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.”
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 fires Bureau of Labor Statistics chief after poor jobs report
Trump unveils new tariff plan – with further delays
Friday 1 August 2025 08:40 , James LiddellThe 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.:
Trump announces new tariff plan hours before deadline - but delays them yet again
‘Taco Thursday’: Trump trolled after extending Mexico trade deadline
Friday 1 August 2025 08:44 , James LiddellDonald 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:
‘Taco Thursday’: Critics taunt Trump after he extends Mexico trade deadline
Statement in full: Mark Carney 'disappointed' at Trump's tariff hike
Friday 1 August 2025 08:49 , James LiddellPresident 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 LiddellStocks 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 LiddellYesterday, 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 LiddellDonald 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 LiddellThe 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 LiddellFutures 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 LiddellCanadian mayor praises Trump after tariff move: 'Canada comes of age!'
Friday 1 August 2025 09:43 , James LiddellWhile 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 LiddellTrump’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 LiddellJust 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 LiddellWorld 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 LiddellOntario 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 LiddellSouth 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 LiddellLooked 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 LiddellDonald 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 LiddellIn 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 LiddellJust 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 LiddellThe 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 LiddellIndia 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 LiddellPresident 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:
Trump tariffs mapped: The countries hit by US president’s sweeping new levies
Kosovo vows to scrap tariff on US imports
Friday 1 August 2025 12:54 , James LiddellAlbin 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 LiddellSeveral 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 LiddellDonald 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:
Trump’s tariff day is here ... but if TACO is on the menu, the charade is over
Deals to reduce tariffs 'available if Trump wants wants them'
Friday 1 August 2025 13:23 , James LiddellU.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 LiddellGreer 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 LiddellJust 73,000 jobs added in July as employers pulled back on hiring
Friday 1 August 2025 13:48 , James LiddellU.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 LiddellJust 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 LiddellAfter 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 LiddellThe 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'ConnellNot 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'ConnellDUN-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'ConnellWith 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'ConnellThe 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'ConnellHeather 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'ConnellDonald 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.
‘Taco Thursday’: Critics taunt Trump after he extends Mexico trade deadline
Wall Street continues to sink on tariffs and jobs report
Friday 1 August 2025 15:01 , Oliver O'ConnellWall 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'ConnellDespite 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'ConnellMark 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'ConnellNew 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'ConnellSwitzerland 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'ConnellThe 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.
US economy adds just 73,000 jobs, below expectations as Trump unveils global tariffs
White House economic adviser admits jobs report 'isn't ideal'
Friday 1 August 2025 16:10 , Oliver O'ConnellToday on CNN News Central, anchor Kate Bolduan interviewed Chairman of the White House Council of Economic Advisers Stephen Miran about his takeaways from the July jobs report.
Here’s how he explained the latest numbers:
“Look, you know, this jobs report isn’t ideal … there’s no way around that. But nevertheless, I think that the downward revisions reflect a couple of anomalous factors. First of all, about 60 percent of the downward revision is due to quirks of the seasonal adjustment process. Then on top of that, there’s the fact that the president created about, in the household survey, since the president took office, he created about 2.5 million jobs for Americans … whereas we’ve eliminated about a million jobs for foreign-born workers.
“That’s a result of our strong immigration policy, of our strong border policy, keeping America safe. And eventually, the outflow of foreign workers in this data were bound to show up in the establishment survey, as they finally did this morning too.”
As markets reel from the implementation of new tariffs on U.S. trading partners, combined with the jobs numbers, Miran said that uncertainty over tariffs and the tax bill was now over and: “It’s all going to get much, much better from here.”
“Finally, we’ve been hearing a lot about uncertainty over the last few months, but that’s all resolved now. We’re creating trade deals left and right that have unlocked enormous new potential for the American economy. The tariff uncertainty is fading away. Tariff rates are settling in. The one big, beautiful bill is now law. There’s no more uncertainty over the tax bill either ... over potentially the biggest tax hike in American history. And on top of that, there are such strong, powerful incentives in the one big, beautiful bill for investment. Things like full expensing on investment in equipment, in R&D, on new factory structures. These are huge. So, it’s all going to get much, much better from here.”
Pressed on the fact that this is the weakest month of jobs growth since Donald Trump’s first term, Miran doubled down:
CNN points out that June turned out to be the weakest month of jobs growth since December 2020 -- the last full month of Trump's first term pic.twitter.com/mkxbGYzTOM
— Aaron Rupar (@atrupar) August 1, 2025
Bolduan challenged Miran on job losses in manufacturing, despite the tariffs being intended to create jobs in that sector.
Miran said: “It's always convenient to blame political changes when your business fails.”
CNN: An auto parts maker in Detroit just had to layoff 100 workers and shut down a warehouse. The owner specifically blamed tariffs.
