President Trump said he does not plan to extend the 90-day tariff pause he imposed for countries to negotiate trade deals. Trump also commented on a potential buyer for TikTok.

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 stated he does not plan to extend the 90-day pause on tariffs, which is set to expire soon. Negotiations with Canada have resumed after Canada dropped plans for a tax on US tech firms, with both countries aiming to reach a new deal. Key issues in the talks include oil, steel, auto supply chains, and dairy market access, despite an existing trade agreement involving Mexico.

In parallel, the US is working on a framework for a trade deal with China, focusing on tariffs and export restrictions on semiconductor chips. The president also mentioned ongoing efforts to secure a US buyer for TikTok, with several investors and companies reportedly interested, though approval from Chinese authorities would be required for any sale.

What Trump's looming global tariff deadline could mean for Americans

Trade talks negotiations have resumed with Canada after it scrapped plans for a tax on U.S. tech firms, which President Trump called the blatant attack. He called that tax rather a blatant attack. Now both countries aim to reach a deal by July 21st. This comes as the Senate and this comes as the 90-day pause on most other tariffs are set to expire next week. Markets are up slightly today on the news. CBS News Money Watch correspondent Kelly O'Grady is tracking the latest for us. Good to see you. All right, so what could be laid out in this new deal between the United States and Canada? Sounds interesting, sounds promising. So, I think about the things that we get from Canada, right? Over 20... Well, yeah, oil's a big one. Oil's a very big one. Over 20% of the steel that we use here. Of course, a lot of our auto companies have supply chains that are very much interlinked between Canada, the U.S. and Mexico. And the president has often noted dairy as a sticking point, that the U.S. cannot easily sell into the Canadian market when it comes to cheese, milk, yogurt, other things. Of course, Wisconsin being a big seller over the border and that being that Canada subsidizes their dairy industry. So that's another big one. But broadly, I'm sort of thinking how would this work? Because there's already an existing trade agreement between the U.S., Mexico and Canada that the first time it would be up for review is next year. So we're talking about a deal, but there's already a deal to be had and it actually involves another country. So that's something to watch there. Yeah, it's so interesting because President Trump was rightfully so applauded for revamping NAFTA in his first term. And it was a great trade deal that everybody applauded. It was bipartisan and now he seems to be undoing all of that. Let's talk about what's going on with China. Last week, the White House said it had a framework for a deal with China. Yesterday, the president said China was going to pay. I want to play a little bit of what he had to say. China is going to be paying a lot of tariffs, but we have a big deficit. They understand that. I have a great relationship with President Xi. We have to do something about the deficit because we have a big trade deficit with China. Biden let it get up to a trillion dollars. Think of it, a trillion dollars deficit with one country. He let them just take them over the coals. We're not going to do that. But we're doing a rare earth deal. But we're also doing. Remember, we have all of the airplane parts. They can't fly their airplanes without us. So we had, you know, some guards also. But it should have never gotten that way because we should have been doing the they call it magnets. It's rare earth, but they call it magnets, a specific type. And they're making those magnets for us right now. And things are well and we have a we have a deal with China. It's a good deal, I think, hopefully for everybody. There's a lot in there. What's the takeaway, Kelly? You know, I think the takeaway is this is a an agreement on a framework of a deal. There are still a lot of things to be worked out, clearly, as he was saying in that in that clip that we just played. There's also the question of export restrictions on chips. China wants to have access to our semiconductor chips that Nvidia makes the very highest level. They don't right now because we don't want China to get ahead in the race. So that's going to be another one. But right now there is a 10 percent tax on all U.S. goods going into China and then a 30 percent tax on all Chinese goods coming into the U.S. So at the end of the day, that is still something that importers are going to pay unless they figure out a different place to get their goods from. All right. The president claims that there's a buyer for tech talk. I haven't seen anything. Do we know or do we have any hints at who it could possibly be? So in that same interview with Fox, he mentioned that he might be saying who it is in the next two weeks. The big two weeks. Right. The big thing, though, is remember, before all of this back and forth with China started, he did say there was a deal. And then when they walked away from the table, that sort of fell apart because Beijing is going to likely have to approve the sale because it is a Chinese company that owns tech talk. We know there's a number of investors that are interested in the bid. Frank McCourt, Project Liberty, also with Shark Tanks. Kevin O'Leary is a part of that. We know that a couple of others are involved. There's also some companies like Applovin that have submitted a bid. We don't know exactly who, but maybe we'll hear something in the next two weeks. But of course, they're going to have to go through all the hoops around U.S. data and how that is stored and figure out this algorithm, because that is owned by ByteDance. The algorithm is the key. That is the one thing that makes tech talk valuable. And we had Frank McCourt, you recall, on CBS mornings, and we asked him if you're not going to have access to the algorithm, then what's the point? Right. No one can really answer that. So he says that there's a different way to do it, that they've figured it out. I don't know. But we'll see if he's one of those guys who ultimately wins that bid. Kelly O'Grady, good to have you here. Thank you. Happy Monday.

