Trump's new tariffs slam trading partners, U.S. stock market: Live updates
President Donald Trump imposed sweeping new tariffs on imports from across the world, escalating an aggressive trade policy aimed at spurring domestic manufacturing in the United States.
In addition, Trump took separate action on July 31 to raise tariffs on Canadian goods from 25% to 35%.
U.S. stock futures are lower on August 1, ahead of the the release of July's jobs report, due at 8:30 a.m. ET. The report is expected to show the economy added 100,000 jobs, according to a Dow Jones survey of economists. The unemployment rate is seen edging up to 4.2% from 4.1% in June.
The new tariff rates, which will go into effect in seven days, come before an Aug. 1 deadline Trump gave about 180 countries to either reach trade deals or face higher import duties.
Trump had twice set earlier deadlines for new tariffs before backing down. The seven-day window on the newly announced import duties could give some trading partners a window for continued talks.
In April, the president and his advisors said they were confident of negotiating deals with dozens of countries. White House trade advisor Peter Navarro had predicted "90 deals in 90 days," but the haul was much lighter: United States negotiators made eight trade deals in 120 days before Trump ordered the new tariffs.
Follow along with USA TODAY's stocks, trade and economic news.
Trump tariffs put a new spin on the Canadian Old-Fashioned
An Old-Fashioned without Kentucky bourbon?
Oh, Canada.
Starting in February, bars and liquor stores in Canada removed bourbon and other U.S.-made spirits and wines from their shelves to protest President Donald Trump's tariff policies and his unwelcome suggestion that our northern neighbors become the 51st U.S. state.
Trump's overtures have not gone over well in French-speaking Quebec or the other Canadian provinces. Canadians have found all kinds of ways to let the American president know what he can do with his scandaleux proposition. Some are proudly flying their country's red-and-white Maple Leaf flag. Others are wearing T-shirts that declare 'Canada Is Not For Sale.'
Read on: Wait a bluegrass-pickin' minute: Canadians are making Old-Fashioneds without Kentucky bourbon?
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It's Trump's economy now. The latest financial numbers offer some warning signs
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'This is a program that's been in our community for quite some time, and it's a program our community supports,' McLaughlin said. About 15% of rural U.S. high school students were enrolled in college classes in January 2025 through such dual enrollment arrangements, a slightly lower rate than urban and suburban students, an Education Department survey found. Rural access to dual enrollment is a growing area of focus as advocates seek to close gaps in access to higher education. The College in High School Alliance this year announced funding for seven states to develop policy to expand programs for rural students. Around the country, many students feel jaded by the high costs of college tuition. And Americans are increasingly skeptical about the value of college, polls have shown, with Republicans, the dominant party in rural America, losing confidence in higher education at higher rates than Democrats. 'Whenever you have this narrative that 'college is bad, college is bad, these professors are going to indoctrinate you,' it's hard,' said Andrew Koricich, executive director of the Alliance for Research on Regional Colleges at Appalachian State University in North Carolina. 'You have to figure out, how do you crack through that information ecosphere and say, actually, people with a bachelor's degree, on average, earn 65% more than people with a high school diploma only?' In much of rural America, about 21% of people over the age of 25 have a bachelor's degree, compared to about 36% of adults in other areas, according to a government analysis of U.S. Census findings. In rural Putnam County, Florida, about 14% of adults have a bachelor's degree. That doesn't stop principal Joe Theobold from setting and meeting an annual goal of 100% college admission for students at Q.I. Roberts Jr.-Sr. High School. Paper mills and power plants provide opportunities for a middle class life in the county, where the cost of living is low. But Theobold tells students the goal of higher education 'is to go off and learn more about not only the world, but also about yourself.' 'You don't want to be 17 years old, determining what you're going to do for the rest of your life,' he said. Families choose the magnet school because of its focus on higher education, even though most of the district's parents never went to a college. Many students visit college campuses through Camp Osprey, a University of North Florida program that helps students experience college dorms and dining halls. In upstate New York, high school junior Devon Wells grew up on his family farm in Perry but doesn't see his future there. He's considering a career in welding, or as an electrical line worker in South Carolina, where he heard the pay might be double what he would make at home. None of his plans require college, he said. 'I grew up on a farm, so that's all hands-on work. That's really all I know and would want to do,' Devon said. Neither his nor Townes' parents have pushed one way or the other, they said. 'I remember them talking to me like, `Hey, would you want to go to college?' I remember telling them, 'not really,'' Townes said. He would have listened if a college recruiter reached out, he said, but wouldn't be willing to move very far.
