US Markets Slide on Tariffs, Weak Jobs, Inflation

US job growth slowed sharply in July, with only 73,000 jobs added and previous months' figures revised down, while the unemployment rate rose to 4.2% and inflation accelerated. President Trump's latest executive order imposed tariffs on imports from 66 countries, including major partners such as the EU, Canada, Brazil, India, and Taiwan, heightening economic uncertainty and market volatility. Financial markets responded with sharp declines in US stock futures and a rally in bond prices as traders increased expectations for a Federal Reserve rate cut in September. President Trump called for the Fed board to assume direct control if Chair Jerome Powell does not lower rates, intensifying political pressure on the central bank. The pound strengthened against the dollar, and UK government bonds rallied in response to the weak US payroll report. These developments underscore the complex links between US trade policy, labor market data, and global financial markets.