Trump’s Economy Weakens As His Latest Tariff Deadline Rattles Markets
Clock runs out on Trump’s latest trade tantrum, spiking tariffs worldwide as latest economic news slows markets; Cantwell: New jobs data is “evidence that Trump’s tariffs are raising costs and slowing the economy”
WASHINGTON, D.C. – Today, the clock on President Donald Trump’s latest tariff deadline ran out, spiking tariffs on dozens of countries as high as 50%, all while financial markets were rattled by reports the U.S. job market is weaker than previously thought.
“Today’s report shows a quarter million fewer jobs in May and June than previously asserted by the administration – evidence that Trump’s tariffs are raising costs and slowing the economy,” said U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Commerce, Science, and Transportation committee and a senior member of the Finance Committee. “Instead of starting trade wars with our allies, running up the national debt, cutting infrastructure investments, and badgering the Federal Reserve, the Trump Administration should course-correct and focus on economic policies that lower costs for American families and businesses. And Congress should enforce rules-based trade that opens up export markets for American goods.”
Today, the Department of Labor issued its monthly report showing that the U.S. economy added 73,000 jobs last month, lower than economists’ expectations. However, the headline from today’s job report is the revisions made to prior months’ estimates. Revisions for May and June were larger than normal -- total nonfarm payroll employment for May was revised down by 125,000, from +144,000 to +19,000, and the change for June was revised down by 133,000, from +147,000 to +14,000. With these revisions, employment in May and June combined is 258,000 lower than previously reported.
Also today, at 12:01 a.m., President Trump’s long-threatened tariffs kicked in on dozens of countries, and he announced dozens more that will kick in on Aug. 7.
This morning, on MSNBC’s Morning Joe, Sen. Cantwell pointed out that President Trump’s claims that he would lower costs for American families was always “a fallacy.”
“There's no relief. August 1st will be the date in which Americans know that [Trump’s leaders] are not serious about their affordability issue. In fact, they are celebrating in all of these deals-- that are handshake deals, by the way, we need to see the details-- that the price for Americans is going to go up,” Sen. Cantwell said this morning. “No king or president has this authority.”
Video of her appearance on Morning Joe this morning is HERE; a transcript is HERE.
Yesterday, Sen. Cantwell joined Minority Leader Chuck Schumer for a press conference railing against President Trump’s tariff chaos: “Let's be clear, what the Trump administration is trying to pull off is the unconstitutional power grab of Congress's revenue raising authority.”
Video of her speech with Sen. Schumer yesterday is HERE; a transcript of her remarks is HERE.
In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how tariffs will affect consumers and businesses in the State of Washington can be found HERE.
Earlier this year, Sen. Cantwell introduced the bipartisan Trade Review Act of 2025, which is modeled after the War Powers Resolution of 1973 and would reestablish limits on the president’s ability to impose unilateral tariffs without the approval of Congress. Her bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world.
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