Live updates: U.S. stock market and global trade partners react to Trump’s new tariffs

view original post

President Donald Trump’s latest tariff moves drew worries from Wall Street Friday as stocks slumped 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 — making good on a threat he originally scheduled for April but postponed twice until Aug. 1.

The markets are 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 slumps and bond yields sink: As of 2:44 p.m. Eastern, the S&P 500 had fallen 1.5% and was on track for its biggest decline since late May. The index is also on track for a weekly loss, marking a sharp shift from last week’s record-setting streak of gains. The Dow Jones Industrial Average fell 486 points, or 1.1%. The Nasdaq composite fell 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 demands official overseeing jobs data be fired after dismal employment report: In a post on his social media platform, Trump alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former President Joe Biden, should be fired. Though commissioners typically serve four-year terms, they can be fired because they are political appointees.