"This marks the first inflation report where tariffs are beginning to show up materially in key categories – from appliances and furnishings to apparel and groceries," said Daniel Hornung, senior fel...

European trade ministers are meeting in Brussels on Monday, following U.S. President Donald Trump’s surprise announcement of 30% tariffs on the European Union.

Sefcovic warned that such a steep tariff could severely damage economic ties, potentially halting trade flows between the two regions altogether.

As President Trump threatens a 30% tariff on Mexico and the European Union, some American businesses are viewing the shift in trade policy as an opportunity to expand. CBS News' Nancy Chen spoke with a cheese producer in Michigan about the potential impacts of new tariffs on the industry.

The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink...

“If (the tariff) stays 30 (percent) plus, simply trading as we know it will not continue, with huge negative effects on both sides of the Atlantic,” he added.

"This marks the first inflation report where tariffs are beginning to show up materially in key categories — from appliances and furnishings to apparel and groceries," said Daniel Hornung, senior fel...

Inflation likely accelerated in June as sweeping tariffs on nearly all imports may have pushed up prices for electronics, appliances, and other goods, economists forecast.

Inflation likely accelerated in June as sweeping tariffs on nearly all imports may have pushed up prices for electronics, appliances, and other goods, economists forecast.