Stocks Plunge on Trump Tariffs and Jobs Report

U.S. stocks plunged on Friday, posting their worst losses since April, after President Trump announced new tariffs on imports from major trading partners including Canada, India, and Taiwan, and a much weaker-than-expected July jobs report was released. The Dow fell 542 points, the S&P 500 dropped 1.6%, and the Nasdaq slid 2.2%. Only 73,000 jobs were added in July, with downward revisions for May and June, heightening concerns about the labor market. In response, President Trump fired the head of the Bureau of Labor Statistics, accusing her of manipulating the reports. The new tariffs, ranging from 10% to 41%, increased investor anxiety about global trade and economic fallout. The combination of trade tensions and labor weakness has increased expectations of a Federal Reserve rate cut in September.