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Kyiv

Ukraine Invasion

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

Jerusalem

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

Paris

Macron held 'substantial' phone call with Putin

President Trump toured “Alligator Alcatraz,” a migrant detention center he teamed up with Ron DeSantis to build in the Everglades.

Everglades

Protesters gather around ‘Alligator Alcatraz’ as President Trump visits

Jurors in Sean “Diddy” Combs’ federal criminal trial said they have reached a verdict on four of the five counts, but they cannot reach a verdict on Count 1, which is racketeering conspiracy. The judge has instructed the jury to keep deliberating. Deliberations will resume Wednesday (July 2).

Jury reaches partial verdict in Sean "Diddy" Combs case

The U.S. Senate passed the Republicans' reconciliation bill on Tuesday (July 1) after more than 24 hours of marathon voting on amendments. Vice President JD Vance cast the tie-breaking vote.

U.S. Senate passes Trump's "big, beautiful bill"

The new order does not rescind existing sanctions on ousted longtime President Bashar al-Assad, his top aides, officials and family members who are accused of having committed war crimes and human rights violations against Syrian civilians.

Trump signs executive order lifting U.S. sanctions on Syria

Former criminology graduate student Bryan Kohberger has agreed to plead guilty to killing four Idaho college students in 2022, a move that would spare him the death penalty under a deal with prosecutors, ABC News reported on Monday (June 30).

Moscow

Suspect in murders of four Idaho college students to plead guilty

Thailand's Constitutional Court on Tuesday suspended Prime Minister Paetongtarn Shinawatra from duty pending a case seeking her dismissal, adding to mounting pressure on a government fighting for survival on multiple fronts.

Bangkok

Thai court suspends PM from duty pending case seeking her dismissal

Israeli strikes killed at least 60 people across Gaza on June 30 in some of the heaviest attacks in weeks as Israeli officials were due in Washington for a new ceasefire push by U.S. President Donald Trump.

Israel strikes pound Gaza, killing 60, ahead of U.S. talks

U.S. President Donald Trump says he's not planning to extend the pause on global tariffs set to expire on July 9. Brian Schwartz, reporter for the Wall Street Journal, joins CBS News to discuss.

Trump says he's not planning to extend July 9 global tariff deadline

The jury has informed the judge in Sean "Diddy" Combs' sex trafficking trial that they have concerns about one juror's ability to follow the court's instructions. Deliberations in the trial are underway.

Jury in Sean "Diddy" Combs trial sends note to judge

Jury deliberations are set to begin in the Sean "Diddy" Combs sex trafficking and racketeering trial. CBS News' Katrina Kaufman has the latest updates.

What Trump's looming global tariff deadline could mean for Americans

BreakdownGenerated by LeadStory AI

See The Full Story

Global Tariffs