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Stock markets fell sharply on Friday, as U.S. unemployment rose and President Trump unveiled steep tariffs on a wide range of countries.

Trump's latest tariffs, announced late Thursday, are reigniting concerns about how these import taxes would impact the U.S. and the global economies.

On Friday morning, a weaker-than-expected jobs report amplified investors' fears about the consequences: Employers created only 73,000 jobs in July, fewer than the around 100,000 jobs economists had expected. The unemployment rate ticked up to 4.2%.

The Dow Jones Industrial Average and the S&P 500 fell more than 1% each. Meanwhile, the tech-heavy Nasdaq dropped more than 2%.

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The Corporation for Public Broadcasting, the conduit for federal funds to NPR and PBS, announced on Friday that it is beginning to wind down its operations given President Trump has signed a law clawing back $1.1 billion in funding for public broadcasting through fiscal year 2027.

The announcement follows a largely party-line vote last month that approved the cuts to public broadcasting as part of a $9 billion rescissions package that also included cuts to foreign aid that was sent by the White House earlier this year. While public media officials had held a glimmer of hope that lawmakers would restore some of the money in the following year, the Senate Appropriations Committee declined to do that on Thursday.

read the act: https://www.legislation.gov.uk/ukpga/2023/50?view=plain

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