PANews reported on August 2 that, according to Sina Finance, the U.S. stock market closed down on August 1 local time, with a market value evaporating by over $1 trillion. This is related to the latest tariff announcement by the U.S., indicating that a series of impacts from U.S. tariff policies are emerging one by one like a 'boomerang.'
Boomerang One: On August 1 local time, U.S. President Trump announced the firing of U.S. Bureau of Labor Statistics Director Erica McEntyre. The reason is that the U.S. Labor Department released data showing a slight increase in the unemployment rate in July and also announced significant downward revisions to the employment growth figures for May and June. This is the first major economic indicator signaling that the U.S. economy is facing danger.
Boomerang Two: On the afternoon of August 1 local time, Federal Reserve Governor Adriana Kugler unexpectedly announced her resignation, with analysts suggesting it may be related to disappointing employment data.
Boomerang Three: Yale University's Budget Lab indicates that the latest announced tariff rates by the U.S. government are the highest in nearly a century, resulting in an estimated loss of about $2,400 for the average American family this year. Combined with the U.S. employment data released on Friday, this is the latest sign that American households will face increasingly difficult economic conditions in the coming months.