About 90 countries, including the European Union, are now facing tariffs of 15% or higher as President Trump's sweeping levies go into effect. Erica Brown reports.

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's administration has implemented new tariffs of 15% or higher on imports from around 90 countries, including the European Union. The White House claims these tariffs could generate up to $300 billion in new revenue, but economists caution that the measures may drive up inflation and increase costs for American consumers and businesses.

In addition to the broad tariffs, the administration announced a doubling of tariffs on India in response to its continued purchase of Russian oil and gas. Trade negotiations with China are ongoing, with a temporary truce set to expire soon and the possibility of further tariffs if China continues buying Russian oil. The moves are part of efforts to pressure Russia over its war in Ukraine, but have created uncertainty for businesses and consumers.

Trump's tariffs take effect as economists warn of inflation possibilities

We begin tonight with President Trump's big push on tariffs. Some 90 countries, including the European Union, are now facing levies of 15% or higher. But as some major trading partners strike side deals, businesses and consumers are still grappling with uncertainty. CBS's Erica Brown reports from the White House. Thank you very much, everybody. President Trump's global tariffs on dozens of trade partners are now in effect. The Trump administration says the import taxes are bringing in billions of dollars. This year, we could have about $300 billion of new revenue, which is 1% of GDP. And then there's a chance that that could be higher in 26. But economists warn the sweeping tariffs could lead to rising inflation, potentially driving up costs for American consumers already feeling the stress on their wallets. The price is killing me. Instead of saving money in my bank account, I'm using it in groceries. And it could make it harder for some businesses that rely on holiday shopping to turn a profit for the year. In other years, you're able to predict whether this fall is going to be a good year or the holidays are going to be a good year or kind of a down year. I don't know with this one. I really, really don't. As President Trump escalated his global trade war, he also announced new retaliatory measures as part of an effort to end Russia's war with Ukraine. The president is set to double tariffs on India to 50% on August 27th in retaliation for its continued use of oil and gas from Russia, which the president says is funding Russia's war with Ukraine. Do you expect increased trade negotiations since you've announced the 50% tariff? No, not until we get it resolved. The Kremlin indicated a meeting between President Trump and Russian President Vladimir Putin is in the works and could happen as soon as next week. Now, Erica, one country that is not on that list of deals, that is China, the big one. So where do talks stand with them? Well, Kelly, as of now, a new trade deal has not yet been announced between the US and China, but Commerce Secretary Lutnick says that the current 90-day truce could possibly be extended for an additional 90 days. That truce was reached in May and is set to expire next week. It included a 30% tariff on Chinese goods. That was negotiated down from 145% and a 10% tariff on American goods. As of now, negotiations continue, but it comes as President Trump also suggested that Beijing could face additional tariffs for purchasing Russian oil. This is part of the White House's efforts to put more pressure on Russia to reach a peace deal to end the war with Ukraine. That's an important one. That could definitely escalate things as we're trying to come up with a trade deal. Erica, thank you so much for your time here.

U.S. President Donald Trump said that there is a good chance he'll meet with Russian leader Vladimir Putin soon over Russia's war with Ukraine.

Ukraine Invasion

Trump says 'good chance' he'll meet with Putin soon

U.S. President Donal Trump officially began levying higher import taxes on dozens of countries on Thursday (August 7), just as the economic fallout of his months-long tariff threats was beginning to create visible damage to the U.S. economy.

Higher U.S. tariffs officially take effect

The man accused of killing two Israeli Embassy staffers in Washington, D.C., earlier this year has been charged with federal hate crime charges. CBS News Justice reporter Jake Rosen has more.

Hate crime charges filed in killings of Israeli Embassy staffers

As Sean "Diddy" Combs awaits his sentencing, his lead attorney Marc Agnifilo says he has not talked to anyone at the White House about a possible pardon.

New York

Sean "Diddy" Combs' attorney says he hasn't had talks about a pardon

Mike Huckabee, the U.S. ambassador to Israel, blamed Hamas when asked about starvation in Gaza, saying, "Hamas has not allowed the food to get to the people who are hungry." Huckabee also addressed questions over the controversial aid sites.

Jerusalem

Middle East Conflict

U.S. Ambassador to Israel faces questions over starvation in Gaza

On "T-Day," the US began enforcing Trump's new tariffs, raising average rates from 2% to 15% after a 90-day pause allowed some countries to negotiate reduced deals while others, like India and Brazil, faced hikes. These tariffs have generated over $150 billion in revenue by July, impacting various sectors and aiming to address trade imbalances.

