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President Donald Trump’s latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply.
Trump signed an order Thursday night imposing steep tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands to go into effect on Aug. 7, after he originally threatened them for April but postponed twice after that until Aug. 1.
The markets were also reacting to government reports of a dramatic slowdown in hiring as businesses, investors and the Fed operate under a cloud of uncertainty from months of tariff policy news.
Tariff-related news we’re following:
- Stock market falls the most since May: The S&P 500 fell 1.6%, its biggest decline since May 21 and its fourth straight loss. The Dow Jones Industrial Average fell 1.2%, while the Nasdaq composite fell 2.2%.
- New jobs report shows slowdown in hiring: U.S. employers added just 73,000 jobs last month, the Labor Department reported Friday, well short of the 115,000 expected. Worse, revisions shaved 258,000 jobs off May and June payrolls.
- Trump administration removes official overseeing jobs data: Labor Secretary Lori Chavez-DeRemer said on X that the head of the Bureau of Labor Statistics, Erika McEntarfer, had been removed from her post after Trump called for her firing on his social media platform. Trump alleged that the figures were manipulated for political reasons, as McEntarfer was appointed by former President Joe Biden. Deputy commissioner William Wiatrowski will lead the bureau while the Trump administration searches for a replacement.