Stocks finished the day up slightly with President Trump's new August 1 trade deal deadline looming. CBS News contributor Javier David has more.

Wall Street

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

Global Tariffs

US stock markets saw slight increases following the announcement of upcoming 30 percent tariffs on goods from the European Union and Mexico. The Dow Jones, S&P, and Nasdaq all closed higher, despite the looming trade deadline. The European Union postponed its planned retaliatory tariffs, providing a short period for further negotiations between the US and EU.

Experts highlighted the significance of the US-EU trade relationship, which is valued at around a trillion dollars annually and affects multiple sectors including food, aviation, and technology. While certain industries such as wine, cheese, and aviation could be most affected by the tariffs, investor confidence appears steady, with markets anticipating possible changes to the policy before implementation.

Stocks inch higher with August 1 tariff deadline approaching

The stock market saw some slight gains Monday after President Trump announced Saturday that the U.S. will impose 30 percent tariffs on the European Union and Mexico beginning August 1st. So as you can see, the Dow Jones close today up 88 points. The S&P is up nearly nine points. The Nasdaq is up 54 points. It comes after the EU delayed retaliatory tariffs on the U.S., which were supposed to take effect today. The European Commission president said yesterday that those countermeasures are now pushed back until August 1st, leaving just weeks to reach a trade deal between the 27 member countries and the U.S. CBS News contributor Javier David joins us now. He's also a business editor for the Dallas Morning News. And Javier, thanks so, so much for being with us. Let's talk first about the importance of the U.S.-European trade relationship. And if it's imposed, what would this 30 percent tariff mean for businesses in the U.S.? Yeah, it's a significant hit, like close to five billion dollars a day passes between the two countries, the European Commission says the transatlantic relationship in this direct quote, the most important commercial relationship in the world. And that's not really an exaggeration. In dollar terms, it's worth a trillion annually. We have all sorts of cross-border links that traverse multiple sectors. I'm talking food, agriculture, aviation, energy technology, just to name a few. So the problem here is we have a trade deficit with the European Union and nothing inflames the president's ire more than an imbalance of goods and services of a foreign country. Now, Javier, you mentioned food, aviation, technology. What other products or industries do you think would be hit the hardest if there is a 30 percent tariff? Yeah, a lot like, you know, wine, cheese, fossil fuels, pharmaceuticals, machinery, airplanes, Airbus supplies a lot of planes to U.S. carriers like JetBlue, American Airlines, which is based here in the Dallas-Fort Worth area where I am, Hawaiian Air. Some of them have warned that tariffs will have a big impact on their businesses. So that invariably means they can and will pass those costs along to their consumers. Yeah, not the food and the wine, Javier. Is this muted stock market reaction surprising to you, given how there's just been a constant shifting of trade policy plans from this administration? Yeah, look, it's kind of a taco trade at its finest. Markets are banking on this idea that Trump always chickens out. It's in a construction he absolutely hates, but it's really the only thing that's keeping prices aloft at these levels. Simply put, investors really aren't scared enough of the tariffs at this point to just stop buying stocks. And they're banking on this idea that the president will eventually relent in his demands. We're going to get a real asset test soon because corporate America will start reporting and they already have Q2 results. So those forecasts, those will include forecasts that they see in the future. But, you know, risk appetite is as high as it's ever been. And that means that markets are going to be increasingly susceptible to downside risk. Javier, as we had reported, President Trump has threatened to impose 100 percent tariffs on Russian trade partners if a deal to end the Ukraine isn't reached within 50 days. If that were to pass, will come to pass, which countries do you think would be hit the hardest? Very few, actually. It's very few of these countries going to be impacted because very few countries still trade with Russia. That means that there's very little possibility that we're going to influence the Russian government. Russians have been sanctioned into oblivion, really, for the better part of the last three years. And the irony is none of it has changed. Pressure to change of behavior from them. So a lot of companies exited, particularly Western companies. They either sharply curtailed their activities there and they left. The only real big customers that Russia has at this point are China and India. They continue to buy oil from the country. Neither of them are going to stop doing it. The economy itself is kind of closed. They have high military spending and energy prices that have helped support it. But, you know, when Vladimir Putin moved against Ukraine, you had all of these companies just kind of exit the market. And that means that there's really almost nothing left to sanction. All right, Javier David, thank you very much for joining us.

The U.S. Supreme Court on Monday cleared the way for President Donald Trump's administration to resume dismantling the Department of Education, part of his bid to shrink the federal government's role in education in favor of more control by the states.

Washington

U.S. Supreme Court clears way for Trump to gut Education Department

US President Donald Trump told Russia to end its war in Ukraine within 50 days or face massive new economic sanctions, as he laid out plans for infusions of weaponry for Kyiv via NATO. "We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100 percent," Trump said.

Trump gives Moscow 50-day ultimatum over Ukraine war

A Gaza-bound boat carrying pro-Palestinian activists and humanitarian aid left Sicily, over a month after Israel detained and deported people aboard a previous vessel.

Sicily

New Gaza-bound aid boat leaves Italy

The U.S. will manufacture more weapons to help Ukraine in its fight against Russia's invasion. President Trump said European nations will be footing the bill.

Ukraine Invasion

U.S. to send more weapons to Ukraine

Christian leaders have accused Israeli settlers of attacking sacred sites in the West Bank. The Greek Orthodox Patriarch of Jerusalem, Theophilos III - visiting the Christian town of Taybeh with other clerics - said settlers had started a fire near a cemetery and a 5th century church there last week.

