Stocks fell sharply on Wall Street during trading on Friday, with all three main indexes closing down significantly after President Donald Trump unveiled his sweeping new tariff plan, which targets 92 countries with new rates.
Trump signed executive orders to impose tariffs ranging from 15 to 41 percent on goods from dozens of countries on Thursday, hours before his self-imposed August 1 trade deadline. Markets also declined across Europe and Asia.
Exacerbating losses in the U.S. was the release of weak U.S. Labor Department jobs data, which showed that American employers added only 73,000 jobs last month, lower than expected, with data from previous months revised dramatically downward.
Trump raged against the new numbers, baselessly calling them “RIGGED” and fired the Commissioner of Labor Statistics, labeling her a Biden appointee.
The U.S. dollar index rose 0.1 percent on Friday morning as Trump reignited his trade war, but fell 1.09 percent against a basket of currencies in response to the jobs numbers.
Defending the latest economic data, White House economic adviser Stephen Miran admitted the jobs report “isn’t ideal,” but claimed tariff uncertainty was “all resolved now.”
Read More
Key points
- Trump rages at jobs numbers, blaming Biden appointee and ordering his team to fire her
- Wall Street slumps on jobs data and new Trump tariffs
- White House economic adviser admits jobs report 'isn't ideal'
- Trump unveils sweeping new tariff plan – with further delays
- Trump tariffs mapped: Which countries have been hit hardest?
- EDITORIAL: Trump’s latest Liberation Day means another dark day for America
Our live coverage has ended. Here's a full breakdown:
01:36
,
Gustaf Kilander
Trump unveils new tariff plan – with further delays
Friday 1 August 2025 08:40
,
James Liddell
The Trump administration has announced its new trade policy and tariff plan just hours before the August 1 deadline.
On Thursday night, the White House announced a "universal" tariff for goods coming into U.S. will remain at 10 percent. That is the same level set during his "Liberation Day" event in early April when he first announced the tariffs.
But that 10 percent rate will only apply to countries with a trade surplus — in other words, countries to which the U.S. exports more than it imports.
Countries with a trade deficit with the U.S. will be subject to an at least 15 percent tariff under the new policy.
For many of the countries subjected to Trump's “reciprocal” tariffs levied in April, that rate will be lower than what they were previously paying, though it will be higher for a small group of nations.
Greg Graziosi has more from Washington, D.C.:
‘Taco Thursday’: Trump trolled after extending Mexico trade deadline
Friday 1 August 2025 08:44
,
James Liddell
Donald Trump’s pausing of higher import taxes on a wide range of Mexican products a day before they were set to start saw the president mocked on social media with the now-familiar “TACO” taunt.
The nickname TACO, short for “Trump Always Chickens Out,” stems from the president’s habit of making tariff threats, resulting in a drop in the markets, only for him to change course and see the markets rebound.
Trump announced the move in a Truth Social post following a phone call with Mexican President Gloria Sheinbaum on Thursday.
The reaction from some of Trump’s most fervent critics was swift, predictable, and Mexican food-themed, invoking the TACO nickname investors have bestowed on the president for his economic flip-flopping.
White House Correspondent Andrew Feinberg has more:
Statement in full: Mark Carney 'disappointed' at Trump's tariff hike
Friday 1 August 2025 08:49
,
James Liddell
President Donald Trump signed an executive order raising tariffs on Canada from 25 to 35 percent for goods that are not compliant with the U.S.-Mexico-Canada Agreement, drawing a sharp response from Canadian Prime Minister Mark Carney.
Carney said in a statement Friday morning that he was “disappointed” with Trump’s tariff hike, adding that “Canadians will be our own best customer.”
Read his full statement:
European stock markets slide after Trump tariff announcement
Friday 1 August 2025 08:56
,
James Liddell
Stocks slid across Europe as trading opened on Friday morning after President Donald Trump reignited his trade war.
The president set a baseline 15 percent tariff on most EU goods imported into the U.S. earlier this week.
London’s FTSE 100 index opened in the red and dropped more than 0.7 percent.
