It’s the equivalent of a new payroll tax or a 17% cut in the size of the military, according to a top think tank.

Government is giving an update on Trump's tariffs. The Trade, Industry and Competition and Agriculture departments will hold a joint briefing this morning. It will provide updates on the government’s response and measures to safeguard national economic interests.

A key official in the Trump administration's economic team touted the July CPI inflation report as evidence that tariff-induced inflation isn't going to materialize as economists fear.

After months of delay, higher tariffs that President Donald Trump had vowed to impose on goods imported from dozens of countries went into effect on Aug. 7. Trump has made a series of false and misleading statements to justify his new tariff policies.

Asian shares are mostly higher after President Donald Trump delayed raising tariffs on China for another 90 days

President Trump signed an executive order on Monday to delay steep tariffs against China for another 90 days, extending the trade truce between the two countries to continue negotiations. CBS News' Ramy Inocencio has more details.