— Aaron Rupar (@atrupar) August 1, 2025
STEPHEN MIRAN: It's always convenient to blame political changes when your business fails pic.twitter.com/USwB5yVA6H
Today’s jobs report is a stark warning for America’s economy. With unemployment rising and costs skyrocketing, working families across the country are left paying the price for Trump and Republicans’ reckless tariffs and economic chaos.
Procter & Gamble – which makes everything from toilet paper to Gillette razors and Tide pods – is raising prices due to $1B tariff hit
Friday 1 August 2025 16:30 , Oliver O'ConnellAmerican shoppers are about to feel the pinch again as some household staples and famous brand names are set to become pricier within days.
It’s down to an expected $1 billion annual hit on a single company by President Donald Trump’s tariffs, The Washington Post reports.
Procter & Gamble, which manufactures a range of products including Charmin toilet paper, Tide detergent, Dawn dish soap, and Crest toothpaste, has announced that it will increase prices on approximately one quarter of its products, from August.
Read on...
Procter & Gamble is raising prices due to $1 billion tariff hit
Schumer blames weak jobs numbers on Trump's tariffs
Friday 1 August 2025 16:34 , Oliver O'ConnellSenate Democratic leader Chuck Schumer has attributed the recent slowdown in U.S. hiring directly to President Donald Trump’s trade policies, asserting that Friday’s jobs report serves as “the latest warning sign that this tariff chaos must end.”
Schumer’s comments followed a revised report from the Labor Department, which indicated that approximately 258,000 fewer jobs were created in May and June than initially estimated.
Speaking on the Senate floor, he declared: “It is disturbing to say, but the chickens are coming home to roost on Donald Trump’s destructive trade war and the American people are paying the price.”
He further characterised the tariffs as “a tax hike on American families,” imploring Trump to “reverse course.”
Watch: Former Treasury secretary says Trump's tariffs make U.S. similar to Perón's Argentina
Friday 1 August 2025 16:40 , Oliver O'ConnellFormer Treasury Secretary Larry Summers says President Donald Trump’s tariffs and economic chaos are shifting the global view of America.
He argues that the zeitgeist around the U.S. is moving from that of a stable superpower to something closer to Juan Perón’s Argentina — protectionism, denying the independence of the central bank, fiscal irresponsibility, breakdown of boundaries between government and business, cronyism, authoritarianism, lack of respect for the judiciary — which Summers says, while sometimes popular, is “extremely costly for society.”
Here’s what he told the All-In Podcast:
Larry Summers, former Secretary of the Treasury, says Trump’s tariffs and economic chaos are shifting the global view of America — from a stable superpower to something closer to Perón’s Argentina. Trump has been in office for only 82 days, and this is how far we have fallen. pic.twitter.com/BBMVOPzY0P
— Republican Accountability (@AccountableGOP) April 12, 2025
Trump told NBC new tariffs going 'very well, very smooth' hours before deadline
Friday 1 August 2025 16:45 , Oliver O'ConnellDonald Trump declared his sweeping new import tariffs were progressing “very well, very smooth” on Thursday night, asserting it was now “too late” for global trading partners to avoid the impending rates.
Speaking to NBC News just hours before his self-imposed midnight deadline for trade deals, he formalized the new tariff structure via executive order, which is set to take effect next week.
However, he maintained an openness to future negotiations, stating: “It doesn’t mean that somebody doesn’t come along in four weeks and say we can make some kind of a deal.”
The executive order officially cemented agreements with key trading partners, including the European Union, Japan, South Korea, the United Kingdom, and the Philippines.
For nations that failed to reach a deal, the order unilaterally set new rates, effective as of August 7. Switzerland, for instance, faces a higher-than-threatened 39 percent tariff, while Taiwan's rate was set lower at 20 percent.
Trump boasted of the substantial revenue already generated, citing Treasury Department figures of $26 billion in June alone, and predicted a far greater influx.
“We will be taking in hundreds of billions of dollars, and very quickly,” he claimed. When questioned about potential price spikes for imported goods, he dismissed concerns, retorting: “The only price that’s spiked is the hundreds of billions of dollars coming in.”
He also indicated a willingness for further discussions with Canada, mentioning he might speak to Prime Minister Mark Carney later that evening, though no new deal would be struck before the deadline.
Separately, Trump said he was unfamiliar with Brazilian President Luiz Inácio Lula da Silva’s recent interview in The New York Times, which suggested Brazil would push back on the U.S. tariff program.
Informed of its content, he responded: “That’s OK. But he doesn’t have to do business with the United States, which is fine with me.”
Americans say US economy getting worse under Trump’s leadership
Friday 1 August 2025 17:00 , Oliver O'ConnellA new poll shows Donald Trump underwater on the issue of his tariff agenda just as the president announced a new wave of levies affecting dozens of countries.
On Thursday night, Trump signed an executive order that sets new tariffs on U.S. trading partners that are due to go into effect on August 7. Canada is one of the countries hardest hit, facing an increased rate of 35 percent.
However, while Trump has been gung-ho on threatening other nations with stiffer levies, it would seem voters are not so convinced it is the right approach.
