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Trump trade war live: US jobs market weakening, as stock markets fall after new tariffs announced | Trump tariffs

US job creation revised sharply lower

Newsflash: Employment growth across America has been much weaker than previously thought over the last three months – a sign that the US labor market may be cooling.

The latest non-farm payroll, just released, shows that US employment rose by just 73,000 in July, rather weaker than the 110,000 new jobs expected.

But the big shock comes in the latest revisions to payrolls, with previous estimates for both May and June being revised sharply lower.

The Bureau of Labor Statistics now estimates that just 19,000 new jobs were created in May, 125,000 fewer than the 144,000 previously estimated.

June’s data has been revised down too – showing that just 14,000 new jobs were created, not the 147,000 reported a month ago.

That means 258,000 fewer jobs were created in May and June than previously thought.

The US unemployment rate has risen to 4.2% from 4.1% in June.

This surprisingly weak data may be a sign that Donald Trump’s trade wars, and the associated uncertainty, have cause more damage to the US economy than previously thought. There could also be an impact from cost-cutting DOGE program pushed by Elon Musk.

The BLS says:

Employment continued to trend up in health care and in social assistance. Federal government continued to lose jobs.

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Some countries reprieved in latest Trump tariffs

Lisa O’Carroll

Lisa O’Carroll

Lesotho isn’t the only country to receive a reprieve from Donald Trump.

As flagged earlier (see here) Lesotho was facing 50% tariffs on 2 April, an existential threat to its textile industry but came out on Friday with a 15% rate.

That’s a relief for a state which Trump said “nobody has ever heard of” when he halted USAid earlier this year.

Also getting a drastic reduction in tariffs are Madagascar down from 47% on 2 April to 15% on 1 August and Botswana down from 37% to 15%

Liechtensteinthe wealthy European state best known as a financial centre, has seen rates slashed from 37% to 15% while the Falkland Islands have gone from 41% to 10%.

Cambodia went from 49% to 19% while Iraq only got a four point reduction from 39% to 34%

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elowen.pierce
Elowen’s Wyoming wildlife desk livestreams wolf-pack GPS pings and explains ecology in campfire ASMR.
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