A new inflation report released this morning shows the country’s 12-month inflation rate has gone up for a second consecutive month. Economists have been warning about the impact of President Trump’s tariff threats.

National Economic Council Director Kevin Hassett, a top economic advisor to Trump, on Monday rebuked concerns about tariff-related inflation. The Fed, Hassett told CNBC, has been "very, very wrong" in its assessment of a potential resurgence of price increases.

President Trump said Russia must make a peace deal with Ukraine within 50 days or he'll impose 100% tariffs on countries that buy oil and gas from them. CBS News' Ed O'Keefe has the latest.

Russia's Defense Ministry, meanwhile, said its forces downed at least 66 Ukrainian drones overnight into Tuesday morning. Among the areas targeted was the southwestern Voronezh region which borders northeastern Ukraine. At least 16 people were injured there, Gov. Aleksandr Gusev said on Telegram.

As President Trump ramps up the pressure on dozens of countries, trade experts fear U.S. tariff policy leaves consumers and businesses in limbo.

The US is imposing a 17% tariff on most tomatoes imported from Mexico with immediate effect, the government said. The duty came into force after the US withdrew from a long-standing agreement with its southern neighbour, arguing that the deal "had failed to protect US tomato growers from unfairly priced Mexican imports".

The president left the door open for talks with his Russian counterpart but complained about Russia’s continued aerial attacks on Ukraine.

The announcement comes as Trump has pushed through his tariff agenda by unveiling a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their c