John Bowden reports from Washington, D.C.
New poll reveals Americans think economy is getting worse under Trump
Anti-Trump MeidasTouch dethrones mighty Joe Rogan as top podcast in US
Friday 1 August 2025 17:21 , Oliver O'ConnellWhoa...
Brace yourselves, Joe Rogan has been dethroned as America’s number one podcaster on YouTube by a staunchly anti-MAGA, “pro-democracy” show.
Here’s James Liddell with the details:
Wall Street: Stocks remain under pressure as markets slide on tariffs and jobs data
Friday 1 August 2025 17:39 , Oliver O'ConnellWall Street's main indexes led a global selloff on Friday, as the imposition of new U.S. tariffs on numerous trading partners, combined with a weaker-than-expected payrolls report, weighed heavily on investor sentiment.
Just hours before a tariff deadline, President Donald Trump signed an executive order imposing duties on U.S. imports from countries including Canada, Brazil, India, and Taiwan, even as nations scrambled to secure more favourable trade agreements.
Labor Department data revealed that U.S. job growth slowed more significantly than anticipated in July, with previous months' reports also undergoing sharp downward revisions, signaling a notable moderation in the job market.
Kevin Gordon, senior investment strategist at Charles Schwab, commented: “Everybody's quite shocked at how large the downward revisions were for both May and June. The upside is that the unemployment rate did not spike meaningfully.”
This report subsequently boosted expectations for a September interest rate cut, with the CME's FedWatch tool indicating an 80.0% probability. Trump has been pressuring Federal Reserve Chair Jerome Powell to lower rates for months, and now the conditions may be right.
BeiChen Lin, senior investment strategist at Russell Investments, added that recent job growth has been largely confined to previously understaffed sectors such as healthcare and social assistance, noting: “The breadth of job creation has steadily declined in recent months.”
By 12:30 p.m. in New York, the Dow Jones Industrial Average had fallen 455 points, or 1.03 per cent, to 43,671, after a slight recovery from its opening lows. The S&P 500 had shed 80.74 points, or 1.27 percent, to 6,259, while the Nasdaq Composite was down 368.13 points, or 1.74 percent, at 20,755.
Both the S&P 500 and the Nasdaq were on track for their worst single-day performance since 21 April.
With reporting from Reuters
ANALYSIS: Trump’s tariff day is here but if TACO’s on the menu, the charade is over
Friday 1 August 2025 18:00 , Oliver O'ConnellJohn Bowden writes:
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.
Read on...
Trump’s tariff day is here but if TACO is on the menu, the charade is over
Foreign leaders ‘ringing Trump’s phone’ to cut tariff deals, claim White House
Trump's tariffs: Asian allies blindsided by steep new levies
Friday 1 August 2025 18:40 , Oliver O'ConnellDonald Trump’s latest tariff hikes have hit Asian countries the hardest, signalling a deepening rift with key economies in his drive to reshape global commerce.
The hardened position of the US towards longstanding partners such as India and Japan could reshape strategic alignments in Asia, casting doubt on the reliability of Washington as an ally.
Shweta Sharma reports.
Watch: Sen. John Kennedy says job market is 'softening'
Friday 1 August 2025 18:47 , Oliver O'Connell"It was not a good jobs number. It wasn't. The job market is softening. Our business people are creating fewer jobs" -- Republican Sen. John Kennedy pic.twitter.com/MqBgu5da8E
— Aaron Rupar (@atrupar) August 1, 2025
Trump tariffs: Full list of countries hit by US president’s new trade war levies
Friday 1 August 2025 19:00 , Oliver O'ConnellPresident Donald Trump has signed off on sweeping new tariffs for dozens of countries as he continues to escalate his global trade war.
Alexander Butler looks at which country got hit with what tariff:
Trump tariffs: Full list of countries hit by US president’s new trade war levies
Sen. Tim Kaine says Trump running US economy 'aground'
Friday 1 August 2025 19:20 , Oliver O'ConnellSenator Tim Kaine of Virginia, Hillary Clinton’s 2016 running mate, says President Donald Trump inherited the strongest economy in the world, and “by chaos and tariffs, he is really running it aground.”
He predicted that Americans will see a “stair-step up” in the prices of everyday products as they shop for back-to-school items, Thanksgiving, and Christmas.
Watch him here on MSNBC’s Morning Joe:
Kaine: "Donald Trump inherited what was the strongest economy in the world, and by chaos and tariffs he is really running it aground. The tariff situation raises costs on everyday products. You're gonna see a stair-step up when you do your back-to-school shopping, and another… pic.twitter.com/LRKpkla70X
— Aaron Rupar (@atrupar) August 1, 2025
EDITORIAL: 'Another dark day for America'
Friday 1 August 2025 19:30 , The IndependentPresident Donald Trump’s latest round of protectionist tariffs will prove as damaging to global trade and economic growth as those imposed in the 1930s, which exacerbated the Great Depression.