Germany’s DAX index dropped by 1.1 percent at the start of trading in Frankfurt.
France’s CAC fell by almost 1 percent and Spain’s IBEX lost 0.6 percent.
Trump warned Canada trade deal at risk over backing for Palestinian state
Friday 1 August 2025 09:04
,
James Liddell
Yesterday, Trump warned that Canada’s support for Palestinian statehood would make cutting a trade deal with its northern neighbor “very hard.”
The president blasted Canadian President Mark Carney’s decision to join the U.K. and France in announcing plans to recognize a Palestinian state in September.
“Wow! Canada has just announced that it is backing statehood for Palestine,” Trump wrote on Truth Social early Thursday morning. “That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!”
The president punished Canada later Thursday, ratcheting up tariffs to 35 percent for goods that are not compliant with the U.S.-Mexico-Canada Agreement.
Trump punishes Canada with 35% tariff
Friday 1 August 2025 09:10
,
James Liddell
Donald Trump punished Canada Thursday, raising levies to 35 percent on the U.S.’s northern neighbor.
In a blow to Canada, Trump signed an executive order raising tariffs on Canadian imports from 25 percent to 35 percent for goods deemed non-compliant with the U.S.-Mexico-Canada Agreement.
Trump cited what he called Canada’s failure to curb fentanyl smuggling across the border.
The higher levy on Canada, one of the top U.S. trading partnerstook effect at 12.01 a.m. Friday ET. It threatens to derail an already heavily strained relationship.
Switzerland's 'great regret' after being slapped with 39% tariff
Friday 1 August 2025 09:14
,
James Liddell
The Swiss government said it “notes with great regret” that the White House announced a 39 percent tariff on Switzerland’s imports to the U.S.
“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland's very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,” The Swiss Federal Council tweeted on Friday morning.
S&P 500, Nasdaq and Dow expect to fall this morning
Friday 1 August 2025 09:26
,
James Liddell
Futures indicate the S&P 500 — the broad U.S. stock index — is set to fall about 0.83 percent, at the time of writing this post.
Futures for the tech-heavy Nasdaq index are down 0.91 percent.
Dow Jones Industrial Average futures — which track 30 major U.S. companies — are down 0.80 percent.
Watch: White House says foreign leaders are 'ringing Trump's phone' for tariffs deals
Friday 1 August 2025 09:35
,
James Liddell
Canadian mayor praises Trump after tariff move: 'Canada comes of age!'
Friday 1 August 2025 09:43
,
James Liddell
While Canadian Prime Minister Mark Carney expressed his disappointment after the nation faced higher levies, one mayor in Ontario praised President Trump for the move.
Mississauga Mayor Carolyn Parrish took to X late Thursday evening, thanking the president for giving Canada a “new tomorrow.”
Parrish said Trump’s 35 percent tariff on imported Canadian goods deemed non-compliant with the U.S.-Mexico-Canada Agreement will force the nation to “expand to new markets.”
Canada comes of age! 35% tariffs imposed by Trump as of midnight tonight. Time to grow up! Batten down the hatches and expand to new markets. Trade east west. Remove restrictions in our own country. Refine our own oil! Buy nothing from USA. Thank you Trump for a new tomorrow! pic.twitter.com/XPnpW9pBmd
— Mayor Carolyn Parrish (@carolynhparrish) August 1, 2025
With some rates lower, Southeast Asia still faces some of the highest rates
Friday 1 August 2025 09:50
,
James Liddell
Trump’s latest round of tariffs will impose steep levies on several Southeast Asian countries.
Laos and Myanmar face some of the highest levies (40 percent), while Cambodia, Vietnam, Malaysia, Indonesia and Thailand have all had their rates slashed to 19 or 20 percent.
- Cambodia: 49 percent to 19 percent
- Laos: 48 percent to 40 percent
- Vietnam: 46 percent to 20 percent
- Myanmar: 44 percent to 40 percent
- Indonesia: 32 percent to 19 percent
- Brunei: 24 percent to 25 percent
- Malaysia: 24 percent to 19 percent
- Philippines: 17 percent to 19 percent
- Thailand: 36 percent to 19 percent
- Singapore: 10 percent
- East Timor: 10 percent
Trump called India America's 'friend.' Then slaps on 25% levies
Friday 1 August 2025 10:04
,
James Liddell
Just days after Trump said that India is a “friend” of the U.S., President Trump’s 25 percent tariff on the nation went into effect early this morning.
