An exemption that allowed low-value parcels shipped to the United States to avoid tariffs has ended, the Trump administration said. Imtiaz Tyab has more on the fallout.

London

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

Global Tariffs

Small businesses, such as London's Banquet Records, have paused shipments to the US following the end of the de minimis exemption, which previously allowed low-value imports to enter the country duty-free. The exemption's removal, part of efforts by President Trump to address the US trade deficit and prevent illegal goods from entering the country, has led to immediate disruptions in global supply chains.

Economists and business owners warn that American consumers will likely face higher prices and reduced availability of foreign goods as a result. While the policy initially targeted large Chinese e-commerce retailers, small businesses worldwide are expected to be most affected, with some suspending shipments to the US entirely.

Small businesses warn Trump's import change will drive up prices

For decades, London's Banquet Records has advertised itself as more than your local record shop. We certainly sell tens of thousands of records a month to America and right now we've had to press pause. Co-owner John Tully told us that's in part because of these one-of-a-kind signed records they sell here and online. Something US-based music lovers were among the biggest buyers of. What are you telling your American customers? Well firstly we're starting with sorry because they're frustrated and so are we. But right now I can't see any logic to it. It just seems to be barriers to trade which seems to be against what a capitalist free market economy should be. According to US Customs, last year almost 1.4 billion packages worth more than a total of $64 billion entered the US from abroad without being charged duty under what's known as the de minimis exemption. President Trump said he ended the benefit as part of efforts to lower the US's foreign trade deficit and to close loopholes that let illegal goods including drugs like fentanyl to allegedly be smuggled into the US. The decision has already seen global supply chains disrupted and companies around the world announced they're suspending shipments to the US. The Trump administration first cancelled the de minimis exemption for Chinese e-commerce retailers like Xi'an and Timu earlier this year. But most economists agree it's small businesses like Banquet Records who will suffer the most. Now MTS you talked to a business overseas but how is this going to change things for Americans here at home? Yeah so the end of de minimis which was first introduced all the way back in 1938 will in short mean the things that consumers are used to ordering whether they knew it came from abroad or not are either going to be harder to get or cost a lot more. So I think your average shopper will really start to think twice about what they're ordering because their goods you're used to buying might not just cost more they may also be no longer able to find it anymore.

The Trump administration is planning expanded immigration operations in Chicago next week, two Department of Homeland Security sources tell CBS News. Camilo Montoya-Galvez reports.

Chicago

Trump planning immigration crackdown in Chicago next week: sources

Iran-backed Houthi Prime Minister Ahmed al-Rahawi was killed in Israeli airstrikes on Sanaa, according to Yemeni and Israeli reports. The strikes also targeted top military officials, including the group's defence minister.

Sana'a

Iran-backed Houthi PM killed in Israeli airstrikes on Yemen's capital

Thailand's Constitutional Court dismissed 39-year-old Paetongtarn Shinawatra from office on Friday (August 29) on an ethics violation, abruptly ending the term of Thailand's youngest prime minister after just over a year in office.

Bangkok

Thai court ousts PM Paetongtarn for ethics violation

Chinese President Xi Jinping will be flanked by leaders of some of the world's most heavily sanctioned nations at a World War Two military parade in Beijing next week, in a show of solidarity against the West.

Beijing

China to stage massive military parade as Xi hosts sanctioned leaders

The multinational peacekeeping force known as UNIFIL has played a significant role in monitoring the security situation in southern Lebanon for decades, including during the Israel-Hezbollah conflict last year.

Beirut

UN votes to end peacekeeping force in Lebanon after five decades

Russia, set to assume the UN Security Council presidency in October, has proposed extending the resolution that governs the snapback mechanism, potentially intensifying a diplomatic standoff with European powers.

Moscow

Russia slams European push to reimpose UN sanctions on Iran

It's been 13 days since President Trump said he could strike a peace deal in Ukraine, following his meeting with Russia's leader, Vladimir Putin. But Russia shows no signs of backing down, launching an aerial assault on Kyiv.

Kyiv

Ukraine Invasion

Russian attack on Kyiv kills more than a dozen people

The shooter in Minneapolis fired more than 100 rounds from a rifle at the church where students at Annunciation Catholic School attended Mass. City and state officials highlighted this fact as they called for stricter gun control.

Minneapolis

Minneapolis officials call for stronger gun laws after school shooting

The shooter who killed 2 kids and injured 17 at Annunciation Catholic Church in Minneapolis had ties to the church where he targeted children celebrating a new school year during mass.