Everything he does seems only to weaken his country’s power and prosperity.
Continue reading...
Trump’s latest Liberation Day means another dark day for America
Trump blames jobs numbers on Biden appointee and orders his team to fire her
Friday 1 August 2025 19:35 , Oliver O'ConnellIn his latest Truth Social post, President Donald Trump has addressed this morning’s weak job numbers.
Blaming Dr. Erika McEntarfer, the Commissioner of Labor Statistics, a Biden appointee, he has ordered his team to fire her.
The president claims she faked previous jobs numbers and that the economy is actually “booming.”
Here’s the full post:
I was just informed that our Country’s “Jobs Numbers” are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala’s chances of Victory. This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election, in August and September, by 112,000. These were Records — No one can be that wrong? We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative. The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting “Kamala” elected – How did that work out? Jerome “Too Late” Powell should also be put “out to pasture.” Thank you for your attention to this matter!
Stand by for more analysis on the president’s latest rant.
White House claims 'no evidence' of increase in inflation due to tariffs
Friday 1 August 2025 19:40 , Oliver O'ConnellIn addition to his appearance on CNN, Stephen Miran, Chairman of the White House Council of Economic Advisers, joined MSNBC’s Morning Joe to discuss the July jobs report.
Miran told host Jonathan Lemire that the 73,000 jobs created in July, while falling short of expectations, was a “decent” number, but conceded the substantial downward revision of the numbers for May and June were “not great.”
He argued that the numbers reflected the success of the hardline immigration policies of the Trump administration and the uncertainty over tariffs and the tax bill, but those had now been “resolved” and have created “very powerful incentives to create an economic boom in America.”
Asked about the inflationary pressure that the tariffs will have on American shoppers as they start to see higher prices, Miran argued that in 2018 and 2019, critics of the first administration had predicted the same thing, and it had not materialized. He said inflation only became a problem during the Covid-19 pandemic and its aftermath.
Said Miran:
They were wrong then. And nobody's offered a reasonable explanation for why they were wrong. Nobody has said, hey, I was wrong last time. Here's why. Let me update my view. They just keep making the same criticism. And thus far, we once again see no evidence of it. There is no evidence of inflation, of an increase in inflation due to tariffs.
In fact, my team put in a report a few weeks ago showing that the prices of imported goods have been getting cheaper relative to the prices of domestically produced goods for -- for consumers at the at the consumer price level.
We looked at components of every single good that we have data on and we said these many components are from America. These components are imported and therefore subject to tariffs. And the imported stuff is actually getting cheaper.
Walmart and Procter & Gamble have already begun raising prices on many consumer staples, citing the tariffs, and the Tax Foundation believes the next price hikes will be on imported food in grocery stores that cannot be produced in the U.S.
Read more here:
Procter & Gamble is raising prices due to $1 billion tariff hit
Trump pal Laura Loomer says she’s running a tipline to purge the ‘disloyal’ from federal government
Friday 1 August 2025 20:00 , Oliver O'ConnellLaura Loomer is rolling in the deep state these days.
While the MAGA provocateur has no official position in Donald Trump’s administration, Loomer has played a fairly outsize role in the abrupt firings of more than a dozen top officials across the federal government. And she says she’s gearing up for more.
The self-described strategist and journalist — who first rose to attention during Trump’s first term by staging viral stunts in which she filmed herself screaming at prominent Democrats and posting the videos to social media — told Politico on Friday that she expects to be involved in “hundreds” more firings of administration appointees and career government workers.
Andrew Feinberg reports from Washington, D.C.
Laura Loomer says she’s running a tipline to purge Trump ‘disloyal’ from government
Full story: Trump blames ‘Biden appointee’ for poor jobs report six months in and then fires Bureau of Labor Statistics chief
Friday 1 August 2025 20:02 , Oliver O'ConnellPresident Donald Trump called for the firing of the chief labor statistician after the Bureau of Labor Statistics released its monthly jobs report showing that the economy added only 73,000 jobs in July.
The number comes on the same day that Trump resumes his global tariffs. Hours later, Trump criticized Erika McEntarfer, the commissioner for Labor Statistics, because former President Joe Biden nominated her.
NBC News reports that she has now been terminated.
Eric Garcia reports from Washington, D.C.
US economy adds just 73,000 jobs, below expectations as Trump unveils global tariffs
Sen. Tim Kaine rages against Trump tariffs on Brazil for political purposes
Friday 1 August 2025 20:20 , Oliver O'ConnellVirginia Senator Tim Kaine also had thoughts on the 50 percent tariff that President Donald Trump has imposed on Brazil, despite the country having a trade surplus with the U.S.
