Trump tariffs live news: U.S. dollar soars as global stock markets tumble after new levies

U.S. employers added 73,000 jobs last month, the Labor Department said Friday.

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

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.”

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.”

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:

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.

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.

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:

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.

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.