Jerusalem

Clerics accuse West Bank settlers of attacking Christian sites

Australian Prime Minister Anthony Albanese is in Beijing ahead of talks with Chinese President Xi Jinping. He's there to broaden economic cooperation with China, which is Australia's top trade partner, while taking into account security concerns.

Beijing

Australia's Albanese pushes Aussie exports in China visit

In an Oval Office meeting, President Trump announced that the US will sell weapons to European nations, who will then send them to Ukraine. The president also threatened new trade consequences if no peace deal is reached with Ukraine within 50 days.

Trump gives Russia new deadline for Ukraine peace deal

Astronauts from India, Poland, Hungary and the U.S. are returning from the International Space Station following the historic Axiom Mission 4 trip. CBS News' consultant Bill Harwood joins with more details.

Cape Canaveral

Axiom Mission 4 crew returns from historic trip to I.S.S.

Hundreds of Palestinians on Sunday (July 13) mourned two men who were killed in overnight clashes by settlers in the West Bank. One of the deceased is 20-year-old Sayafollah Musallet, a U.S. citizen.

Mourners bury U.S. citizen killed in West Bank settler attack

Search efforts resumed for the more than 160 people still missing from the deadly July 4 floods in Central Texas after being halted Sunday morning due to renewed flood threats. CBS News' Karen Hua has the latest.

Kerrville

Heavy rains halt recovery efforts in central Texas

Following his recent criticism of Russian President Vladimir Putin, U.S. President Donald Trump said he plans to send Patriot missiles to Ukraine. Trump, for the first time since he took office in January, is also considering authorizing new funding for Ukraine.

Trump considers new funding for Ukraine

Two women were killed and two people were injured in a church shooting in Lexington, Kentucky, after the suspect initially shot a state trooper, police said. CBS News correspondent Nicole Valdes has the latest.

Lexington

Two women killed in Kentucky church shooting

The European Union said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc.

Brussels

EU holds off on U.S. tariff countermeasures for now to pursue talks

One year ago, Thomas Crooks, a recent community college graduate, opened fire on then-candidate Donald Trump at a campaign rally in Butler, Pennsylvania. A year later, there's still no answers to why Crooks did it. Scott MacFarlane reports.

Butler

Motive still a mystery a year after Trump assassination attempt

Several European leaders and Mexican President Claudia Sheinbaum have expressed disappointment at the 30% tariffs US President Donald Trump has announced, but maintained openness to reach a negotiated solution.

Leaders of EU and Mexico slam Trump's 30% tariffs

A preliminary report depicted confusion in the cockpit shortly before an Air India jetliner crashed and killed 260 people last month, after the plane's engine fuel cutoff switches flipped almost simultaneously and starved the engines of fuel.

Ahmedabad

Air India crash report shows pilot confusion over fuel cutoff

Iran’s foreign minister says his country is ready to resume nuclear talks with the United States but will need assurances that there will be no more attacks against it. Abbas Araghchi made the comments on Saturday, during a meeting with foreign diplomats in Tehran.

Tehran

Middle East Conflict

Iran willing to resume nuclear talks with U.S. if given assurances

Australia will not commit troops in advance to any conflict, Defence Industry Minister Pat Conroy said on Sunday (July 13), responding to a report that the Pentagon has pressed its ally to clarify what role it would play if the U.S. and China went to war over Taiwan.

Council of the City of Sydney

Australia to 'support status quo' on Taiwan amid U.S. defense push

The Pentagon is urging Japan and Australia to clarify what role they would play if the U.S. and China went to war over Taiwan, the Financial Times is reporting. According to the newspaper, the reported request caught Japan and Australia 'off-guard'.

Taipei

Australia caught 'off guard' by U.S demands over Taiwan

A federal judge in California temporarily halted the Trump administration from making indiscriminate arrests based on race and denying detainees access to lawyers.

Los Angeles

Judge orders Trump to stop Californian immigration raids

President Trump issued new threats in his global trade war, aiming at two more of America's biggest trading partners. The E.U. and Mexico responded by calling the tariffs unfair and disruptive.

Trump announces tariffs on European Union, Mexico

The U.S. Embassy in Jerusalem asked the Israeli government for details following the death of an American citizen in the West Bank. It comes as Israel's defense minister created controversy this week when he announced plans to build a new so-called safe humanitarian city for Gazans.

Tel Aviv-Yafo

Palestinian-American dies in West Bank

Palestinians and human rights activists expressed alarm after Israel's defence minister said he plans to move all Palestinians in Gaza into a camp at the southern tip of the war-battered enclave, according to Israeli media.

Rafah

Israel's plan for 'humanitarian city' in Rafah sparks outrage

President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.

Mexico City

Trump intensifies trade war, threatens 30% tariffs on EU, Mexico

On June 12, the London-bound Boeing 787 crashed in Ahmedabad. All 230 passengers on board, except for one, were killed.

Engine fuel cut off before Air India plane crash, report reveals

A preliminary report depicted confusion in the cockpit shortly before an Air India jetliner crashed, killing 260 people last month, after the plane's engine fuel cutoff switches almost simultaneously flipped, starving the engines of fuel.

Air India crash report shows confusion over engine switch movement

An Israeli airstrike hit Palestinians near a medical center in Gaza on Thursday, killing 10 children and six adults, local health authorities said, as ceasefire talks dragged on with no immediate deal expected. This report contains graphic and disturbing images.

Stocks inch higher with August 1 tariff deadline approaching

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