Watch here:
Kaine: "Get this guys, we have a trade SURPLUS with Brazil, but President Trump has announced a 50% tariff. Why? Because they don't like the fact that Brazil is prosecuting a friend of his for corruption and an attempt to overturn the election. And he's using an emergency power… pic.twitter.com/QR2qC4XsW9
— Aaron Rupar (@atrupar) August 1, 2025
GOP senators hesitant to attack Powell over jobs report as Trump has
Friday 1 August 2025 20:40 , Oliver O'ConnellWhile President Donald Trump criticized Federal Reserve Chair Jerome Powell following a disappointing jobs report on Friday, Republican senators showed greater restraint, largely avoiding direct blame or calls for immediate rate cuts as the president has repeatedly demanded.
Senator Mike Rounds stressed the Fed's independence. “The important part is that the markets see them as being independent and making the analysis based upon the data that they have in front of them," he said.
Senator Rick Scott, a loyal Trump ally, conceded that “we didn’t have as good jobs numbers as people would like” but remained optimistic, adding “our economy is going to get better.”
Senator Lisa Murkowski, however, expressed skepticism about the president's tariff plan, stating, “It’s kind of like going all over the place.”
Senate Majority Leader John Thune continued to back Trump, saying that "tariffs’ impacts have been minimal."
"Time will tell," he added.
With reporting from the AP
Without evidence, Trump claims jobs number were 'RIGGED' to make him look bad
Friday 1 August 2025 20:50 , Oliver O'ConnellPresident Donald Trump has claimed, without evidence, that today’s weak jobs numbers were rigged in order to make him look bad.
He posted on Truth Social moments ago:
In my opinion, today’s Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad — Just like when they had three great days around the 2024 Presidential Election, and then, those numbers were “taken away” on November 15, 2024, right after the Election, when the Jobs Numbers were massively revised DOWNWARD, making a correction of over 818,000 Jobs — A TOTAL SCAM. Jerome “Too Late” Powell is no better! But, the good news is, our Country is doing GREAT!
Federal Reserve governor resigns, handing Trump vacancy to fill
Friday 1 August 2025 20:58 , Oliver O'ConnellFederal Reserve Governor Adriana Kugler is leaving the board to return to Georgetown University and teach.
This hands President Donald Trump an unexpected vacancy to fill at the Fed and comes amid his fervent desire for Chair Jerome Powell to lower interest rates.
Just this week, two members of the board sided with Trump and voted against maintaining interest rates at their current level.
More huge economic news: Federal Reserve Gov. Kugler is leaving the board and returning to Georgetown to teach, handing Trump an unexpected vacancy to fill pic.twitter.com/8T9hyCqzBj
— Brendan Pedersen (@BrendanPedersen) August 1, 2025
Tariffs and weak jobs numbers see stocks slump on Wall Street
Friday 1 August 2025 21:20 , Oliver O'ConnellUS stocks slumped significantly on Friday, with the S&P 500 poised for its largest daily percentage decline in over three months, as new tariffs from President Donald Trump and a surprisingly weak jobs report triggered widespread selling pressure.
Preliminary data showed the S&P 500 shed 101.60 points, or 1.60%, to close at 6,237.79 points. The Nasdaq Composite fell 472.78 points, or 2.24%, to 20,649.67, while the Dow Jones Industrial Average dropped 543.97 points, or 1.23%, to 43,587.01.
The market downturn followed the president’s executive order, signed just hours before a tariff deadline on Friday. The order imposed duties on U.S. imports from several major trading partners, including Canada, Brazil, India, and Taiwan, marking his latest round of levies as nations attempted to negotiate better trade deals.
Further denting confidence in the current economic outlook, official data revealed that U.S. job growth slowed more than expected in July. The prior month's report was also sharply revised lower, indicating a potential weakening in the labor market. This report significantly pushed up expectations that the Federal Reserve will cut interest rates at its September meeting.
Brian Jacobsen, Chief Economist at Annex Wealth Management, commented on the figures: “There’s no way to pretty-up this report. Previous months were revised significantly lower where the labor market has been on stall-speed.”
He added: “Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They’ll likely have to do the same thing this year.”
Trump reacted to the jobs data by claiming, without evidence, that the numbers were “rigged” and by firing Dr. Erika McEntarfer, the Commissioner of Labor Statistics.
With reporting from Reuters
Read more on the firing of McEntarfer:
US economy adds just 73,000 jobs, below expectations as Trump unveils global tariffs
Trump ally Shark Tank's Kevin O'Leary speaks out against firing of statistician
Friday 1 August 2025 21:39 , Oliver O'ConnellBusinessman and TV personality Kevin O’Leary, of Shark Tank fame, a longtime supporter of Donald Trump, has spoken out against the firing of Dr. Erika McEntarfer, the Commissioner of Labor Statistics, by the president following today’s weak jobs report.
“I did not agree on whacking the commissioner. I don't like that... whacking statisticians makes no sense whatsoever,” he told CNN.
O’Leary: We had a bad print on jobs. I did not agree on whacking the commissioner. I don't like that.. whacking statisticians makes no sense whatsoever. pic.twitter.com/JbnPCVokQE
— Acyn (@Acyn) August 1, 2025
O’Leary further said that it is not a good idea to have 35 percent tariffs on Canada.
