Trump slaps 25% tariffs on ‘friend' India starting August 1, plus ‘penalty' for ‘buying Russian oil'
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Economic Times
14 minutes ago
- Economic Times
Is a US recession imminent? A wake-up call as Trump's tariff shock meets collapsing job growth and Wall Street flashes crisis signals
Synopsis US recession fears are rising fast as President Donald Trump's new tariffs clash with shockingly weak job numbers, sparking fresh panic on Wall Street. The July jobs report missed badly, and Trump's sweeping tariff order on 60+ countries is shaking markets even more. With stocks sliding, inflation risks growing, and the labor market slowing, experts warn a perfect economic storm may already be forming. Americans now face rising prices, job insecurity, and falling investments—all at once. "US recession imminent"—this once-hypothetical phrase is now turning into a grim reality. A chilling combination of weak job numbers, aggressive new tariffs from President Donald Trump, and sharp market declines is sending shockwaves through the economy. Wall Street is flashing warning signs, economists are raising red flags, and everyday Americans are starting to feel the pressure in their wallets. As uncertainty builds and confidence crumbles, the country may be on the brink of what experts are calling a 'perfect economic storm.' US recession fears grow as Trump's new tariffs hit amid shocking job losses—Wall Street warns of a perfect economic storm- The phrase 'US recession imminent' is no longer just a headline—it's a growing reality both on Wall Street and in American households. President Donald Trump's sweeping new tariffs, combined with surprisingly weak job data and heightened market volatility, are creating what many economists now call a 'perfect economic storm.' From job losses to trade disruption and tumbling markets, the signals are flashing red—and the stakes couldn't be higher for your wallet, your job, and the future of the U.S. economy. The July jobs report landed like a bombshell. The U.S. added only 73,000 jobs, far short of projections. Adding to the concern, job gains from May and June were slashed by a combined 258,000—essentially erasing most of the perceived progress from earlier months. Crucially, this wasn't limited to one sector. Even typically stable areas like government hiring and services showed declines. With the unemployment rate rising to 4.2% and labor force participation dropping for the third month straight, economists now warn that these aren't seasonal trends—they may point to a long-term economic slowdown. Just hours after the job report, President Trump signed an executive order on July 31, triggering 'reciprocal tariffs' on imports from over 60 countries. New tariffs include: Canada: 35% India: 25% Switzerland: 39% Taiwan: 20% Rates are set to take effect within days, with the White House insisting the move will 'level the playing field.' But economists and trade experts warn that raising import costs right now could backfire—driving up prices for consumers and businesses, curbing investment, and deepening the downturn. Markets reacted swiftly to the double blow of the job data and tariffs: Dow Jones fell 1.2% S&P 500 dropped 1.6% Nasdaq plunged 2.2%—marking its worst day in over three months The VIX index, known as Wall Street's 'fear gauge,' spiked. Meanwhile, Treasury yields collapsed, with the 2-year yield dropping at its fastest pace since 2001—a clear signal of recession fears. Investors are now betting on the Federal Reserve slashing interest rates by September, suggesting the need for emergency intervention to prevent a full-scale economic downturn. In a dramatic twist, Trump fired Erika McEntarfer, the head of the Bureau of Labor Statistics (BLS), just hours after the jobs report was released. The White House claimed the numbers were 'manipulated' to damage the administration's image. This has sparked major concerns about the credibility of official economic data. Many fear this move could undermine public trust at a time when accurate, transparent reporting is more critical than ever. This isn't just about Wall Street. Everyday Americans are already feeling the pressure: Job prospects are weakening, especially in industries exposed to global trade are weakening, especially in industries exposed to global trade Prices are rising as tariffs take hold—from electronics to groceries as tariffs take hold—from electronics to groceries 401(k)s and retirement savings are vulnerable as markets wobble are vulnerable as markets wobble Mortgage rates might fall, but that may not offset the pain of job insecurity The mix of rising costs and falling job security is putting serious pressure on working families, even before any official recession is declared. Here's what could shape the coming weeks: August jobs report : Continued weakness could confirm that a recession is already underway : Continued weakness could confirm that a recession is already underway Federal Reserve response : Rate cut signals will be key market movers : Rate cut signals will be key market movers Tariff negotiations : Some countries may seek exemptions, but Trump warns it's 'too late' : Some countries may seek exemptions, but Trump warns it's 'too late' Consumer spending: A major pullback could tip the economy into full contraction Many experts believe we're no longer waiting for a recession—we may already be in the early stages of one. The combination of slowing job growth, trade tensions, falling market confidence, and policy uncertainty is creating a fragile and volatile environment. This so-called 'perfect economic storm' is no longer hypothetical—it's forming before our eyes. What happens next will depend on policy decisions from Washington, the strength of the U.S. consumer, and how the global economy reacts in the critical weeks ahead. Q: What caused the latest US recession fears? Trump's new tariffs and weak job data triggered rising concerns of a U.S. recession. Q: How do Trump's tariffs affect average Americans? They raise prices on imports, making everyday goods more expensive.
