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The Situation Room with Wolf Blitzer

It's Trump Tariff Time Again

The Situation Room with Wolf Blitzer

CNN

News

3.6857 Ratings

🗓️ 7 August 2025

⏱️ 80 minutes

🧾️ Download transcript

Summary

President Trump's sweeping tariffs are now in effect, and they raise taxes on imported goods to their highest levels since the Great Depression. Most products coming into the US now face an average effective tariff rate of 16%-17%, and they include some of the country's largest trading partners. We get specific and assess the potential impact these new tariffs could have on your wallet.  Also on today's show: A first-on-CNN interview with two of the hero soldiers who subdued yesterday's shooter at Fort Stewart, Georgia. Plus, ICE agents spring a raid dubbed Trojan Horse at a Los Angeles Home Depot. What the city's mayor has to say about it.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Happening now, Hero Soldiers and Army Sergeant opens fire at Fort Stewart, Georgia,

0:06.7

but fellow service members almost immediately tackle and subdue him.

0:11.1

A first on CNN interview with two of those soldiers is ahead.

0:15.7

Plus, a raid dubbed Trojan horse, ice agents spring out from the back of a box truck and take 16

0:23.6

people into custody at a Los Angeles Home Depot. The mayor and the truck company,

0:28.6

our Trump company, a truck company, I should say, are now responding.

0:33.6

Welcome to our viewers here in the United States and around the world. I'm Wolf Blitzer with Pamela Brown and you're in the Situation Room.

0:41.3

This is CNN Breaking News.

0:50.3

We begin this hour with the breaking news.

0:52.3

President Trump's sweeping tariffs are now in effect,

0:55.4

and they raise taxes on imported goods to their highest levels since the Great Depression.

1:01.7

Most products coming into the United States now face an average effective tariff rate of 16 to 17 percent,

1:08.8

and they include some of the country's largest trading partners.

1:12.6

The president writing on social media this morning, and I'm quoting him now, tariffs are

1:17.1

flowing into the United States, USA, at levels not thought even possible, end quote.

1:23.6

CNN Business and Politics Correspondent Vanessa Yurekavich is joining us from New York right now.

1:29.4

Vanessa, countries are paying these new tariffs? What kinds of products are we really talking about?

1:35.5

Yeah, well, Wolf, these are historic tariff levels, not seen in nearly a century.

1:39.7

We have not seen tariffs at these rates since the 1930s and following that was the Great Depression.

1:45.6

And all countries are being hit. The minimum is 10%, but then it's ratcheted up to 50% for some

1:51.5

countries. This is President Trump's big bet. He believes that he's going to shrink trade deficits

1:57.0

with other countries and believes that he's going to move manufacturing to the United

...

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