Where things stand on trade deals with tariff deadline a day away
CBS News · 8 days ago
CBS News
8 days ago
President Trump's self-imposed Friday deadline for countries to make trade deals or be hit with higher import tariffs is looming over the global economy. Scott Lincicome, vice president at the Cato Institute's Center for Trade Policy Studies, joined "CBS Evening News Plus" to talk about it all.
Breakdown
- President Trump extended Mexico's deadline for a trade deal by 90 days. 8s
- Trade agreements have been reached with the UK, EU, Japan, and others, but details are vague. 40s
- New tariffs are significantly higher than previous rates, with effective rates between 17 and 19 percent. 1m 52s
- The impact of tariffs on consumers and companies is still unclear, with some companies absorbing costs and others raising prices. 2m 35s
- The president's authority to impose tariffs is being challenged in court, which could lead to tariffs being overturned and refunds issued. 3m 49s
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Global Tariffs
Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.