CNBC's Megan Cassella joins 'Squawk on the Street' with the latest news from the White House and President Trump saying that most trade deals will be done by the Aug. 1 deadline.

Washington

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

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US President Trump stated that most trade deals, including those with the European Union, are expected to be finalized by August 1. He described the likelihood of a US-EU agreement as '50-50 or a little less', noting that the EU may need to reduce tariffs and increase investment, similar to Japan's recent commitments.

Trump also discussed his meeting with Federal Reserve Chair Jerome Powell, characterizing it as positive and suggesting that strong economic performance could lead to lower interest rates. Additionally, he addressed the recent decline in the US dollar, acknowledging both the benefits and drawbacks of a weaker currency for US growth and earnings.

Trump says most trade deals will be done by August 1

That is the president a few moments ago outside the White House talking about a number of issues, his meeting with the Fed chair yesterday, the prospect of a weaker dollar, Gaza, Macron, hostage deal potentially, but maybe most importantly Megan Kosella would be this notion about a deal with trade between the US and the EU, he put it at 50-50 and maybe a little bit less. Yes Carl, that's what I thought was the biggest headline from here too, given that we know talks with the EU are ongoing, they're talking very frequently every day and trying really hard to make that deal by August 1st. First he said 50-50, then he said it might be a little bit less than that and he also used phrasing that I thought was very interesting, he said the EU might quote have to buy down their tariffs and then he spoke about how much Japan is investing in the US, that 550 billion dollars, that's what led them to that 15% tariff. So as we've been talking about this week, 15% seems like the floor and it seems like it has to come with some level of investment. We haven't heard officials in Brussels yet talking about what that investment might look like, what they're willing to do, but the president seems to be saying here that's what he needs to see in order to reach some sort of a deal. What stood out to me is that he didn't bash Powell, he did not call him a numbskull, he did not insult him, he did not go after the building cost, I mean he said that we had a very good meeting and on interest rates he said Powell congratulated him and said it's a very strong economy, the country is doing very well, which actually all makes sense, but then he said maybe that'll lead him to lower interest rates next week and I don't think that that's gonna happen. But Megan, maybe that visit actually softened things. I think that's so interesting, it definitely seemed like it, even yesterday as the visit was ongoing, yes there was the disagreement at the very start over whether to include the cost of the third building, but by the time he was taking questions from reporters at the construction site, the president was saying then that he didn't think it seemed necessary to fire the Fed chair, and as you said here he's saying that Powell congratulated him on how well things were going, said the country was doing well, and Trump says he took that to mean that maybe Powell is willing to soon lower interest rates. He didn't say Powell said he was there, but you're right, I think a lot of people thought that yesterday's big show at the Fed was going to make things worse, it was going to escalate things further, the president might look at things that he didn't like and then say maybe this is cause for firing, but clearly it went the opposite direction and that's what the markets are taking out of that. Yeah, the dollar comments also were notable to me. I didn't hear the first question, but it seemed like it was something like you get concerned about the weaker dollar, because the dollar had a really rough first half, it's down 10% for the year, and his response is I think something that you know investors would expect, which is yes we want a strong dollar, but he's not worried because a weaker dollar is actually very helpful when it comes to growth and when it comes to earnings, and that's been the story. I think it's part of why the market's been so enthusiastic and celebratory lately, is the weaker dollar does translate into better earnings, and yes maybe there's some concerns about an unwind of US exceptionalism, but ultimately you know we've had enough commentary from pros saying the US is still where it's at. I thought that was a fascinating exchange, it was a very long answer from the president, he actually took some follow-ups on the dollar as well, he was saying it doesn't sound good, but you make a hell of a lot more money with a weaker dollar when you have a strong dollar you can't sell anything, and he was acknowledging that he can't come out and say he wants a weaker dollar, he even said oh you see a headline, the president wants a weak dollar, he's saying no that's not what I want, a strong dollar always sounds better, but then he went on to talk about all the benefits of a weak dollar. He also talked about the fights that he's had with Japan and China in the first term, about when their currency has weakened, and talked about China being a currency manipulator back then, so saying of course I don't want that, but at the same time he doesn't hate when dollar, he says doesn't get weak, but weaker could be a good thing. Everybody secretly wants a weaker currency, but a stable currency, I think Trump included. Megan, thank you.

EU Commission President Ursula von der Leyen has said she will meet US President Donald Trump on Sunday in Scotland to "discuss transatlantic trade relations."

Glasgow

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New York

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Pangasinan

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Jerusalem

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Bangkok

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Ukraine Invasion

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Beijing

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Clearwater

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Surin

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Istanbul

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Trump says most trade deals will be done by August 1

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