“I think the market is a little concerned about major trading partners not getting deals yet that make sense. It's not a good idea to have 35% tariffs on Canada.”
O’Leary: I think the market is a little concerned about major trading partners not getting deals yet that make sense. It's not a good idea to have 35% tariffs on Canada. pic.twitter.com/DeBUTNiGD5
— Acyn (@Acyn) August 1, 2025
Bessent says US has 'making of a deal' with China — then deletes post
Friday 1 August 2025 21:44 , Oliver O'ConnellUS Treasury Secretary Scott Bessent expressed optimism on Friday, believing Washington had the “makings of a deal” with China and was “optimistic” about the path forward, Reuters reports.
In a post on X (formerly Twitter), subsequently deleted, he wrote: “This week's negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations.”
He added: “I am optimistic about the path forward.”
A Treasury Department spokesperson said the post was being reposted because the images attached to it had not uploaded correctly. The spokesperson also noted that the language in the post was in line with what Bessent had said in various media interviews this week.
In an interview with CNBC on Thursday, Bessent said the United States believes it has the makings of a trade deal with China, but it is "not 100% done."
U.S. negotiators "pushed back quite a bit" over two days of trade talks with the Chinese in Stockholm this week, Bessent told CNBC.
China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals.
Trump talks trade, tariffs and the Fed as he departs White House
Friday 1 August 2025 21:57 , Oliver O'ConnellAs President Donald Trump departed the White House this afternoon on his way for a weekend of golfing at his course in Bedminster, New Jersey, he answered questions from the press on the South Lawn of the White House.
He said that Brazilian President Luiz Inacio Lula da Silva can call him anytime to discuss tariffs and other friction between the countries.
Also relating to trade and tariffs, Trump said on Friday that he had heard India would no longer be buying oil from Russia — a major sticking point for him in negotiating a trade deal.
The president said he is pleased that there is an open spot on the Federal Reserve Board after the Fed announced that Governor Adriana Kugler is resigning from her term early.
The Fed announced that Kugler will exit the central bank on August 8, potentially shaking up what was already a fractious succession process for Fed leadership amid difficult relations with Trump.
Democrats slam Trump for firing Bureau of Labor Statistics director
Friday 1 August 2025 22:05 , Oliver O'ConnellSenate Democrats have swiftly condemned the dismissal of Erika McEntarfer, the director of the Bureau of Labor Statistics, warning that the move shows President Donald Trump is behaving like a dictator.
Speaking on the Senate floor, Democratic leader Senator Chuck Schumer said: “Donald Trump sometimes admires dictators, he admires them. Well, he sometimes acts just like them. It’s classic Donald Trump. When he gets the news he doesn’t like, he shoots the messenger.”
Other Senate Democrats said it showed Trump was not facing up to the realities of the economy.
“This is the act of somebody who is soft, weak and afraid to own up to the reality of the damage his chaos is inflicting on our economy,” said Senator Ron Wyden, the top Democrat on the Senate Finance Committee.
With reporting from the AP
Trump says he has several people in mind to lead Bureau of Labor Statistics
Friday 1 August 2025 22:06 , Oliver O'ConnellIn a gaggle with reporters on the South Lawn before leaving for Bedminster, his New Jersey golf club, President Donald Trump says he has several names in mind to lead the Bureau of Labor Statistics.
The president says he has had concerns about revisions to the jobs reports for a while and says, “We need someone honest” to lead the agency.
He also said he will release the list of donors for the planned White House Ballroom project, but suggested he might pay the $200 million cost himself.
In a gaggle before leaving for his New Jersey home, the president says he has several names in mind to lead the Bureau of Labor Statistics, says he had concerns with revisions to the jobs reports for awhile, and says “we need someone honest” to lead the agency. He says he will… pic.twitter.com/0Aameyi1SV
— Ed O'Keefe (@edokeefe) August 1, 2025
GOP senator says not statistician's fault if numbers aren't what Trump hoped for
Friday 1 August 2025 22:14 , Oliver O'ConnellRepublican Senator Cynthia Lummis of Wyoming weighed in on the firing of Erika McEntarfer, the director of the Bureau of Labor Statistics, by President Donald Trump over his displeasure with the weak jobs numbers for July.
“I think it's kind of impetuous to fire the statistician without first knowing whether the numbers are inaccurate. It's not the statistician’s fault if the numbers are accurate and that they're not what the President had hoped for.”
LUMMIS on firing BLS commissioner
— Alan He (@alanhe) August 1, 2025
“I think it's kind of impetuous to fire the statistician without first knowing whether the numbers are inaccurate. It's not the statistician’s fault if the numbers are accurate and that they're not what the President had hoped for.” pic.twitter.com/IxuExRE5qs
Trump accused of carrying out 'Newspeak project' with threat to official statistics
Friday 1 August 2025 22:20 , Oliver O'ConnellIn response to the firing of Dr. Erika McEntarfer, the Commissioner of Labor Statistics, Public Citizen co-president Robert Weissman issued the following statement, referencing “Newspeak,” the official language of Oceania in George Orwell’s 1984, designed to control citizens:
“Trump has made a career of calling up down, and calling the truth a lie. But the threat to the integrity of the Bureau of Labor Statistics — the trusted source of objective, factual information about the state of the economy — is a Newspeak project of a whole other level and will undermine not just public understanding but evidence-based policymaking altogether.