On Wednesday, Trump announced plans to penalize India for buying Russian arms and oil as part of a revived “Liberation Day” tariff package that is due to kick in on Friday, along with doubling down on his threat to impose sweeping 25 percent levies on Indian imports.
Later Wednesday, Trump sharpened his tone and said the U.S. “has done very little business with India, their Tariffs are too high, among the highest in the World,” he added.
However, an official who spoke to CNN under the condition of anonymity expressed optimism that a new deal could be struck soon.
Global stocks slide as in wake of Trump's tariffs
Friday 1 August 2025 10:40
,
James Liddell
World shares slumped after President Donald Trump reignited his trade war with a sweeping new tariff plan, leaving 92 countries facing higher rates.
With just hours to go before Trump’s self-imposed August 1 trade deadline, the president signed executive orders to impose tariffs between 15 and 41 percent on goods from dozens of countries.
Markets reacted quickly, with stocks sliding across Europe as trading opened on Friday morning, seeing London’s FTSE 100 index opening in the red and dropping more than 0.7 percent, Frankfurt’s DAX index plunging by 1.1 percent and Paris’s CAC falling by almost 1 percent.
Asian stock markets broadly fell, with South Korea’s Kospi experiencing the steepest drop, tumbling 3.9 percent.
In the U.S., futures for the S&P 500, the tech-heavy Nasdaq and the Dow Jones Industrial Average were down on Friday morning.
Ontario premier says Canada tariff is 'concerning'
Friday 1 August 2025 10:55
,
James Liddell
Ontario Premier Doug Ford has urged Canada not to “roll over” after expressing concern over Trump’s bruising new levies.
Ford said that the government needs to do “everything in our power to protect workers, businesses and communities from the impact of tariffs” and floated a reciprocal 50 percent tariff on U.S. steel and aluminum.
Canada shouldn’t settle for anything less than the right deal. Now is not the time to roll over. We need to stand our ground.
— Doug Ford (@fordnation) July 31, 2025
The increase in U.S. tariffs to 35 per cent is concerning, especially with tariffs still in place on steel, aluminum, autos, forestry and now copper.…
South African president 'concerned' after nation slapped with 30% levy
Friday 1 August 2025 11:04
,
James Liddell
South African President Cyril Ramaphosa expressed “concern” after the nation was hit with a 30 percent tariff on goods being exported to the U.S.
Ramaphosa said South Africa will continue negotiations with the Trump administration toward a trade deal and said his government is finalizing a package to support companies, producers and workers impacted by the levies.
As of this morning, South Africa’s JSE FTSE All Share index fell 1.34 percent.
The South African rand also dipped to a two-month low of 18.24 against the U.S. dollar.
Comment: Trump’s ‘Tariffmaggedon’ is back… and with a vengeance
Friday 1 August 2025 11:31
,
James Liddell
Looked at as a version of a real estate deal, Donald Trump has done very well with his tariffs policy, writes Sean O’Grady.
In many cases, the deals he has struck, or the regime he has imposed unilaterally, have seen foreign markets open up for U.S. goods with more zero-tariff rates and claimed reductions in non-tariff barriers.
By contrast, pretty much every trading partner sees higher tariffs imposed on their exports to the United States.
Read more:
Trump blasts foreign nations as pharmaceutical 'freeloaders'
Friday 1 August 2025 11:36
,
James Liddell
Donald Trump has written to multiple pharmaceutical companies to demand lower prices for the U.S, which can be covered by raising prices in other “freeloading” countries.
Trump reportedly wrote to 17 pharmaceutical companies, demanding they treat the U.S. as the “most favoured nation” and lower prices of drugs for the U.S. Medicaid scheme.
