JPMorgan Chase CEO Jamie Dimon warns against a potentially "disastrous" fragmentation of America's economic alliances, caused by President Trump's tariffs. It comes as Wall Street titan Bill Ackman urges the president to pause the "economic nuclear war."

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

Tariffs sink U.S. banks as experts warn of 'economic nuclear war'

J.P. Morgan CEO Jamie Dimon is speaking out on the market meltdown. Diamond says tariff policy issues need to be resolved quickly. And he warns against a potentially disastrous fragmentation of America's long term economic alliances. We're joined now by Bloomberg's chief Wall Street correspondent Shridhar Natarajan. He talks about this geopolitics the the tariff threats all adding to mounting pressures. You have Jamie Dimon himself making that potential recession call. J.P. Morgan's own earnings out this week. How much is Wall Street experiencing the pain that Diamond is talking about. I think they're experiencing the pain not so much as what's happened in the last few days but they're really worried about what lies ahead of them in the next few quarters. That is the big issue here. And you can be rest assured like everyone's looking forward to Jamie Diamond's annual letter. He probably wrote most of these 60 pages well ahead of the tariff announcement. But a lot of changes were made in the last couple of days. And that's evident in his tariff commentary by Jamie Diamond standards. I will say this was fairly muted. Still he does make the important point that the longer that this last the negative reaction and the negative effects will accumulate. You will have a cumulative effect and that will affect the broader economy that will affect the country broadly. And most certainly the bank he runs and the rest of the banking sector. I just want to point out we're looking now at four and a third percent drop in the S&P 500. So the Dow Jones Industrial Average is down one thousand five hundred and forty points. This market decline continues. At what point does Jamie Diamond come out and you know show some real spine. Are you the Trump administration. Because you're right. His his message was fairly measured and he's not known for mincing his words. This is not the first act of if you want to call it craziness that we've seen in this administration in the last two months. Right. And if you're talking about corporate leaders willing to come out and say publicly what they've been telling us privately what they've been telling each other privately you're not really seeing any signs of that happening. Whether you're talking about a tariff issue and you're saying when money starts to bite you certainly expect a lot of these people to be more forthright. You've certainly seen that especially with someone like Bill Ackman. Look at his tweets going into the weekend and look at his tweets starting 6 p.m. last night. Big change in tone and perhaps that reflection will be seen more broadly. And as you see more and more people willing to take it forward willing to amp up their rhetoric on this more people will come forward. But to realistically expect these corporate leaders to go out there and say they wholeheartedly disagree with this administration's moves and to express that in such a clear and forthright manner is perhaps still a bit of a reach. Yeah. And we have Bill Ackman's tweet his post on X starting that last night. You mentioned 6 p.m. That's of course when futures opened and we saw that big drawdown. So he also called for sort of a pause heading into the April 9th tariff implementation. I don't know if that will happen but it's interesting. I mean you just think about where we were heading into inauguration. Of course we had Besson set up as Treasury Secretary and there was this idea that you know he was going to be in the adult in the room. He had a lot of Wall Street connections. I imagine a lot of the sort of folks that you speak to those C suites type people and the bankers that you speak to are trying to get on the phone with Scott Besson and figure out what's going on. There's only trying if they can get on the phone with him. They've certainly been texting him quite a bit. Not clear if it's just one way channel. It does feel like that. It doesn't seem like Besson is necessarily engaging with them. But part of that could also be as some of our reporting shows over the weekend that Besson is not really one of the critical players as we navigate this period right now as we navigate the tariff policy. It doesn't seem like he's a principal in the room. He's been playing a bit of a second fiddle and that was evident in some of his comments to Anne Marie last week right after Trump's initial tariff announcements.

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Kyiv

Ukraine Invasion

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Washington

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

Jerusalem

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

Paris

Macron held 'substantial' phone call with Putin

President Trump toured “Alligator Alcatraz,” a migrant detention center he teamed up with Ron DeSantis to build in the Everglades.

Everglades

Protesters gather around ‘Alligator Alcatraz’ as President Trump visits

Jurors in Sean “Diddy” Combs’ federal criminal trial said they have reached a verdict on four of the five counts, but they cannot reach a verdict on Count 1, which is racketeering conspiracy. The judge has instructed the jury to keep deliberating. Deliberations will resume Wednesday (July 2).

Jury reaches partial verdict in Sean "Diddy" Combs case

The U.S. Senate passed the Republicans' reconciliation bill on Tuesday (July 1) after more than 24 hours of marathon voting on amendments. Vice President JD Vance cast the tie-breaking vote.

U.S. Senate passes Trump's "big, beautiful bill"

The new order does not rescind existing sanctions on ousted longtime President Bashar al-Assad, his top aides, officials and family members who are accused of having committed war crimes and human rights violations against Syrian civilians.

Trump signs executive order lifting U.S. sanctions on Syria

Former criminology graduate student Bryan Kohberger has agreed to plead guilty to killing four Idaho college students in 2022, a move that would spare him the death penalty under a deal with prosecutors, ABC News reported on Monday (June 30).

Moscow

Suspect in murders of four Idaho college students to plead guilty

Thailand's Constitutional Court on Tuesday suspended Prime Minister Paetongtarn Shinawatra from duty pending a case seeking her dismissal, adding to mounting pressure on a government fighting for survival on multiple fronts.

Bangkok

Thai court suspends PM from duty pending case seeking her dismissal

Israeli strikes killed at least 60 people across Gaza on June 30 in some of the heaviest attacks in weeks as Israeli officials were due in Washington for a new ceasefire push by U.S. President Donald Trump.

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Global Tariffs