“As with so much else under Trump, this move is profoundly troubling, but not surprising. Authoritarians always try to control and dominate the information landscape to undermine opposition to their harmful policies.
“Yet again, to advance his narrow, personal and political interests, Donald Trump is undermining the interests of the United States and leaving us a weaker and more vulnerable nation.”
Trump's first term head of Labor Statistics calls firing 'totally groundless'
Friday 1 August 2025 22:23 , Oliver O'ConnellPresident Donald Trump’s first-term appointee to lead the Bureau of Labor Statistics has called the firing of his successor “totally groundless,” saying it sets a “dangerous precedent and undermines the statistical mission of the Bureau.”
He cosigned a letter condemning the president's move, along with other friends of the bureau, that calls on Congress “to respond immediately, to investigate the factors that led to Commissioner McEntarfer’s removal, to strongly urge the Commissioner’s continued service, and ensure that the nonpartisan integrity of the position is retained.”
The totally groundless firing of Dr. Erika McEntarfer, my successor as Commissioner of Labor Statistics at BLS, sets a dangerous precedent and undermines the statistical mission of the Bureau. For a full statement opposing this move, read: https://t.co/cbQSs51iIW
— William Beach (@BeachWW453) August 1, 2025
Watch: Trump addresses jobs report in gaggle with White House reporters
Friday 1 August 2025 22:30 , Oliver O'ConnellPresident Donald Trump answered questions from White House reporters as he departed for a weekend of golf.
Asked about the weak jobs report today, the president claims the economy is doing “so well” and the numbers were “phony,” so he fired the official responsible, Dr. Erika McEntarfer.
Trump on weak jobs report: We’re doing so well—I believe the numbers were phony so I fired her. pic.twitter.com/DkOZZj14NR
— Acyn (@Acyn) August 1, 2025
Asked whether, going forward, anyone should trust the numbers, Trump repeated a conspiracy theory about the jobs numbers before the election, which were subsequently revised down.
Reporter: Going forward, why should anyone trust the numbers?
— Acyn (@Acyn) August 1, 2025
Trump: You’re right. Why should anyone trust numbers pic.twitter.com/5KwKe9e3wT
Might Canada walk away from DC trade talks?
Friday 1 August 2025 22:45 , Oliver O'ConnellCanada could walk away from trade talks with the U.S. after Washington imposed a 35 percent tariff on certain Canadian goods, an adviser to Prime Minister Mark Carney said on Friday.
President Donald Trump signed an executive order on Thursday, increasing tariffs on Canadian products not covered by the US-Mexico-Canada trade agreement from 25 percent to 35 percent. The White House cited Canada's alleged failure to curb fentanyl smuggling and address U.S. concerns over trade barriers as justification.
Flavio Volpe, a member of Carney's hand-picked Council on Canada-U.S. Relations, confirmed to CBC News that Canadian negotiators remain in Washington for the time being.
“Team Canada is still in Washington working on a deal and they're going to be there until we either have a conclusion of a good deal for Canada or that it's time to take a pause and walk away,” said Volpe, who also serves as president of Canada's Automotive Parts Manufacturers' Association.
Prime Minister Carney seeks a new agreement to reset bilateral relations, stating that Trump's tariff imposition has “irrevocably upended” the decades-old trading and security ties between the two nations. However, talks have yielded little progress so far.
Washington is also reportedly displeased with Canada's refusal to drop its own countermeasures, initially imposed by former Prime Minister Justin Trudeau, whom Carney replaced after winning an April election on a platform of standing up to Trump.
In June, Carney had threatened to ramp up counter tariffs in July unless there was progress on the deal. A statement he issued early on Friday did not mention retaliation.
With reporting from Reuters
Watch: Trump claims he will replace Labor statistician with someone 'honest'
Friday 1 August 2025 22:55 , Oliver O'ConnellTrump on replacing the commissioner of labor statistics:
— Acyn (@Acyn) August 1, 2025
Reporter: Will you put someone in who actually has labor statistics experience?
Trump: I’ll put someone in who is going to be honest pic.twitter.com/TbRpAEILJ0
Trump's tariffs likely to make dining out more expensive for Americans
Friday 1 August 2025 23:10 , Oliver O'ConnellNew tariffs threaten to significantly increase the cost of popular menu items such as coffee and hamburgers, alongside essential ingredients like spices, according to the National Restaurant Association. The body, which represents over a million US eateries and food service providers, issued the warning on Friday.