A letter obtained byThe Telegraph to the likes of pharma giants GSK and AstraZeneca said they should be seeking to “negotiate harder with foreign freeloading nations” before then using that excess cash to cover cheaper sales Stateside.
“Increased revenues abroad must be repatriated to lower drug prices for American patients and taxpayers,” read the letter.
The president has reportedly given companies 60 days to “step up” and agree to a binding deal.
Cambodian prime minister hails Trump tariffs good news for the country
Friday 1 August 2025 11:43
,
James Liddell
In a late-night Facebook post on Thursday, Cambodian Prime Minister hun Manet rejoiced in its 19 percent levy, hailing Donald Trump’s tariff as “good news.”
Trump had originally threatened to impose a 49 percent tariff on Cambodia as part of his “Liberation Day” before cutting it to 36 percent last month.
“The United States has decided to reduce the tax on goods imported from Cambodia to the United States by 19% (down 30% compared to the initial tax rate of 49%),” Manet wrote in a translation of the post.
“This is good news for Khmer people and Cambodia's economy to continue developing the country.”
The tariff announcement came days after Trump intervened to help broker a ceasefire between Thailand and Cambodia in a move to end clashes that killed more than 40 people.
Following tariff rollout, Trump continues attack on Jerome Powell
Friday 1 August 2025 11:48
,
James Liddell
Just hours after rolling out his sweeping tariff plan, President Donald Trump continued Friday to attack Federal Reserve Chair Jerome Powell.
In an early morning Truth Social tirade, Trump called the head of the central bank a “stubborn MORON” for opting again not to lower interest rates on Wednesday.
“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!,” he wrote.
U.S. dollar rises as Canadian dollar drops
Friday 1 August 2025 11:58
,
James Liddell
The U.S. dollar has hit its highest level in two months, with the dollar index rising by 0.1 percent on Friday morning.
Traders could be speculating that Trump’s sweeping tariff rollout could be inflationary, pushing up consumer prices and making it more difficult for the U.S. Federal Reserve to cut interest rates.
Meanwhile, the Canadian dollar has slumped to a 10-week low against its U.S. counterpart after Trump announced a 35 percent levy for Canada.
The tariff announcement increases the risk of more interest-rate cuts by the Bank of Canada, ING’s Francesco Pesole told the Wall Street Journal.
U.S.-India trade talks commence: report
Friday 1 August 2025 12:08
,
James Liddell
India and the U.S. are engaged in trade talks after Donald Trump slapped a 25 percent tariff on the Asian nation, an Indian government source told Reuters this morning.
A delegation from the U.S. is expected to visit New Delhi this month, the source added.
Trump tariffs mapped: Which countries have been hit hardest?
Friday 1 August 2025 12:34
,
James Liddell
President Donald Trump has signed off on sweeping new tariffs for dozens of countries as he continues to escalate his global trade war.
Trump imposed higher import duty rates of between 10 percent and 41 percent for multiple trading partners, including the European Union, set to come into force on August 7.
Among the hardest hit nations is Switzerland with 39 percent, while Canada is facing 35 percent. Some of the countries affected had reached tariff-reducing deals with the U.S., but others had no opportunity to negotiate with the Trump administration.
Alexander Bulter has mapped the countries hit by Trump’s latest trade measures:
Kosovo vows to scrap tariff on US imports
Friday 1 August 2025 12:54
,
James Liddell
Albin Kurti, Kosovo’s acting prime minister, announced during a government session Friday that the nation would scrap its 10 percent tariff on U.S. goods.
“From now on, all products originating from the United States will have a 0 percent tariff when they enter our country,” he said, according to Reuters.
“Kosovo welcomes American products to its market and we strongly believe that this will affect the growth of trade exchange and increased investments.”
Kosovo was not impacted by Donald Trump’s sweeping reciprocal tariffs.
European stock selloff continues
Friday 1 August 2025 13:00
,
James Liddell
Several hours into Friday’s trading session, the European stock market continues to intensify.
Frances CAC 40 was down more than 2 percent at the time of this post being written. Germany’s DAX and Italy’s FTSE MIB had both slumped more than 1.8 percent.
