The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Washington

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

Global Tariffs

The Trump administration has announced an expansion of tariffs on steel and aluminum, adding 407 new items to the list of products subject to higher levies. These include everyday goods such as car parts, household appliances, baby strollers, fire extinguishers, and spray deodorants. The Commerce Department stated that these measures are aimed at derivative steel and aluminum products.

Industry experts warn that the expanded tariffs could lead to significant price increases for consumers, as companies may not be able to absorb the higher costs. While some businesses might find alternatives, others, particularly those reliant on steel and aluminum, could face challenges passing on costs or finding substitutes. The broader economic impact is expected to unfold over the coming months.

Trump expanding steel and aluminum tariffs

We start with important economic news. The Trump administration is adding hundreds of items to the list of steel and aluminum products now subject to higher tariffs. The Commerce Department says 407 items are being added to the list of derivative steel and aluminum products and will be subject to higher levies. These include everyday products like car parts, household appliances, baby strollers, fire extinguishers, and spray deodorants. For more on this, Axios business reporter Nathan Bomey joins us now. So first and foremost, Nathan, what kind of impact will this have on prices across this country? Well, I think there's a real risk that this does lead to significant price increases across the board. You obviously listed the variety of products that are affected by this. Steel and aluminum, not easily replaceable, so it's certainly not something that companies can really get around. I think the big question is, what percentage of these tariffs are they willing to absorb? We look at the auto industry, for example. So far this year, auto price hikes have not been as significant as maybe you would have expected. So the automaker is absorbing them a little bit. I'm not sure that they're gonna be able to do that quite as much with these, because 50% is gonna be quite significant. So it's sort of looking at it from the longer game, if you will, in terms of the impact that we might see even six months from now? Yeah, I think so. I mean, you look at, you know, a company like Coca-Cola, for example, has said that if aluminum tariffs were put into place and affected them, that they can maybe start to emphasize plastic bottles more. So some companies have ways around this. Others may not have as much of a way around it. I mean, a baby stroller, for example, maybe there isn't a quick way to engineer a solution. And so, you know, I think ultimately this is, you know, companies don't like having profit margins decline, so they're gonna be a great temptation here to increase prices. I wanna talk now about something that you wrote today about Brian Cornell set to step down as Target's CEO effective February 1st, when he will take another role within the company. What did today's sort of underwhelming second quarter earnings report have to do with this? Well, Target's been in a prolonged slump. They have been struggling for quite a while now. They're really having a hard time finding a good balance between good value, good low prices, and then good merchandise. I think both, in both categories, they're struggling. They're losing market share to Walmart. Walmart's really, you know, really doing a fantastic job this year. Walmart stock is up this year. Target stock's way down. And, you know, for Brian Cornell, as CEO of Target, I think it was only so long that he was gonna be able to hold on. But you look at the price decline, the stock price decline this morning, I think investors are a little bit disappointed in the replacement. Michael Fidelke, the COO, longtime, you know, lifer, a staffer there at Target, has certainly done a competent job. But I think a lot of investors were looking for more of a shakeup. And I know there was also sort of a push of people protesting not to shop at Target anymore. How much of that do you think played a role in those earnings? Yeah, I mean, I don't think that the protests usually have a big impact. I mean, they can. We have seen some examples of where consumer backlash has had an effect. I think about Bud Light a couple years ago, that whole controversy, certainly that affected Bud Light sales. I haven't seen a groundswell of opposition to Target in the form of an actual boycott. But I think for, really, this is just consumers who are just not shopping there as much as they used to. All right, Nathan Bomey, thank you so much.

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

Ukraine Invasion

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Jerusalem

Middle East Conflict

Israel approves next phase of Gaza offensive, focus on Gaza City

Israel is preparing a major military operation in Gaza City, calling up tens of thousands of reservists. Human rights groups warn of a worsening humanitarian crisis.

Israel to call up 60,000 additional reservists

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

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Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Austin

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

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As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

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President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

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Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

Bolivia heads to runoff after historic defeat for the left

All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

Reports: Hamas accepts latest Gaza ceasefire proposal

Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Erin expected to bring dangerous conditions to U.S. East Coast

Ahead of his Monday meeting with President Trump, Ukrainian President Volodymry Zelenksyy says his country will not give up any territory to Russia, even as the White House insists potential land swaps will be necessary. Willie James Inman reports.

Kyiv

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Thousands of Israeli protesters demanded a deal to secure the release of hostages still held by Hamas in one of the biggest demonstrations since the war in Gaza began. Debora Patta reports.

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Ukrainian President Volodymyr Zelenskyy flies to Washington on Monday under heavy U.S. pressure to agree to a swift end to Russia's war in his country, but determined to defend Kyiv's interests — without sparking a second Oval Office dust-up with Donald Trump.

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European leaders voiced strong support for Ukraine ahead of a Washington summit with U.S President Donald Trump. They emphasized unity, territorial integrity and security guarantees as essential to any peace deal.

Paris

European leaders stress unity with Ukraine ahead of peace talks

International condemnation and pressure from allies have done nothing to stop Israel's plan to displace the people of northern Gaza. Israel on Saturday (August 16) said it is preparing to move Palestinians from combat zones to southern Gaza.

Israeli military prepares to move Palestinians to southern Gaza

Thousands of people took to the streets on Sunday in a nationwide strike amid fears further fighting could endanger the 50 hostages believed to still be in Gaza.

Tel Aviv-Yafo

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Russia continues to target Ukrainian cities firing hundreds of missiles and projectiles daily despite ongoing peace efforts, led by the United States. Ukrainian officials say their unwillingness to dial back their offensive reflects their lack of sincere interest in peace.

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U.S. President Donald Trump said that Ukraine should make a deal to end the war with Russia because "Russia is a very big power, and they're not," after a summit where Vladimir Putin was reported to have demanded more Ukrainian land.

Anchorage

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Efforts by Texas Republicans to redraw the state's congressional maps got new pushback from protesters at rallies across the country Saturday. Nearly 280 events took place in 34 states, according to organizers.

Trump expanding steel and aluminum tariffs

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