Trump has promised that his tax hikes on the nearly $3 trillion in goods imported to the United States will usher in newfound wealth, launch a cavalcade of new factory jobs, reduce the budget deficits and, simply, get other countries to treat America with more respect.

President Trump's Aug. 1 tariffs deadline is approaching as several countries announce trade deals with the U.S. CBS News' Nancy Cordes breaks down what's known about Mr. Trump's negotiations.

Trump raises tariffs on Canada, sets country-specific rates President Donald Trump signed two tariff-related executive orders on Thursday evening, setting a higher 35 percent tariff rate on Canadian imports.