American Companies Scale Back Hiring Amidst Market Turmoil from Trump's New Tariffs

(Photos: YouTube/Wikimedia Commons) - In the United States, job recruitment is declining as Trump’s volatile tariff and trade strategies exacerbate various challenges, undermining businesses and amplifying doubts about the largest economy globally.On Friday, the U.S. Labor Department disclosed that a mere 73,000 new positions were created last month, falling short of the anticipated 115,000. Compounding the issue, the unemployment rate climbed to 4.2%, with 221,000 individuals joining the unemployment ranks.Scott Anderson, a U.S. economist, cautioned that the descent of the job market has commenced. “A significant decline in U.S. labor market conditions seems to be beginning,” Anderson asserted. “We have forecasted this shift since the onset of the tariff and trade conflict this spring, alongside stricter immigration policies. This report emphasizes the potential for a more severe downturn in the labor market.”For some time, economists have anticipated that the adverse effects of Trump’s tariff disputes with trading partners would manifest this summer, and Friday’s job data seems to corroborate that view. Following the release of the job report, the Dow Jones plummeted 600 points.Daniel Zhao, chief economist at Glassdoor, commented that July’s jobs data is a forewarning of forthcoming difficulties. “We are finally in the eye of the hurricane. After...