Global stocks tumble on weak US jobs report, looming Trump tariffs

Stock markets around the world have fallen sharply after a disappointing US jobs report raised concerns about the strength of the global economy, just as President Donald Trump confirmed new tariffs on dozens of countries.

Major US indices finished the day down more than 1.2 percent, while markets in Paris and Frankfurt dropped nearly three percent.

Losses extended across Asia and Europe, and oil prices plunged on fears of weakening demand.

The US Labor Department reported that the economy added just 73,000 jobs in July, well below expectations.

The unemployment rate rose slightly to 4.2 percent from 4.1 percent.

In addition, job gains from May and June were revised down by a combined 260,000 jobs.

Analysts noted that markets had been looking for a reason to sell after several weeks of record highs.

Meanwhile, Trump's long-signaled tariff hike went into effect.

On Thursday evening, he announced that dozens of trading partners — including the European Union — would face new tariff rates ranging from 10 to 41 percent.

However, the White House said the tariffs would not be implemented until August 7, giving countries time to strike bilateral deals with the US.

Some nations — including the UK, EU, Japan, and South Korea — have already secured side agreements.

Talks with China continue ahead of a fragile trade truce set to expire on August 12.

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Source: TRT