U.S. begins collecting Trump's new global tariffs

Brazil’s President Luiz Inacio Lula da Silva says he plans to call the leaders of China and India, to discuss a joint response to new US tariffs. The announcement came as Brazil and India were hit with 50 percent levies - the highest imposed by President Donald Trump.

State of Rio de Janeiro

Brazil halts U.S. trade talks as Lula condemns new tariffs

U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

Trump imposes extra 25% tariff on India over Russian oil imports

President Trump has been briefed about the shooting at Fort Stewart in Georgia, the White House press secretary says. At least five soldiers were shot before a suspect was apprehended, officials say.

Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

A Russian official said President Trump's special envoy to the Middle East, Steve Witkoff, had a "useful and constructive" conversation with Russian President Vladimir Putin in Moscow on Wednesday.

Moscow

Witkoff, Putin had 'useful and constructive conversation'

The U.S. aims to deploy nuclear power reactors on the Moon and Mars, targeting the first launch by decade’s end. A new NASA directive, revealed by Politico and AFP, calls for appointing a nuclear power czar to choose two commercial proposals within six months, aiming to outpace a Chinese-Russian collaboration.

NASA races to put nuclear reactors on Moon and Mars

Japan held a memorial service and ceremony for victims and the remaining survivors of the U.S. atomic bombing of Hiroshima, marking its 80th anniversary and renewing pledges of working towards a world without nuclear weapons.

Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

The U.S. is warning travelers as cases of chikungunya, a mosquito-borne illness, spreads in China. Health officials in China have ordered mass disinfection measures. The region near Hong Kong reported more than 7,000 cases in recent weeks.

Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

Multiple media outlets in Israel have reported that Israeli Prime Minister Benjamin Netanyahu wants a complete military takeover of Gaza, while almost 600 former Israeli military and security officials are petitioning Washington to stop the fighting.

Netanyahu reportedly wants complete Gaza takeover

Ukrainian President Volodymyr Zelenskyy said Tuesday that he had a productive talk with President Trump focused on ending the war with Russia. CBS News national security contributor Samantha Vinograd has more.

Kyiv

Zelenskyy holds 'productive talks' with Trump about war

Family members of two of the victims from the 2023 implosion are demanding tougher regulations following the damning report released on Tuesday. Five people died when the submersible imploded off the coast of Newfoundland.

Deadly Titan submersible disaster was preventable, Coast Guard says

The House Oversight Committee has subpoenaed multiple people over the Jeffrey Epstein files, including former President Bill Clinton and former Secretary of State Hillary Clinton. CBS News' Jake Rosen has more details.

House committee subpoenas Clintons, others over Epstein files

U.S. Customs and Border Patrol agents have been directed through a federal court order to stop deportations under President Trump's asylum ban, sources say. CBS News' Camilo Montoya-Galvez has more details.

Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

The ruling comes a month after Brazil’s top court ordered the former president to wear an ankle monitor, submit to a curfew and abide by limitations on his activity as legal proceedings investigating an alleged coup plot continue.

Brazil's Supreme Court orders house arrest of Bolsonaro

The US and Lebanon have been holding talks on a roadmap to fully disarm Hezbollah. Lebanon's new leadership has pledged to extend its authority across all its territory but has so far avoided acting against Hezbollah.

Beirut

Lebanon faces renewed pressure to disarm Hezbollah

CBC News had exclusive access to a Canadian Armed Forces plane that dropped about 10,000 kilograms of humanitarian aid into Gaza, the first time Canada joined the airdrop operations. Several countries airdropped food on Monday, but aid organizations agree they are more symbolic than effective.

Ottawa

Canadian military makes aid drop into Gaza

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

President Trump announced Friday on social media that he ordered two nuclear submarines to move into more strategic positions near Russia. On Monday, Russian officials downplayed the comments and warned about the risk of nuclear rhetoric.

Russia downplays Trump's announcement about nuclear submarines

U.S. trade representative Jamieson Greer told "Face the Nation" that tariff rates are "pretty much set" ahead of President Trump's Aug. 7 deadline. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.

White House holds firm on tariff rates ahead on Aug. 7 deadline

Donald Trump confirmed his special envoy Steve Witkoff will visit Russia, ahead of a deadline the U.S. president has set for Russia to agree to end the Ukraine war or face new sanctions. Witkoff is expected in Moscow in the middle of this week.

U.S. envoy Steve Witkoff expected to visit Russia

New images of emaciated Israeli hostages held in Gaza have horrified Israelis and added pressure on Prime Minister Benjamin Netanyahu to reach a ceasefire with Hamas, even as his government considers another expansion of the nearly 22-month war.

Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Trump's tariffs take effect as economists warn of inflation possibilities

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Global Tariffs