EARTHQUAKE ON WALLSTREET: $1 trillion drop and economic fears

The U.S. stock market suffered a strong jolt, losing more than $1 trillion in a single day. The main cause of this crash is the recent escalation in the trade war, with the announcement of new tariffs by the U.S. government.

The situation is complicated by news suggesting a possible weakness in the economy. President Donald Trump fired the director of the Bureau of Labor Statistics, Erica McInturff, just after discouraging unemployment figures were released. The report showed a slight increase in July unemployment and a downward revision of employment growth from previous months, raising alarms about the future of the economy.