India.com
14 minutes ago
- India.com
Indian Army makes big defence deal, will buy 212 tank transporter trailers that will enhance military operational capability
(Image: ANI) New Delhi: The Indian Army on Friday, 1 August, signed an agreement of Rs 223.95 crore with Axiscades Aerospace and Technologies Private Limited. Under this, 212 state-of-the-art 50-tonne tank transporter trailers will be purchased. This deal is an important step towards increasing the operational mobility capability of the army and supporting the Atmanirbhar Bharat Abhiyan. This agreement was signed under the Indian-IDDM category. This agreement gives priority to indigenous design, development and manufacturing. This will strengthen self-reliance in the defence sector. These trailers are equipped with hydraulic/pneumatic ramps and steerable and liftable axles. These will make it easier to transport tanks and armoured vehicles to difficult areas. These trailers will add to the operational strength of the army and greatly enhance the logistics and operational capabilities of the army, and will act as a force multiplier. This deal will boost the indigenous defence manufacturing sector and will also create permanent employment opportunities. This is a sign of strong preparation for future challenges. Earlier, the Indian Army conducted the high-tech Divya Drishti exercise in Sikkim on 28 July. The exercise, conducted in the high-altitude areas of East Sikkim, tested new technologies designed to improve battlefield awareness, real-time surveillance and quick decision-making. The soldiers of the Tri Shakti Corps used a combination of ground-based systems and aerial platforms, including UAVs and drones, to execute real scenarios. Its special feature was the use of AI sensors. These sensors were connected to advanced communication systems. This arrangement ensured smooth and secure data flow between the command centres and helped in increasing situational awareness as well as making accurate decisions, i.e. a strong sensor-to-shooter link was created.
Indian Express
14 minutes ago
- Indian Express
Amsterdam Pride parade blends celebration and protest in LGBTQ+ show of solidarity
Around 80 colorful pride boats sailed through Amsterdam's World Heritage canals on Saturday in the finale of a week-long celebration in the city that stood in stark contrast to recent crackdowns on LGBTQ+ rights in fellow EU member state Hungary. While the flotilla is not political, attendees used the occasion to criticise conflicts or world leaders for their stance on LGBTQ+ rights. Thehany Gilmore, a 43-year-old Dutch-Caribbean dressed in a leather outfit with a whip, said banning of the Budapest pride parade 'is a form of oppression.' 'People everywhere should have their own pride to be able to represent who they are,' she said. Palestinian flags were spotted among the crowd of revelers, and Dutch police arrested four activists who had jumped in the water to vandalize the boat in protest over its listings in settlements in Israeli-occupied territories. Others criticized US President Donald Trump, whose administration implemented anti-trans policies and cut funding for international aid programs, dealing a setback to HIV prevention efforts in Africa. Some waved a hybrid US/Pride flag, while one boat declared itself a 'Trump-Free Pride Boat' with signs reading 'Trans Rights Are Human Rights.' Another featured mock graveyards and the message 'Trump's Actions Kill. Love Saves Lives,' highlighting fears over US AIDS funding cuts. 'Amsterdam Pride is… about expressing yourself, showing who you are, being grateful for the freedom that we have in Europe. The US really needs to reinvent itself… be more open about people,' 40-year-old Michael Jacobs, who hails from Dutch port city Rotterdam, said. 'Don't judge people for who they are. Just love each other.'