The U.K.’s FTSE 100 was down 0.5 percent.
Analysis: Could TACO be on the menu on Trump’s tariff day?
Friday 1 August 2025 13:10
,
James Liddell
Donald Trump’s tariff deadline is here, and now, the bill is due — and Trump has a choice before him: enforce the levies against the nation’s trading partners or TACO (Trump Always Chickens Out).
The president said in July that the end of his 90-day pause would be marked by a month of last-minute dealmaking, as countries attempted to get agreements in place before the resumption of tariff enforcement on Aug. 1.
As Wednesday morning dawned in DC, the president seemingly indicated that his days of “pauses” were over. In a Truth Social post, Trump declared: “THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED.”
Yet, at the same time, he undermined that message.
Washington, D.C. Correspondent John Bowden has more:
Deals to reduce tariffs 'available if Trump wants wants them'
Friday 1 August 2025 13:23
,
James Liddell
U.S. Trade Representative Jamieson Greer told Fox Business this morning that “some deals” are available to reduce tariffs “if the president wants them.”
Greer said, however, that Trump could decide that “a tariff is better than a deal.”
US trade representative: Tariffs are 'not about punishment'
Friday 1 August 2025 13:30
,
James Liddell
Greer then insisted that Trump’s tariffs aren’t about punishing foreign nations.
“He’s trying to get these countries to make the right choice,” he told Maria Bartiromo. “It’s not about punishment, it’s about trying to protect American interests. Whether it’s in trade or public health and security, like fentanyl.”
Mapped: The countries hit by US president’s new trade war levies
Friday 1 August 2025 13:37
,
James Liddell
Just 73,000 jobs added in July as employers pulled back on hiring
Friday 1 August 2025 13:48
,
James Liddell
U.S. employers added 73,000 jobs last month, the Labor Department said Friday.
The figures are far lower than the 110,000 jobs that were expected to be added in July.
While employers continued to create jobs, it amounted to a significant pullback in hiring.
Amid economic uncertainty, it's a sign that more businesses are putting expansion plans on ice.
The unemployment rate remained almost unchanged, holding at 4.2 percent, up by 0.1 percent from June.
Previous job growth figures were revised down sharply by a total of 258,000 jobs for May and June combined
Initial job growth figures reported for May and June 2025 were deemed too optimistic, and the economy added far fewer jobs than originally thought, according to the Labor Department
Trump reacts to jobs report and blasts Jerome Powell
Friday 1 August 2025 13:57
,
James Liddell
Just minutes after the Labor Department released July’s employment figures, the president appeared to seize on the dip in hiring, using it as a reason for the central bank to lower borrowing costs.
“Too Little, Too Late. Jerome “Too Late” Powell is a disaster. DROP THE RATE!”
'Tariffs are bringing in billions,' Trump says
Friday 1 August 2025 13:59
,
James Liddell
After taking yet another swipe at the Chair of the Federal Reserve, Jerome Powell, Trump turned his attention back to tariffs.
“The good news is that Tariffs are bringing Billions of Dollars into the USA!,” he continued in his Truth Social post.
U.S. dollar slides after July jobs data released
Friday 1 August 2025 14:05
,
James Liddell
The dollar index rose 0.1 percent on Friday morning after President Trump reignited his trade war.
But following Labor Department job statistics, which show U.S. employers added 73,000 jobs last month, the dollar index slid by almost 1 percent.
The euro has surged by almost 1.2 percent to $1.154.
How do the jobs numbers stack up against previous data?
Friday 1 August 2025 14:20
,
Oliver O'Connell
Not well.
The last three months are among the weakest since the pre-Covid era (the two other contenders being August and October last year).
