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.

Washington

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

Global Tariffs

The White House is maintaining its position on recently implemented tariffs, with a new deadline for negotiations approaching. Countries affected by the tariffs fall into three groups: those with set rates, those in ongoing negotiations or with paused tariffs, and those facing additional complications due to business with Russia and potential secondary sanctions.

Recent economic data, including weaker job numbers and downward revisions, have added complexity to the situation. Despite these economic concerns, the Federal Reserve has opted not to change interest rates, with officials emphasizing the importance of overall trends rather than individual reports. Further economic updates are expected in the coming weeks, which may influence future policy decisions.

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

All right, at this moment, several countries are navigating their responses to new tariffs put into effect by the Trump administration. A new Thursday deadline now looms for many of those new levies. The president says he expects his phone, in his words, will be blown up in the coming days with requests for last-minute deals. CBS News Money Watch correspondent Kelly O'Grady's phone is always blowing up. That was way too easy. I had to. And joins us now with more. Great to see you this Monday. You're very popular, Errol. I love it, though. The phone, the notifications. Where are we today with all the tariffs we've been talking about so much for months? OK, so I sort of put this into three different buckets. You have the group of smaller trading partners that were essentially given rates, whether those were the trade letters or the rates that were just, OK, here's your tariff. And so that would be a country like Switzerland, for example. And those are the countries that the White House, I do believe, expects there's going to be a lot of calls of, hey, we want to negotiate a deal prior to that August 7th deadline, which, by the way, was moved from August 1st on Friday. So that does keep moving. The second group of sort of countries that I would look at are the ones that we have either negotiated frameworks or deals with or are continuing to negotiate with. And so that would be Mexico, where there is a 90-day pause. That would be the European Union, where there is a framework of a deal. And actually, CNBC just reported moments ago that they have decided to pause on their retaliatory tariffs against the U.S., underscoring that willingness to continue negotiating and figuring out the rest of it. And then the third block, which are countries like India, like China, where we have ongoing negotiations, but now there's this little wrinkle of the fact that they do business with Russia. And remember, there are going to be these secondary sanctions on any countries that are trading or buying energy from Russia. So that's going to kind of add a whole wrinkle into these trade talks. Let's jump back to Friday, which is a new wrinkle, and that's the state of the U.S. economy. You were with us in this space saying, OK, the job numbers aren't great, but what's worse is this downward revision. And since then, we've seen the president fire the commissioner at BLS, citing those stats. The Fed met recently and decided not to change interest rates. I wonder if weaker economic numbers like those downward revisions would have factored into a rate cut, in your opinion. I'm asking you to look into, like, you know, mystical guesses, but I'm asking you if it's so bad that it may actually justify a downward rate. That was my initial reaction, too. Oh, I wonder if the Fed had had this data on Wednesday when they had met. A lot of investors are saying, yeah, they should have cut rates. And in fact, I had a very timely interview with Beth Hammack. She's the president and CEO of the Cleveland Federal Reserve. She is in those meetings when they are deciding. And I asked her this question. Let me play a clip from that interview. If you had the July jobs report, how would you feel about interest rates? Would you think that we should have cut at that meeting? I feel confident in the decision that we made at this most recent meeting. We don't make too much of any one individual report as it comes out. We have to look at the trend. We have to look at how the data is tracking overall. And for me, there are disappointing signs in this labor market data. But there's still more evidence that we're missing on the inflation side of our mandate. So what she's saying is, no, I think that we made the right decision. And here's the wrinkle. You have now three months with the revisions of weaker than we would like economic data. To me, that does make a trend. She says it's an emerging trend when I pressed her. But you've got the inflation part of it. We're going to get another jobs report, another inflation report. The Fed will have more data before they decide again. When do we get those reports? This week? Or just weeks? In the next few weeks. Next few weeks. We'll see how they get revised. Because those revisions also can happen indefinitely. Yes, that is true. For months, if not longer. Kelly, great to have you with us.

A shipwreck off Yemen has killed at least 68 people, the UN's migration agency said, with dozens still missing after the boat carrying mostly Ethiopians sank.

Sana'a

Migrant boat sinks off Yemen, killing at least 68

After two unverified videos of Israeli hostages were released, Hamas said the hunger crisis in the region puts them at risk. The militant group said it would deliver food from the Red Cross to the hostages under a couple of conditions, including permanent humanitarian corridors.

Jerusalem

Middle East Conflict

Hamas says hunger crisis putting hostages at risk

U.S. President Donald Trump fired the U.S. commissioner of labour statistics after weak jobs numbers signaled tariffs weren’t yet leading to his promised economic boom.

Trump dismisses weak jobs numbers, fires labour statistics chief

Government scientists warn that the 2025 wildfire season in North America is projected to be the longest ever, with fires already causing significant damage across the western United States and Canada. Major blazes have led to evacuations, destruction of historic sites, and widespread air quality alerts.

Santa Barbara

Wildfire season in North America shaping as worst on record

A volcano in Russia's Far East has erupted after sitting dormant for 600 years. Scientists believe the eruption was triggered by the massive earthquake that struck the region last week.

