FOR IMMEDIATE RELEASE
August 1, 2025
Contact: [email protected]
ICYMI: Trump’s Tariffs Weigh on Jobs, Stock Markets, and Household Savings
The latest data from the Bureau of Labor Statistics shows the Trump Administration’s across-the-board tariffs and tariff uncertainty are increasing unemployment, while also contributing to sharp declines in the stock market and household savings. In its July jobs report, the BLS reported the U.S. economy added just 73,000 jobs—well below expectations and a clear sign of a cooling labor market, alongside downward revisions for the past two months. At the same time, the unemployment rate rose from 4.1% to 4.2%, reflecting growing uncertainty as businesses respond to increased costs and trade instability driven by the tariffs.
Economists and analysts are increasingly pointing to Trump’s tariffs as a key factor behind the slowdown in hiring and the recent market downturn. As the Trump administration continues to announce new tariffs, delay their implementation, and confuse the public about their tariff policy, businesses face rising costs and growing uncertainty—leading some to delay hiring or investment. The ripple effects are now reaching American households, as consumer prices increase, falling stock values eat into savings and retirement accounts, and a weaker job market adds to economic anxiety.
● ABC News | Hiring slowed in July as Trump’s tariffs fluctuated
● NPR | The job market is showing signs of weakness as Trump’s tariffs take effect
● New York Times | Live Updates: Markets Fall on Weak Jobs Data and Trump’s New Tariffs
● Paul Krugman | The Meaning of a Weak Jobs Report
● Reuters | Wall Street slides at open on Trump tariffs, Amazon results, soft payrolls
● Fortune | Stocks dive as job numbers disappoint and tariff ‘panic’ sets in
● The Guardian | Wall Street opens lower as Trump tariffs and weak jobs report hit global markets
● The Wall Street Journal | Stock Market Today: Dow Falls After Trump Tariff Blitz and Weak Jobs Report
● The Guardian | US adds just 73,000 jobs in July amid pressure from trade war and ‘increasing signs of fragility’ in labor market
● USA Today | US stocks open down on Trump tariffs, weaker-than-expected jobs growth
● Yahoo Finance | Stock market today: Dow, S&P 500, Nasdaq slump after weak jobs report, Trump’s tariff redux
● Bloomberg | S&P 500 Slides After Weak Jobs Data, Trump’s New Tariff Salvos
● 11Alive | Wall Street opens lower and bond yields sink following weak hiring numbers and new tariffs
● Barron’s | Dow Drops After Weak Jobs Report, Trump Tariffs
● Barchart.com | Stock Index Futures Plunge On Trump’s Tariffs & A Weak US Jobs Report
● Barron’s | Dow Drops Ahead of Jobs Report as Trump Tariffs Hit Futures
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Tariffs Cost US is a new campaign dedicated to providing the public with reliable, comprehensive information about global trade and tariffs, and their impact on both businesses and consumers.