Michelle Korsmo, the association's president and chief executive, stated that restaurants operate on extremely tight margins, meaning these tariffs will inevitably force many establishments to raise their prices. Such increases, she cautioned, would deter diners from eating out as frequently, thereby jeopardising an industry that underpins millions of jobs across the country.
The association is now calling for food and beverages to be exempted from these tariffs.
Korsmo urged the Trump administration to “continue with sensible trade agreements,” adding in a statement: “While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.”
With reporting from the AP
Musk funneled $15 million to Trump and Republicans even as they were dragging each other through the mud in online feud
Friday 1 August 2025 23:30 , Oliver O'ConnellEven as President Donald Trump and Elon Musk escalated their bitter feud, the Tesla billionaire funneled $15 million to Republican-affiliated political action committees, according to a new report from Politico.
Eric Garcia has the details.
Musk funneled $15 million to Trump and Republicans even amid their online feud
‘I believe the numbers were phony ... so I fired her’: Trump axes Labor Statistics chief after his poor jobs report
Saturday 2 August 2025 00:00 , Oliver O'ConnellPresident Donald Trump fired the chief labor statistician after the Bureau of Labor Statistics released its monthly jobs report showing that the economy added only 73,000 jobs in July.
The number comes the same day that Trump resumes his global tariffs. Hours later, Trump criticized Erika McEntarfer, the commissioner for the Bureau of Labor Statistics, implying she could not be trusted because former President Joe Biden nominated her.
“We need accurate Jobs Numbers,” he posted. “I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY.”
Eric Garcia reports from Washington, D.C.
Trump fires Bureau of Labor Statistics chief after poor jobs report
Trump tariffs mapped: Which countries have been hit hardest?
Saturday 2 August 2025 00:30 , Oliver O'ConnellPresident 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 Butler has mapped the countries hit by Trump’s latest trade measures:
Trump tariffs: Full list of countries hit by US president’s new trade war levies
EDITORIAL: 'Another dark day for America'
01:00 , The IndependentPresident Donald Trump’s latest round of protectionist tariffs will prove as damaging to global trade and economic growth as those imposed in the 1930s, which exacerbated the Great Depression.
Everything he does seems only to weaken his country’s power and prosperity.
Continue reading...
Trump’s latest Liberation Day means another dark day for America
Trump says he had 'problems' with BLS commissioner
01:08 , Gustaf KilanderTrump said on Newsmax on Friday night that he’s had some “problems” with the fired commissioner of the Bureau of Labor Statistics, Erika McEntarfer.
“Well, it's a Biden appointee, and we've had problems in the past, and we had problems even before the election,” said Trump. “You remember those wonderful results that were put out just before the election, and everybody said, Where did they come from?”
“Then I think they adjusted it after the election, and we had some difficulties with her, and there have been a lot of questions, and we fired her because we didn't believe the numbers today,” he added.
Powell will 'most likely' stay in place
01:12 , Gustaf KilanderTrump told Newsmax that Fed chair Jerome Powell will “most likely” stay in place, even as he called him a “terrible head of the Fed.”
Trump addresses Maxwell meeting with deputy AG
01:16 , Gustaf KilanderNewsmax host Rob Finnerty asked the president, “Your Deputy Attorney General sat down with Ghislaine Maxwell for nine hours. I'm just wondering when the American people get to hear what she said during that interview? “
“Well, I don't know, because I haven't spoken about it, but he's a very talented guy,” said Trump.
About the Epstein Files, Trump said, “They controlled the files for four years. So if they had something, they would have released it before the election. Because they are not geniuses, but you know, they're evil.”
'When you mention the word nuclear, my eyes light up'
01:18 , Gustaf KilanderAppearing on Newsmax, Trump also addressed the situation in Russia, saying that “a former president of Russia, who is now in charge of one of the most important councils, Medvedev, said some things that are very bad, talking about nuclear.”
“And when you mention the word nuclear, I say, you know, my eyes light up, and I say, we better be careful, because it's the ultimate threat,” he added. “Shouldn't have said it. He's got a fresh mouth.”
Trump speaks on Maxwell clemency
01:20 , Gustaf KilanderRegarding a Maxwell clemency, Trump said, “I'm allowed to do it, but nobody's asked me to do it. I know nothing about it.”
“I don't know anything about the case, but I know I have the right to do it. I have the right to give pardons. I've given pardons to people before, but nobody's even asked me to do it,” he added.
Trump: Putin is a 'tough cookie'
01:21 , Gustaf Kilander“Has your opinion of Putin changed just in dealing with him?” Finnerty asked Trump.
“He's obviously a tough cookie, but so it hasn't changed in that way,” said Trump. “But I'm surprised. We had numerous good conversations where we could have ended this thing, and all of a sudden bombs start flying.”
Trump addresses Epstein Files: 'I want to release everything'
01:35 , Gustaf KilanderTrump on Epstein files: I want to release everything. I just don't want people to get hurt. You can't have people associated. pic.twitter.com/0uooFxMjhl
— Acyn (@Acyn) August 2, 2025