Kamchatka Peninsula

Russian volcano erupts for first time in 600 years

An independent watchdog agency responsible for enforcing a law against partisan political activity by federal employees has opened an investigation into Jack Smith, the special counsel who brought two criminal cases against Donald Trump before his election to the White House last year.

Former Trump prosecutor Jack Smith faces probe by U.S. watchdog

New outbreaks of violence overnight into Sunday (August 3) rocked Syria straining a fragile ceasefire. Meanwhile residents in Sweida are calling access to more humanitarian aid.

As Suwayda

Humanitarian needs escalate in Sweida as truce frays

Parts of the European Commission's much-anticipated AI Act come into force this weekend. It's been hailed as the first piece of comprehensive legislation aimed at regulating AI globally, though critics say it doesn't go far enough.

Brussels

Rise of AI

EU's landmark AI act enters new phase

A Ukrainian lawmaker and a pair of local officials, as well as an unspecified number of National Guard personnel, have been caught in a major graft scheme that involved using state funds to buy drones and other military hardware at deliberately inflated prices in return for bribes.

Kyiv

Ukraine Invasion

Ukraine uncovers major drone procurement graft scheme

Over the past few days, Hamas and its ally Islamic Jihad have released three videos showing two hostages seized during the October 7, 2023, attack on Israel that triggered the ongoing war in Gaza. The videos sparked reactions from Israelis who are stepping up calls for a truce.

Tel Aviv-Yafo

Israeli hostage families protest in Tel Aviv

Pope Leo XIV celebrated the concluding mass of one of the most important events of the Holy Year. A million faithful filled the Tor Vergata esplanade in Rome. Pope Leo sent a message of hope for the young people afflicted by wars and recalled the words of his predecessor.

Rome

Pope Leo urges Catholic youth to spread faith and enthusiasm

President Trump explained why he fired Bureau of Labor Statistics Commissioner Erika McEntarfer on Friday. Government data showed fewer jobs were added to the U.S. economy last month than expected.

Trump announces new tariff rates, fires employment commissioner

Former Special Counsel Jack Smith, who ran two federal prosecutions of President Trump, is under investigation for allegedly violating a law barring federal employees from using their position to influence elections.

Jack Smith investigated for using position to influence elections

Montana authorities released a new surveillance image showing who they have identified as the suspect in a bar shooting in Anaconda. Meanwhile, nearly 2,000 miles away, police in Tennessee are searching for a quadruple homicide suspect.

Anaconda

Suspect on the run after Montana bar shooting

Los Angeles officials are praising an appeals court ruling limiting immigration stops, but the decision may only escalate a battle over transparency and control. Elise Preston has the latest information.

Los Angeles

Appeals court keeps restrictions on California ICE raids

Disturbing new video shows a severely malnourished Israeli hostage being held in what appears to be an underground tunnel. This comes as witnesses and aid workers say Israeli troops opened fire on hungry civilians at two Gaza food distribution sites.

Sderot

Hamas propaganda shows malnourished Israeli hostage

Donald Trump has ordered the repositioning of two United States nuclear submarines to “appropriate regions” relative to Russia, blaming a heated exchange with Dmitry Medvedev, Moscow’s military leader and former president.

Moscow

Trump sends nuclear submarines towards Russia

A mass shooting in Anaconda triggers community shock and concern, as witnesses share their experiences and the investigation unfolds amid rising tensions.

Community in shock following deadly shooting in Anaconda

U.S. President Donald Trump said he's ordered his administration to fire the commissioner of the U.S. Bureau of Labor Statistics, on the same day new data was released showing weak job growth in July. The Labor Department also sharply revised job growth for May and June down.

Trump orders firing of U.S. Bureau of Labor Statistics commissioner

U.S. President Donald Trump says he ordered two nuclear submarines to be positioned in the "appropriate regions" as a response to comments made by Russia's former president. CBS News' Charlie D'Agata reports.

Trump says nuclear submarines moved in response to Russia

Jeffrey Epstein accomplice Ghislaine Maxwell has been transferred to a Bryan, Texas, prison, CBS News confirms. Maxwell was previously held in Tallahassee, Florida.

Bryan

Ghislaine Maxwell transferred to Texas prison

The announcement comes as international pressure mounts on Israel over the war in Gaza and the deepening humanitarian crisis in the Palestinian enclave.

Ljubljana

Slovenia becomes first EU country to ban arms trade with Israel

The United States imposed sanctions on Palestinian Authority officials just as other nations are stressing the importance of the PA in governing Gaza in the event of an end to the devastating war in the enclave.

New York

U.S. sanctions Palestinian Authority in growing diplomatic rift

Ukraine’s Parliament has reversed a controversial law signed last week by President Volodymyr Zelenskyy, which would have allowed the government greater control over anti-corruption agencies. The decision comes as the country faces one of its most significant political crises since Russia’s full-scale invasion in 2022.

Ukraine parliament reverses bill on anti-corruption agencies amid crisis

U.S. President Donald Trump has signed an executive order increasing tariffs on Canadian goods that don't meet the terms of the Canada-U.S.-Mexico Agreement to 35 per cent.

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

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Global Tariffs