Today is Friday, August 1st. We're talking about historic new tariffs President Trump unveiled for countries all around the world.

Also, the response to last month's Texas floods is getting scrutinized as new flooding impacts a different part of the country.

Plus, the latest and most ambitious project yet in Trump's White House makeover, which right of passage is coming back to public schools,

and how Justin Timberlake is responding to backlash from his own fans.

Those stories and even more news to know coming up.

Welcome, welcome to The Newsworthy.

All the day's news in about 10 minutes.

Fast, fair, fun, and on the go.

I'm Lacey Evans, filling in for Erica

Mandy today. Thanks so much for being here. You ready? Let's do this.

President Trump officially signed the order to impose new tariffs on virtually every U.S.

trading partner, and they're set to take effect next week. The order set rates for 68 countries

and the 27-member European Union. Some of the rates we have already told you about, like the 15%

tariffs on the EU, Japan, and South Korea. But there's also 35% tariffs on Canada, 39% tariffs on

Switzerland, and more. And every country not specifically listed in the order will face a baseline 10% rate.

The president has promised that his tax hikes on the nearly $3 trillion in goods imported to the U.S.

will usher in newfound wealth, launch new manufacturing here in the U.S., reduce budget deficits, and more.

But many economists say they could also cause inflation both here in the U.S., reduced budget deficits, and more. But many economists say they could also

cause inflation both here in the U.S. and abroad. America's biggest trading partner, Mexico,

actually isn't included yet. Trump agreed to extend Mexico's current 25% tariffs for 90 days,

giving the country more time to cut a trade deal. Through all of it, it's still not clear

if Trump's new tariffs will survive a legal challenge.

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