May-June-July is the weakest 3-month period of job growth since COVID. If you throw out 2020, it's the weakest 3-month period since 2010 and the aftermath of the Great Recession. pic.twitter.com/O4D8cWH45m
— Jamie Dupree (@jamiedupree) August 1, 2025
Watch: Here's the moment Fox Business reported the jobs numbers
Friday 1 August 2025 14:30
,
Oliver O'Connell
DUN-DUN-DUN -- Maria Bartiromo and company react with stunned silence to a "disappointing" jobs report showing only 73,000 jobs were created in July pic.twitter.com/E52b44BSvg
— Aaron Rupar (@atrupar) August 1, 2025
Dow drops 500 points at opening
Friday 1 August 2025 14:36
,
Oliver O'Connell
With President Donald Trump’s latest trade war tariffs announcement and the weak jobs data from the Labor Department, the Dow Jones Industrial Average fell more than 1.1% or 500 points as trading opened on Wall Street.
The S&P 500 was down 1.2% or 76 points, and the tech-focused Nasdaq fell 1.6% or 330 points.
Poor jobs data masks upside for Trump — he may get his rate cut after all
Friday 1 August 2025 14:40
,
Oliver O'Connell
The U.S. job market has shown signs of significant weakening, with employers adding a mere 73,000 jobs last month. This figure comes alongside a drastic downward revision of June's job gains, which were cut from an initial 147,000 to just 14,000, the Labour Department reported on Friday. The data points to a far less robust employment landscape than previously understood.
Unemployment edged up to 4.2 percent from 4.1 percent, although that remains relatively low. The proportion of Americans either working or actively seeking employment also declined again, a trend potentially influenced by falling immigration and increased deportations. Furthermore, manufacturers have reduced their payrolls for the third consecutive month, shedding 37,000 jobs since April.
These lacklustre figures significantly increase the likelihood of a short-term interest rate cut by the Federal Reserve, a policy outcome fervently desired by Trump.
Such a move often — though not always — translates to lower rates for mortgages, car loans, and credit cards. Investors have already sharply raised their expectations for a rate cut at the Fed’s next meeting in September.
Economist calls jobs report 'game changer'
Friday 1 August 2025 14:50
,
Oliver O'Connell
Heather Long, chief economist at Navy Federal Credit Union, calls the latest jobs report a “gamechanger,” noting that the labor market now looks a lot weaker than expected.
This is a gamechanger jobs report.
— Heather Long (@byHeatherLong) August 1, 2025
The labor market now looks a lot weaker than expected.
July job gains were a mere 73,000
June just 14,000
May just 19,000
Note: 75% of the jobs in July came from healthcare
This puts a September rate cut from the Federal Reserve back on the… pic.twitter.com/AgmMJNAvuB
Trump mercilessly mocked after he extends Mexico trade deadline on ‘TACO Thursday’
Friday 1 August 2025 15:00
,
Oliver O'Connell
Donald Trump’s pausing of higher import taxes on a wide range of Mexican products a day before they were set to take effect saw the president relentlessly mocked on social media with the now-familiar “TACO” taunt.
The nickname TACO, short for “Trump Always Chickens Out,” stems from the president’s habit of making tariff threats, resulting in a drop in the markets, only for him to change course and see the markets rebound.
Trump announced the move in a Truth Social post following a phone call with Mexican President Claudia Sheinbaum on Thursday, hours before the supposedly firm August 1 deadline for his global trade tariffs to take effect.
Andrew Feinberg reports from Washington, D.C.
Wall Street continues to sink on tariffs and jobs report
Friday 1 August 2025 15:01
,
Oliver O'Connell
Wall Street continues to fall following the latest tariff moves by President Donald Trump in his trade war, as well as the weak jobs report for July.
At 10 a.m., the Dow Jones Industrial Average was down 707 points or 1.6%, the S&P 500 had dropped 116 points or 1.84%, and the Nasdaq was down 517 points or 2.45%.
Trump's tariffs are supposed to spur domestic manufacturing but instead threaten more inflation
Friday 1 August 2025 15:15
,
Oliver O'Connell
Despite the implementation of tariffs, the US economy has seen a decline of 37,000 manufacturing jobs since April, with no clear indication that these trade measures are fostering domestic employment.
This comes as a key inflation gauge, the Personal Consumption Expenditures (PCE) index, revealed a 2.6 percent increase over the 12 months to June. This acceleration in price hikes, potentially exacerbated by tariffs, has prompted the Federal Reserve to postpone further interest rate cuts.
