Trump fires lead official on economic data as tariffs cause market drop https://t.co/xtmsAMWPk5 ...

Trade Tensions and Tariffs - The market is closely watching trade tensions, especially regarding tariffs imposed by President Trump on various countries, including Canada [1] - The potential average effective tariff rate is estimated to be 15% to 20% [3] - Tariffs are generally considered inflationary by raising prices, with American consumers ultimately bearing the cost [3] - The impact of tariffs is influenced by how American importers pass on the tariff burden to overseas suppliers and the fluctuation of the US dollar against other currencies [3][4] Legal Challenges to Tariffs - A legal challenge is underway against President Trump's tariffs imposed under the International Emergency Economic Powers Act (IEEPA) [5][6] - The Constitution grants Congress the tariff power, but Congress also enacts statutes allowing the president to impose tariffs in specific situations [7] - The IEEPA was not previously seen as authorizing a president to impose tariffs, only non-tariff trade barriers [7] - A lower court initially struck down the tariffs, but the Court of Appeals blocked the order, and the tariffs are still being collected [9] - The Court of Appeals expressed skepticism about the legality of the tariffs under the IEEPA [9] US-China Trade Negotiations - US-China trade negotiations are the most closely watched by the market [11] - There is a lack of concrete details in current trade deals, benefiting Chinese trade negotiators [11][12] - China seems to be able to pressure the US government to relax export controls [13] - The absence of concrete details in trade deals provides no incentive for the Chinese government to commit to specific terms [14]

get straight to it. Joining us now, co-host of the Prof Markets podcast, Ed Ellen, staff writer for the New Yorker, Susan Glasser, and co-founder and director of economic policy at Veta Partners, Henrietta Trees. Henrietta, starting with you.The commissioner of labor statistics fired by the president in Trump's words for faking the jobs numbers and quote manipulating them for political purposes. Let's just fact check that. This is offensive in the extreme.um when we traffic in economic circles. I mean I spe ...

Diane, h how much does this change the picture? Uh especially these revisions as Bostik was mentioning there. Um you think the Fed would have made a different decision if if these numbers had been out days ago. >> I'm not sure they would have made a different decision on the month of July, but I think this does nudge them obviously closer to September. It's still not a slam dunk. This is the hard part for the Fed. The important part for Bostic is he didn't say, "Hey, this is it. we're gonna cut now because ...

Economic Slowdown & Job Market - US economy's job growth has slowed, with an average of 85,000 jobs added per month this year, compared to 168,000 jobs per month last year [2] - The report indicates deepening cracks in the US economy, with businesses putting expansion plans on hold due to economic uncertainty [4] - Potential US economic growth has shifted down due to changes in the labor force [9] Impact of Tariffs & Trade Policies - Tariffs are slowing job growth and economic growth [3] - Tariffs are expected to increase prices over time, impacting consumers [22] - Deportation policies are having an effect on the labor markets [5] - Tariffs on products from countries like Canada (originally 25% to 35%) and Switzerland (39%) could impact various sectors, including lumber, cars, and medicines [18][19] - Tariffs on Brazilian products, such as beef (50%), could be felt by consumers [21] Inflation & Consumer Spending - There is a possibility of stagflation, where growth slows (currently at about 12% to 2% annual rate) and inflation picks up closer to 3% rather than 2% [6] - Consumer spending growth is half of what it was a year ago, indicating concern among American consumers [16] - Tariffs are raising costs on everyday products, impacting back-to-school, Thanksgiving, and Christmas shopping [12] White House Perspective - The White House is nervous about the economic situation and is preaching patience [17] - The current economy is producing half as many new jobs as the "Biden economy" did in 2024 [14]

Apple now lower despite reporting its fastest quarterly revenue growth in more than three years. Let's get to Steve Kovak with more on what was happening this quarter for Apple. Steve, hey Mike, I want to channel my friend Steve Leeman here a little bit because he says so often the tariffs have to come from somewhere and we got a great example of that last night with Apple.They said for the June quarter $800 million in tariff related costs. That is better than the $900 million they initially expected. And i ...

President Trump is still dealing with the fallout from the Jeffrey Epstein case as the family of one of Epstein's victims is now demanding answers. NBC News correspondent Halley Jackson has the latest. President Trump this morning facing new questions about Jeffrey Epstein and one of the convicted sex offenders most vocal accusers, Virginia Gre who worked at Mara Lago decades ago while in high school.The president said this week Epstein stole her away. Did you know why he was taking those young women includ ...

imprint for certain. >> Welcome back. Sizable miss for jobs this morning coming in at 73,000 in July with sharp downward revisions.That might be the bigger story for May and June. President Trump lashing out at Fed Chair Jay Powell on Truth Social. Of course, after the report telling him to drop the rate.Joining us now exclusively is Atlanta Fed President Raphael Bostic, along with our own Steve Liesman. Good morning Steve. >> Good morning Sara.Let's get right to President Bostic. Good morning, President Bo ...

A top administration official signaled confidence that President Donald Trump’s trade plans will survive even if the sweeping global tariffs that pushed other countries to the negotiating table are ultimately deemed illegal https://t.co/VFqZZq4GMH ...

LIVE NOW: President Trump’s reciprocal tariffs deadline has unleashed a delayed shock to the global economy.Bloomberg journalists answer your questions about the latest developments and the market reaction in a Live Q&A on Aug. 1 at 11:30 a.m. EDT https://t.co/Sh7ias3ugf ...