. >> maurice: so cbs news "money watch" correspondent kelly o'grady tells us they are preparing for theeporter: how long has your family been in the farming history? >> my grandfather bought this farm in the 1920s. >> reporter: kenneth hartman jr. is the fifth generation farmer from waterloo, illinois. >> definitely wet. >> reporter: his family operation produces corn, soy point, and wheat. it is sector already under pressure. >> the economics last years has been challenging any with all of the inflation that has happened. >> reporter: add on the inflation of tariffs, a pain hartman knows all too well. when the first trump administration imposed import taxes on china in 2018, beijing retaliated by targeting u.s. agriculture with up to 25% tariffs. the usda estimates retaliation reduced farming exports by over $27 billion, nearly all from china. what impact did you see on your farm personally? >> corn market dropped $0.50, $0.60 over that period of time. the soybean market dropped even more than that. so the president did come through and help us with some supplement as far as during tha

. >> now let's bring in kelly o'grady. kelly, let's take a stroll here through the economic case that donald trump is making for slapping tariffs. >> okay, so big driver is getting better trade relationships. let's look at some numbers. it's 2023, the u.s. sells $354 billion in goods to canada, $323 billion to mexico. that same year, though, they bought $419 billion from canada and $475 billion from mexico, so that means there's a trade deficit of $64 billion with canada and $153 billion with mexico. >> definitely don't want to be on the short end of a trade deficit. >> no, economically you want them to rely on you versus you relying on them. >> in practical terms, what does it look like when we slap a tariff on every item? >> a car company buys it, brings it into the u.s., they sell it to a repair shop and that ultimately a customer. but if there is a tariff come up that same u.s. car company pays an import tax to bring that car better into the u.s. then they have to decide how much of a going to pass onto that repair shop

cbs news "money watch" correspondent kelly o'grady has been looking at the numbers. >> reporter: foodces are heading in the wrong direction, and eggs are one reason why. an ongoing bird flu outbreak is creating shortages and leading to some empty store shelves. >> that's insane. where are the eggs? >> reporter: those who can find eggs are paying much more. prices jumped 15% in january and are up a whopping 170% since 2019. consumers are not only seeing higher prices at the grocery store, but also at restaurants. waffle house added a 50 cent surcharge for eggs. lynn's restaurant outside minneapolis is doing the same. >> we felt bad, but the only thing we could do is go to the menu. and we did a temporary surcharge of 35 cents per egg. >> it remains to be seen where we're going with inflation. >> reporter: cbs analyst jill schlesinger says rising rent and housing costs continues to drive inflation overall. and many are trying to judge the impact of president trump's tariffs on imported goods. >> if those tariffs stayed in place for a number of months, we would see prices go up and we wo

cbs moneywatch reporter kelly o'grady looks at what this all means for our wallets. >>>>reporter >>food prices are heading in the wrong direction, and eggs are one reason why. an ongoing bird flu outbreak is creating shortages and leading to some empty store shelves. >>>>that's insane. like, where are the eggs? >>>>those who can find eggs are paying much more. prices jumped 15% in january and are up a whopping 170% since 2019. consumers are not only seeing higher prices at the grocery store, >>>>but >>also at restaurants. waffle house added a 50 cent surcharge for eggs. lynn's restaurant, outside of minneapolis is doing the same. >>>>we felt bad, but the only thing we could do was go to the menu and we we did a temporary surcharge of $0.35 per egg. it remains to be seen where we are going with inflation. >>>>cbs news business analyst jill schlesinger says rising rent and housing costs continue to drive overall inflation higher, and many economists are trying to gauge the future impact of president trump's tariffs on imported goods. >>>>if those tariffs stayed in plac

