct impact on People's 401Ks. Yeah, this order calls on the Labor Department to research and issue more guidance to employees and employers on allowing this 401Ks and the savings to be invested in other avenues, such as private equity, real estate, or cryptocurrency. There is no rule against investing your 401K in these sorts of avenues, but this is the first formal steps that could really expand the knowledge and change how people use and utilize their 401Ks. Yeah, another busy day of news coming out of the White House. Erin Navarro, breaking it all down for us. Erin, we appreciate it. Thank you.

U.S. President Donald Trump said that there is a good chance he'll meet with Russian leader Vladimir Putin soon over Russia's war with Ukraine.

Ukraine Invasion

Trump says 'good chance' he'll meet with Putin soon

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.

Global Tariffs

Higher U.S. tariffs officially take effect

The man accused of killing two Israeli Embassy staffers in Washington, D.C., earlier this year has been charged with federal hate crime charges. CBS News Justice reporter Jake Rosen has more.

Hate crime charges filed in killings of Israeli Embassy staffers

As Sean "Diddy" Combs awaits his sentencing, his lead attorney Marc Agnifilo says he has not talked to anyone at the White House about a possible pardon.

New York

Sean "Diddy" Combs' attorney says he hasn't had talks about a pardon

Mike Huckabee, the U.S. ambassador to Israel, blamed Hamas when asked about starvation in Gaza, saying, "Hamas has not allowed the food to get to the people who are hungry." Huckabee also addressed questions over the controversial aid sites.

Jerusalem

Middle East Conflict

U.S. Ambassador to Israel faces questions over starvation in Gaza

On "T-Day," the US began enforcing Trump's new tariffs, raising average rates from 2% to 15% after a 90-day pause allowed some countries to negotiate reduced deals while others, like India and Brazil, faced hikes. These tariffs have generated over $150 billion in revenue by July, impacting various sectors and aiming to address trade imbalances.

U.S. begins collecting Trump's new global tariffs

Brazil’s President Luiz Inacio Lula da Silva says he plans to call the leaders of China and India, to discuss a joint response to new US tariffs. The announcement came as Brazil and India were hit with 50 percent levies - the highest imposed by President Donald Trump.

State of Rio de Janeiro

Brazil halts U.S. trade talks as Lula condemns new tariffs

U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

Trump imposes extra 25% tariff on India over Russian oil imports

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Moscow

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Kyiv

Zelenskyy holds 'productive talks' with Trump about war

Family members of two of the victims from the 2023 implosion are demanding tougher regulations following the damning report released on Tuesday. Five people died when the submersible imploded off the coast of Newfoundland.

Deadly Titan submersible disaster was preventable, Coast Guard says

The House Oversight Committee has subpoenaed multiple people over the Jeffrey Epstein files, including former President Bill Clinton and former Secretary of State Hillary Clinton. CBS News' Jake Rosen has more details.

House committee subpoenas Clintons, others over Epstein files

U.S. Customs and Border Patrol agents have been directed through a federal court order to stop deportations under President Trump's asylum ban, sources say. CBS News' Camilo Montoya-Galvez has more details.

Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

The ruling comes a month after Brazil’s top court ordered the former president to wear an ankle monitor, submit to a curfew and abide by limitations on his activity as legal proceedings investigating an alleged coup plot continue.

Brazil's Supreme Court orders house arrest of Bolsonaro

The US and Lebanon have been holding talks on a roadmap to fully disarm Hezbollah. Lebanon's new leadership has pledged to extend its authority across all its territory but has so far avoided acting against Hezbollah.

Beirut

Lebanon faces renewed pressure to disarm Hezbollah

CBC News had exclusive access to a Canadian Armed Forces plane that dropped about 10,000 kilograms of humanitarian aid into Gaza, the first time Canada joined the airdrop operations. Several countries airdropped food on Monday, but aid organizations agree they are more symbolic than effective.

Ottawa

Canadian military makes aid drop into Gaza

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

President Trump announced Friday on social media that he ordered two nuclear submarines to move into more strategic positions near Russia. On Monday, Russian officials downplayed the comments and warned about the risk of nuclear rhetoric.

Russia downplays Trump's announcement about nuclear submarines

U.S. trade representative Jamieson Greer told "Face the Nation" that tariff rates are "pretty much set" ahead of President Trump's Aug. 7 deadline. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.

White House holds firm on tariff rates ahead on Aug. 7 deadline

Donald Trump confirmed his special envoy Steve Witkoff will visit Russia, ahead of a deadline the U.S. president has set for Russia to agree to end the Ukraine war or face new sanctions. Witkoff is expected in Moscow in the middle of this week.

U.S. envoy Steve Witkoff expected to visit Russia

New images of emaciated Israeli hostages held in Gaza have horrified Israelis and added pressure on Prime Minister Benjamin Netanyahu to reach a ceasefire with Hamas, even as his government considers another expansion of the nearly 22-month war.

Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Breakdown