The decision has drawn sharp criticism from Trump, who publicly labelled Fed Chair Jerome Powell a “TOTAL LOSER” on his social media platform. Addressing the complex economic landscape, Mr Powell stated on Wednesday: “There are many uncertainties left to resolve... So, yes, we are learning more and more. It doesn’t feel like we’re very close to the end of that process. And that’s not for us to judge, but it does — it feels like there’s much more to come.”
With reporting from the AP
Direction of economy 'disconcerting'
Friday 1 August 2025 15:21
,
Oliver O'Connell
Mark Zandi, chief economist of Moody’s Analytics, offers his take on the latest data, and it’s not good news.
“Higher tariffs and restrictive immigration policies are dragging down the economy. Yesterday’s release of the consumer expenditure deflator shows that inflation is uncomfortably high and accelerating. And this morning’s release of the employment data shows that the job market is stalling out. The direction of travel is disconcerting.”
Higher tariffs and restrictive immigration policies are dragging down the economy. Yesterday’s release of the consumer expenditure deflator shows that inflation is uncomfortably high and accelerating. And this morning’s release of the employment data shows that the job market is…
— Mark Zandi (@Markzandi) August 1, 2025
Hochul calls 'bulls***' on Stefanik's praise of Trump's handling of economy
Friday 1 August 2025 15:31
,
Oliver O'Connell
New York Governor Kathy Hochul, never one to mince her words, has laid into fellow lawmaker, Rep. Elise Stefanik, for her praise of President Donald Trump’s “masterclass” in leadership after this morning’s unsettling economic data.
The Democrat wrote of the upstate New York Republican: “Donald Trump is killing jobs and jacking up prices with his tariffs. Sellout Stefanik calls his leadership a ‘masterclass.’
“I call it bullshit. We will fight back.”
Donald Trump is killing jobs and jacking up prices with his tariffs.
— Kathy Hochul (@KathyHochul) August 1, 2025
Sellout Stefanik calls his leadership a “masterclass.”
I call it bullshit. We will fight back. pic.twitter.com/2OU0u21MFS
Switzerland stunned by Trump's tariff hike
Friday 1 August 2025 15:38
,
Oliver O'Connell
Switzerland is facing a steep 39 percent tariff rate on its exports to the U.S., after Washington accused the Alpine nation of refusing to make “meaningful concessions” by dropping trade barriers.
A White House official stated on Friday: “Switzerland, being one of the wealthiest, highest income countries on earth, cannot expect the United States to tolerate a one-sided trade relationship.”
The decision has prompted alarm among Swiss manufacturers, who warned that tens of thousands of jobs were now at risk.
President Donald Trump’s global trade reset has led to Switzerland being hit with a levy more than double the 15 percent rate applied to most European Union imports into the U.S.
The Swiss government expressed its “disappointment” and indicated it would decide how to proceed. The tariff, which was originally proposed at 31 percent and described as “incomprehensible” by Swiss officials, is a significant blow to the small Alpine nation.
The U.S. is Switzerland's top export market for key goods, such as watches, jewelry, and chocolates, although the crucial pharmaceutical sector has received some temporary relief.
With reporting from Reuters
A ‘structural rewrite’ for the global economy
Friday 1 August 2025 15:45
,
AP
“Trump’s new tariff directive, signed behind closed doors just ahead of the August 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,” Stephen Innes of SPI Asset Management said in a commentary.
“This wasn’t just an update — it was a structural rewrite. The average U.S. tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,” he said.
Full story: US economy adds just 73,000 jobs, far below expectations as Trump unveils global tariffs
Friday 1 August 2025 16:00
,
Oliver O'Connell
The US economy added only 73,000 jobs in July, significantly below expectations as President Donald Trump resumes his global tariffs.
The Bureau of Labor Statistics released its report on Friday, which showed that the unemployment rate of 4.2 percent ticked up slightly.
The day before, Trump had announced a series of new tariffs, stating that Friday would be the deadline for them to take effect.
Eric Garcia reports from Washington, D.C.