kelly o'grady, cbs news, new york. >>> after heated confirmation hearings last week, two of president trump's most controversial nominees face crucial senate committee votes today. the senate finance committee is scheduled to take up the nomination of robert f. kennedy jr. as health and human services and the senate intelligence committee is set to vote behind closed doors on the nomination of tulsi gabbard to be director of national intelligence. >>> and the fbi is facing a deadline of noon today to turn over to the justice department the names of employees who worked on cases related to the january 6th riot at the u.s. capitol. it comes one day after there was another deadline for thousands of fbi agents and employees to fill out a trump administration questionnaire asking about their roles investigating the capitol insurrection. there's concern the president could be taking retribution against those involved in investigating january 6th. >>> secretary of state marco rubio says el salvador's president is offering to accept deported migrants from the u.s. of any nationality including

kelly o'grady explains how this could hit our pocketbooks if it happens. >> reporter: if the tariffs on mexico are imposed, it could affect prices on fruit, vegetables and other goods. this shop sells imported candy from mexico. >> suppliers will have to raise their prices which will cause retail locations like myself to raise our prices. >> reporter: canada is the number one foreign supplier of beef and poultry to the u.s. the tariff on chinese goods could impact almost every u.s. industry according to supply chain expert patrick penfield. >> we import a lot of basis ingredients from china used in a lot of various industries. so you're talking pharmaceutical, toy industry, electronics, so almost every industry in the united states would be impacted. >> reporter: that would include the automobile industry. we recently spoke with new jersey car dealership owner tom aoli. >> it's not just the vehicles, but the parts that are in the vehicles and those parts come from all over the world. it's going to impact every vehicle, suvs, cars, hybrids. >> reporter: the gas that powers those cars

. >> maurice: money watch correspondent kelly o'grady is here now. hi there, kelly.we think president trump is going after the penny here in the first place? >> to save money. you've heard that saying, it costs money to make money. this literally applies here. it costs over $0.03 to manufacture a penny, and if you think that's bad, it costs more for a nickel, close to $0.14. so the math doesn't really add up here. >> maurice: that is astounding when you stop and think about it. here is the government doing this. over time, this has got to add up to a big number. >> reporter: it does. last year alone, the government lost roughly $103 million manufacturing these two coins. it's not a trillion dollars, if you're trying to trim the budget but every penny does add up. i will note there is a gray area if president trump can do this. congress sets the currency specification but i did talk to a number of legal analysts today that said he might be able to legally stop from minting new coins. remember president obama was supportive of this as well. >> maurice: right. if the pe

kelly o'grady, cbs news, new york. >>> the senate has confirmed a fossil fuel executive and one of thes loudest voices against efforts to fight climate change to serve as energy secretary. chris wright, ceo of liberty energy, has promised to implement president donald trump's quest for u.s. energy dominance. wright says more fossil fuel production could lift americans out of poverty. >>> turning now to that tragic mid-air collision over washington, d.c. salvage crews removed more wreckage from the potomac river on monday and say it will take them several more days to recover the rest of the american airlines commuter plane that impacted with a u.s. army black hawk helicopter on wednesday. investigators say 55 of the 67 victims have now been identified in the deadliest u.s. air disaster since 2001. cbs' kris van cleave has more on the search for clues. >> reporter: crews began lifting pieces of the american airlines regional jet that crashed into the potomac river after wednesday's mid-air collision. among them, the midsection of the plane's mangled and upside down fuselage. one of the

this time, as kelly o'grady reports, farmers are already bracing for the worst. >> reporter: how longght this farm in the 1920s. >> reporter: kenneth hartman jr. is a fifth generation farmer from waterloo, illinois. >> definitely wet. >> reporter: his family operation produces corn, soybean and wheat. it's a pressure already under pressure. >> the economics of agriculture the last three years has been really challenging any way with all the inflation that's happened. >> reporter: add on the complication of tariffs, a pain hartman knows all too well. when the first trump administration imposed import taxes on china in 2018, beijing retaliated by targeting u.s. agricultural with up to 25% tariffs. the usda estimates reduced farming exports by over $27 billion, nearly all from china. what impact did you see on your farm personally? >> corn market dropped 50, 60 cents over that period of time. the soybean market dropped even more than that. so the president did come through and help us with some supplement as far as during that period of time, but it's still, you know -- farmers -- >> tra