Although tariffs can shift with the wins, the news this morning is that products from some

close U.S. trading partners are getting hit with high import taxes. I'm David Brancaccio in Los Angeles.

The administration is saying it's about trading away some efficiency in commerce for a new trade

system that's, quote, fair and balanced, mentioned less often,

is that tariffs are also about raising taxes to fund government spending. There's no deal with

Canada, which for now at least will get an especially high tariff, Taiwan, with all its

semiconductor exports, will get a 20% tariff. Marketplaceplaces Nancy Marshall-Gensur joins us here with more.

Well, David, the Trump administration had set today as the deadline for countries to negotiate new trade agreements with the U.S.

Some did meet the deadline, but Trump sent letters setting tariff rates to the other countries that didn't reach deals.

Now, our neighbors, Canada and Mexico, Canadian goods get 35%.

Yeah, although there is an exception for products that comply with the United States-Mexico-Canada trade agreement.

Now, Canadian Prime Minister Mark Carney points out that other Canadian exports are covered by separate tariffs on goods like steel, aluminum, lumber, and cars.

Mexico got a bit of a reprieve in a social media post-Trump gave Mexico a 90-day extension.

All right, but many other countries now have rates under this new trading system. South Korea

tariff, 15%. Taiwan, with all its strategically important computer chips sent to the U.S., theirs is higher.

Yeah, Taiwan will be paying a 20% tariff, but Taiwan's president called that temporary and is hoping for a lower rate after more talks with the Trump administration. India will be paying 25%. Pakistan's rate was slashed to 19%. Now, there is no agreement with China. U.S. and Chinese negotiators met earlier this week in Stockholm. They failed to reach a deal.

The deadline there is August 12th. All right. Marketplaces, Nancy Marshall, Gensar, thank you.

Higher tariffs could dig into corporate profits and higher prices could discourage consumers from spending.

Stock index futures are pointing down at the moment. Dow futures down 444 points, about 1%. S&P futures

also down 1%. NASDAQ futures down 1.2% now. The big hiring and unemployment reports are due

in about an hour and a half with forecasters expecting hiring in July, a little bit less of it,

but less of it compared to June. If the stock market today isn't your cup of tea, the high-end art market isn't a happier place, but there's a difference between fine art and the art market. Money isn't

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