President Trump is targeting multiple countries with potentially steep tariffs starting Aug. 1 if they don't reach a trade deal with the U.S. CBS News' Jo Ling Kent explains how the uncertainty around tariffs is impacting U.

Carl Weinberg, chief economist at High Frequency Economics discusses President Trump's imposition of the biggest tax increase in the history of the U.S., and what this will mean for the country's economy.

Trump slapped a 50% tariff on Brazil, and Brazilian President Luiz Inacio Lula da Silva said his country would respond.

Trump announced a 20% levy on the Phillippines, as per his latest Truth Social post. Laos: 40%. Myanmar: 40%. Thailand: 36%. Cambodia: 36%. Bangladesh: 35%. Serbia: 35%.

President Donald Trump cranked up the pressure Monday on America’s trading partners, firing off letters to heads of several countries, informing them of their new tariff rate. But at the same time, Trump took some of the edge off by signing an executive action Monday to extend the date for all “reciprocal” tariffs,

The notices bring the total number of countries Trump has hiked tariffs on this week to 21. The higher rates are slated to take effect on August 1.

President Donald Trump singled out Brazil for import taxes of 50% on Wednesday specifically because of its treatment of its former president, Jair Bolsonaro. (Scripps News)

The Philippines, Brunei, Moldova, Algeria, Libya, Iraq, and Sri Lanka have been hit with Donald Trump's tariffs.