Welcome to the NewsHour. With just hours to go before President Trump's own deadline,

dozens of countries are facing the possibility of significant new tariffs that could go into effect tomorrow.

In some cases, as high as 50%. But once again, there's uncertainty around the deadline and the range of responses from the administration.

Today, the president announced a 90-day extension

for Mexico in order to reach a broader agreement. At the same time, the president has announced

agreements with other allies, including South Korea, which agreed to pay 15% tariffs on its exports

and invest $350 billion in the U.S. It would purchase $100 billion more in U.S. energy as well.

In some cases, the president has ramped up threats, including against Canada.

Trump was asked today whether he and Prime Minister Mark Carney could reach a deal.

He's called and we'll see, but we have made a few deals today that are excellent deals for the country.

You know, we're taking in literally trillions of dollars for the country.

This is making our country very rich and respected again.

Joining us now is Jason Furman's economics professor at the Harvard Kennedy School and the former head of the Council of Economic Advisors to President Obama.

Jason, welcome back to the News Hour. Thanks for joining us.

Great to be with you.

So when we spoke last in April about tariffs and all the uncertainty around them, you said the question wasn't if inflation and unemployment would go up. It was how much.

I should point out in your latest op-ed for the New York Times, this is the title. It's the

tariffs kicked in, the sky didn't fall. Were the economists wrong? So that's the question

I'll put to you. Were you and they wrong? No.

We have more than a hint of stagflation in the economy right now.

In the first half of the year, the economy grew at a 1.2% annual rate.

That's well below the 2% we'd like to see.

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