Annunciation school shooter had knowledge of church he targeted

The White House is responding to Centers for Disease Control and Prevention Director Dr. Susan Monarez's refusal to step down from her role. CBS News' Olivia Rinaldi reports.

Washington

White House reacts to CDC director refusing to step down from role

In Tehran on Thursday, Iran’s currency traded at over 1 million to $1. At the time of the 2015 accord, it traded at 32,000 to $1, showing the currency’s precipitous collapse in the time since.

Tehran

Europe prepares sanctions as Iran's currency falls

Two children, ages 8 and 10, were killed in a school shooting at Annunciation Church in Minneapolis. The FBI is investigating the shooting as an act of terrorism and a hate crime targeting Catholics. Warning, this video is difficult to watch.

FBI investigating Minneapolis Catholic school shooting as hate crime

UN officials and aid agencies have warned that famine in Gaza is no longer a looming threat but a present reality, with children increasingly dying of hunger. In a blunt address to the UN Security Council, officials described the famine and widespread hunger in the enclave as “engineered” and “man-made” disasters.

New York

Middle East Conflict

UN Security Council affirms Gaza famine is manmade

Denmark summoned the top U.S. diplomat in the country to protest what Danish officials say is an unprecedented effort by people close to U.S. President Donald Trump to conduct secret influence operations in Greenland.

Copenhagen

Denmark accuses U.S. of covert operations in Greenland

Two young children were killed, and 17 others were injured in a shooting during a Catholic Mass packed with young students in Minneapolis. The gunman is also dead.

Minneapolis Catholic school shooting leaves two children dead

The group is accused of attempting to infiltrate Greenlandic society, including allegedly recruiting locals for a new independence movement from Denmark, according to the Danish public broadcaster, DR, who was first to break the story.

Nuuk

Denmark summons U.S envoy over claimed interference in Greenland

SpaceX on Tuesday launched its Super Heavy-Starship, the most powerful rocket in the world, for a test flight after three other flights failed earlier this year. NASA hired SpaceX to build a lunar lander version of Starship to carry astronauts to the moon.

Starbase

SpaceX launches Super Heavy-Starship in test flight

The United States has doubled tariffs on many imports from India to 50 percent, as U.S. President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil.

New Delhi

U.S. raises India tariffs to 50 percent over Russian oil purchases

President Donald Trump said he would seek the death penalty for murders in Washington, as part of a crackdown on what he calls out-of-control crime in the US capital.

Trump endorses death penalty return in Washington D.C.

As the Israeli military gives an initial assessment of deadly strikes on a Gaza hospital, hundreds of thousands of protesters urged Prime Minister Benjamin Netanyahu to accept a ceasefire with Hamas in exchange for a hostage deal.

Tel Aviv-Yafo

Protesters urge Netanyahu to reach hostage deal

Cracker Barrel says it will go back to its old logo after facing intense backlash and seeing its company value to sink by nearly $100 million after switching to a new design last week. In a statement, Cracker Barrel thanked their guests for sharing their voices.

Cracker Barrel scrapping new logo, returning to old one after backlash

The small West Tennessee town of Mason, just 2 square miles in size, is home to about 1,000 people. But its residents are now divided by what a new immigration detention facility will mean for the area.

Mason

Small Tennessee town divided over new ICE detention facility

A standoff is brewing between President Trump and economist Lisa Cook. Mr. Trump tried to fire her, claiming "there is sufficient cause" to believe that Cook made false statements on one or more mortgage agreements.

Trump clashes with Fed board member Lisa Cook, pushing to oust her

Protesters demanding an end to the Gaza war and the return of hostages to their homes took to the streets in Israel on Tuesday ahead of a security cabinet meeting scheduled for the evening.

Israeli protesters demand hostage deal as cabinet set to meet

Australia accused Iran on Tuesday (August 26) of executing two antisemitic arson attacks in the cities of Sydney and Melbourne and gave Tehran's ambassador seven days to leave the country, its first such expulsion since World War Two.

Council of the City of Sydney

Australia expels Iranian envoy over antisemitic attacks

President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook, the only Black woman to serve on the board. Critics call it an attack on the Fed's independence, while Cook says no legal cause exists for her firing.

Trump says he fired Lisa Cook from Federal Reserve board

U.S. President Donald Trump signed an executive order creating new National Guard units, including a rapid-response force to handle what the administration calls civil disturbances.

White House authorizes creation of rapid-response National Guard units

Billionaire entrepreneur Elon Musk’s artificial intelligence startup xAI sued Apple and ChatGPT maker OpenAI in U.S. federal court in Texas, accusing them of illegally conspiring to thwart competition for artificial intelligence.

Small businesses warn Trump's import change will drive up prices

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