00:00Starting tomorrow, many of the tariffs that could affect prices for Americans will kick in.
00:05The White House has been pushing to make deals ahead of its self-imposed August 1st deadline.
00:10Overnight, President Trump touting his recent trade deals.
00:13U.S. customers, the greatest buyer in the world, and Donald Trump understands how to harness that customer.
00:21After the president announced a new agreement with South Korea, slapping a 15% import tax on South Korean goods.
00:28It's lower than the 25% he had initially threatened, but significantly higher than any time in nearly 15 years when a free trade agreement was in effect.
00:37The new deal could impact vehicles and electronics, South Korea's top exports to the U.S., as well as popular skin care and cosmetics.
00:46The president's saying South Korea has also committed to billions of dollars in new U.S. investments.
00:51As for new tariffs on other countries, the administration is trying to calm investors.
00:56If there's not a deal by August 1, I would encourage market participants, corporate America, even the countries, not to panic, because you can still do a deal.
01:09It comes as the president is highlighting new domestic economic numbers.
01:13We smashed all expectations.
01:15This is truly the dawn of the golden age of America.
01:19The Commerce Department figures that were better than expected show 3% growth this spring, after an economy that shrunk in the first part of the year.
01:27The report also shows signs that consumer spending is down, and there's no immediate relief in sight.
01:34The Federal Reserve just announcing it will not lower its key interest rate.
01:38Fed Chair Jerome Powell has defied the president's public pressure campaign.
01:42I'd love him to lower interest rates.
01:44And among those countries scrambling to lock down a new deal with the U.S., some of America's biggest trading partners, including neighbors Canada and Mexico,
01:53the president, whose aides you'll remember initially promised to make 90 deals in 90 days, is now likely to dictate the terms for many countries.
02:01As one White House official told me this morning, in lieu of any negotiated deal, the letter the president sends to those countries serves as the deal.
02:10Craig?
02:11Our Chief White House Correspondent, Peter Alexander. Peter, thank you.
02:14Hey, thanks for watching.
02:15And don't forget, you can catch The Today Show every morning on NBC, or take Today when you're on the go.
02:21Just follow The Today Podcast on Apple Podcasts, Spotify, or wherever you listen.
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