According to PANews, the U.S. stock market witnessed a substantial drop on August 1, with over $1 trillion in market value evaporating. This downturn is linked to the latest tariff announcement by the United States, highlighting the cascading effects of U.S. tariff policies.
On the same day, U.S. President Donald Trump announced the dismissal of Erica McInturff, the Director of the Bureau of Labor Statistics. This decision followed the release of data from the Department of Labor indicating a slight rise in the July unemployment rate and a significant downward revision of employment growth figures for May and June. These developments serve as the first major economic indicators suggesting potential risks to the U.S. economy.
Additionally, Federal Reserve Board member Adriana Kugler unexpectedly resigned on the afternoon of August 1. Analysts speculate that her resignation may be related to the unfavorable employment data.
Furthermore, Yale University's Budget Laboratory reported that the newly announced U.S. tariff rates are the highest in nearly a century. As a result, the average American household is expected to incur a loss of approximately $2,400 this year. Combined with the employment data released on Friday, these factors indicate that American families may face increasingly challenging economic conditions in the coming months.
