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Global stocks drop as Trump unveils his tariffs
New York (CNN) — Stocks across the globe were lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation. The Dow opened lower and tumbled 600 points, or 1.4%. The broader S&P 500 fell 1.6% and the tech-heavy Nasdaq Composite slipped 2.1%. The blue-chip Dow has dropped every day this week as Trump’s tariffs have come back into focus. The S&P 500 in on track for its fourth-straight day of losses after previously clinching six consecutive days of record highs. Trump late Thursday released his long-awaited plan for tariffs on US trading partners. The president laid out tariffs ranging from 10% to 41% on countries from Chile to Syria, set to take effect August 7 — which was later than expected. Investors in recent months have begun to try and look past Trump’s tariffs, betting the president will back down on his most daunting threats. As the president has tempered his approach — including once again delaying the start of tariffs — markets have tried to adjust to the prospect of a more protectionist global order. But the scope and unprecedented nature of the tariff campaign portends to roil the global economy and markets. Stocks took a step lower and Treasury bonds rallied Friday morning after the latest jobs data showed the US economy added 73,000 jobs in July, which was less than expected. The 10-year and 30-year Treasury yields fell to 4.25% to and 4.82%, respectively, as investors snapped up bonds in a flight to safety and to lock in high rates. Meanwhile, the US dollar dropped. The dollar index, which measures the dollar’s strength against six major foreign currencies, fell 1.1%.
US job growth stalls: Just 73,000 jobs added in July
(CNN) — The US job market slowed substantially in July and was much weaker than previously thought in previous months, suggesting President Donald Trump’s trade policy may be stifling hiring. The US economy added just 73,000 jobs last month, and the monthly totals for May and June were revised down by a combined 258,000 jobs. The prior two months’ revisions were “stunning,” said Diane Swonk, chief economist at KPMG, in an interview with CNN. May’s estimated 144,000 net gain was revised down by 125,000 to 19,000; and June’s preliminary tally of 147,000 was slashed by 133,000 to 14,000, respectively, according to data released Friday from the Bureau of Labor Statistics. With those monumental revisions, the meager job gains in June were the weakest since December 2020, the last time the labor market had monthly job losses. Outside of the 2020 pandemic recession, job growth is running at the weakest pace since 2010.
US envoy Witkoff visits Gaza aid distribution site
(CNN) — Steve Witkoff, the United States’ special envoy to the Middle East, on Friday visited a controversial US-backed aid distribution site in Gaza, one of three such locations near which hundreds of Palestinians have been killed in recent weeks as they tried to reach scarce food supplies. An Israeli source told CNN on Friday morning that Witkoff had arrived at the aid site in the southern city of Rafah that is run by the Gaza Humanitarian Foundation (GHF). More than 1,000 Palestinians have been killed by the Israeli military while trying to get food, hundreds of them near GHF sites, according to the UN. The GHF disputes this. White House press secretary Karoline Leavitt said on Thursday that Witkoff and US Ambassador to Israel Mike Huckabee would travel to Gaza “to inspect the current distribution sites and secure a plan to deliver more food and meet with local Gazans to hear firsthand about this dire situation on the ground.” A senior Hamas official condemned Witkoff’s trip as little more than a photo opportunity.
Woman given $7,800 parking bill after visit to hospital
GLENDALE, California (KCAL, KCBS) — A woman in Los Angeles County was left with a nearly $8,000 parking bill after visiting a local hospital. Cate Daniels said she visited Glendale Memorial Hospital on Friday. After spending 45 minutes in the facility, the parking machine said she entered the lot three years ago and charged her $7,829. She also said the parking attendant accused her of parking there for weeks. “How can, when people are receiving health care, something like this happen with any frequency?” she said. “That is appalling. That’s my concern. That this is something that is systematic. I don’t hear any inclination to correct it.” Parking Company of America, which operates the garage, said the charge should not have happened. The hospital also apologized for the charge. They attributed the error to a computer glitch. They said they are in the process of crediting the chargeback.
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