CNBC's Megan Cassella joins 'Money Movers' to discuss expectations from Trump's upcoming cabinet meeting.

Washington

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

Global Tariffs

President Trump has announced that the deadline for implementing new country-specific tariffs will remain fixed, with tariffs set to begin on August 1st and no extensions to be granted. This statement was made via Truth Social, following earlier indications that the deadline might be flexible.

The announcement comes as the administration continues trade negotiations with major partners such as Japan, the European Union, and India. While some smaller deals may be reached with countries like Thailand, Malaysia, or Cambodia, the largest trading partners remain the focus of ongoing discussions. The president's cabinet meeting is also expected to address the implementation of a recently signed legislative bill and provide updates on trade talks.

Trump: Aug. 1st tariff deadline won't change, no extensions

We will start in Washington with the president's Cabinet meeting set to kick off this hour. Our Megan Kosella has the details and hopefully some caffeine and got some rest last night. Hi, Megan. Good morning, Court. So, yes, I'll get to the Cabinet meeting in just a moment, but first I want to flag that the president just in the last few minutes took to Truth Social to say now that there will be no wiggle room on his new August 1st deadline for country-specific tariffs to kick in. He wrote on Truth Social that tariffs will start being paid on August 1st and that, quote, there will be no change to this date. He also adds no extensions will be granted. So he's trying here to firm up this deadline after we just spoke last hour about how he appeared to leave the door open for some changes. He said multiple times yesterday it wasn't 100 percent firm. And even in the letters that he sent to the countries yesterday, he also says more are coming today. The president had said tariff rates could move up or down depending on how the negotiations go. Now he says the deadline itself will not be moved for what would be a third time. So we may hear more from him in just a few moments when the Cabinet meeting kicks off. This is the only event on his public schedule today, and it's really a chance for him to gather his department heads at the White House. It will be the sixth meeting of his term with the Cabinet. And we'll have a chance to hear not only from the president, but also we expect the Treasury secretary, Commerce secretary, the U.S. trade representative, all of them might be able to give us an update on how these trade negotiations are going. So we'll be watching for that. I've also spoken with White House officials who say a big part of the focus at today's meeting will be discussions of how the president's mega bill, the one that was signed into law last week, will benefit each of their departments. So all of that kicking off the White House in just a few minutes. We'll bring you more when we have it. Guys. Megan, in terms of trade negotiations, is there a sense as to which one is on the front burner? I mean, the language out of Japan continues to be relatively tough. Maybe the EU, too. We keep hearing about India. Yes, those are the ones we hear about the most. It's really hard to know. They say that Japan has been really tough. They say the EU has been especially tough, even as some EU officials this week have been out there saying they do think they could strike a deal before July 9th. It was before the deadline was moved, but I'm guessing they're still hoping for that. India, they say, has been close, but they've been saying that for six or seven weeks now at least. So clearly there's some sort of a holdup there. We just don't know what it is. It could mean that we start to get smaller deals first. Maybe a country like Thailand or Malaysia, Cambodia finds a way to satisfy the president. That could help them notch some early wins and some deals that we've been waiting for. And then the bigger ones are left for later. The White House says they've been focused on the biggest trading partners, but we also know those are the hardest. Megan, thanks so much for keeping us honest on the pace of these negotiations. Megan Kosella.

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Trump: Aug. 1st tariff deadline won't change, no extensions

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