CBS News MoneyWatch correspondent Kelly O'Grady reports on how markets are reacting after President Trump pushed back the deadline for countries to make trade deals with the United States. Countries now have until August 1 before they'll face tariff increases.

Washington

Wall Street responded with relative stability following President Trump's decision to extend the deadline for countries to negotiate trade agreements with the United States. The Dow Jones Industrial Average, while still down, showed less volatility compared to the previous day, reflecting investors' adjustment to the extended timeline.

Treasury Secretary Scott Bessen highlighted significant tariff revenues already collected and projected further increases if tariffs are implemented as planned. Global markets, including those in Japan and South Korea, also showed slight gains, indicating cautious optimism that additional trade deals could be reached or that the deadline may remain flexible.

Wall Street reacts to Trump pushing back tariff deadline

So, let's talk about the big board. You heard Ed O'Keefe talking about Wall Street and investors reacting to the tariff talks. Well, this is where we stand at this hour. The Dow is down, although if you play the clock back about 24 hours ago, the Dow was down, what, almost 500 points, so not as bad of a bleed right now, but we'll continue watching that. This is, of course, the day after President Trump issued that pushing the deadline back to August 1st. Now, let's talk a little bit more about that. At today's White House Cabinet meeting, Treasury Secretary Scott Bessen touted tariff revenue that will be flowing into the United States. We will have taken in about $100 billion in tariff income thus far this year, and that's with the tariff, the major tariff not having started until the second quarter, so we could expect that that could be well over $300 billion by the end of the year. We don't agree with CEO scoring, but for those who do, the CBO scored tariff income over the next 10 years at 2.8 trillion, which we think is probably low. So he says CBO, Congressional Budget Office, for those who do not know, let's go to CBS News Money Watch correspondent Kelly O'Grady, who does know all about that. She's joining us live from the New York Stock Exchange, where we are seeing some of those numbers. Kelly, we were just mentioning, it's not a dip like we saw yesterday. Is there a sense that things have stabilized now, especially regarding the tariff volatility and some of the words that President Trump had to say from that cabinet meeting? Yeah, I think that this is a little bit of investors getting more comfortable with the uncertainty of it all, and also the fact that this implementation deadline has been pushed out from tomorrow to August 1st, and in the end of those letters, it says essentially, hey, we will negotiate if you come back and give us something better. Investors are taking that as we could see more deals. There is more time before businesses are being charged these higher import taxes. It is rather interesting though, because if you look at what happened in global markets, the major indexes in Japan and South Korea actually were slightly up, even after that 25% tariff letter was sent to them yesterday. So it really speaks to this cautious optimism that either deals could be coming, or maybe that deadline does get pushed out. Of course, the president has said, hey, that's a hard deadline, but we have heard that before and seen that deadline a little bit more flexible. All right, Kelly O'Grady, thank you so much for that perspective. Hope to see you back here very soon, friend.

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