The Latest: US stock market and global trade partners react to Trump's new tariffs
The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea's Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.
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Toronto Sun
14 minutes ago
- Toronto Sun
Trump says to name new labour statistics chief this week
Published Aug 04, 2025 • Last updated 4 minutes ago • 2 minute read President Donald Trump removed the commissioner for the Bureau of Labor Statistics after disputing jobs data Photo by Brendan SMIALOWSKI / AFP WASHINGTON — President Donald Trump said Monday that he would pick an 'exceptional replacement' to his labour statistics chief, days after ordering her dismissal as a report showed weakness in the U.S. jobs market. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account In a post on his Truth Social platform, Trump reiterated — without providing evidence — that Friday's employment report 'was rigged.' He alleged that commissioner of labour statistics Erika McEntarfer had manipulated data to diminish his administration's accomplishments, drawing sharp criticism from economists and a professional association. 'We'll be announcing a new (labour) statistician some time over the next three-four days,' Trump told reporters Sunday. He added Monday: 'I will pick an exceptional replacement.' U.S. job growth missed expectations in July, figures from the Bureau of Labor Statistics showed, and sharp revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Trump ordered the removal of McEntarfer hours after the figures were published. 'We had no confidence. I mean the numbers were ridiculous,' Trump told reporters Sunday. He charged that McEntarfer came up with 'phenomenal' numbers on his predecessor Joe Biden's economy before the 2024 election. Hiring slowdown Even as he called for more reliable data Monday, White House economic adviser Kevin Hassett conceded that the jobs market was indeed cooling. But Hassett maintained in a CNBC interview that this softening did not reflect the incoming effects of Trump's flagship tax and spending legislation — signed into law early last month. U.S. employment data point to challenges as companies took a cautious approach in hiring and investment while grappling with Trump's sweeping — and rapidly changing — tariffs this year. This advertisement has not loaded yet, but your article continues below. The United States added 73,000 jobs in July, while the unemployment rate rose to 4.2%, the Department of Labor reported. Hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. These were notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. Over the weekend, Hassett defended McEntarfer's firing in an NBC News interview: 'The president wants his own people there so that when we see the numbers they are more transparent and more reliable.' But Trump's decision has come under fire. William Beach, who previously held McEntarfer's post, said the move set a 'dangerous precedent.' The National Association for Business Economics condemned her dismissal, saying large revisions in jobs numbers 'reflect not manipulation, but rather the dwindling resources afforded to statistical agencies.' German Finance Minister Lars Klingbeil on Monday emphasized the importance of supporting 'independent, neutral and proven institutions.' He said: 'It is right that independent institutions remain independent and that politics do not interfere with them.' McEntarfer, a labour economist, was confirmed to the commissioner role in January 2024. Columnists Wrestling Opinion World Wrestling
CTV News
14 minutes ago
- CTV News
Majority of Canadians support Palestine recognition even if Trump objects amid trade dispute: survey
A new Angus Reid Institute survey reveals that a majority of Canadians support recognizing Palestine as a state even if it complicates negotiations with the U.S. That support comes after Prime Minister Mark Carney announced on July 30 that Canada will recognize Palestine as an independent state in September. Despite warnings from U.S. President Donald Trump, who said Canada's stance could make a trade deal 'very hard' to achieve, 63 per cent of survey respondents say that Canada should go forth with the recognition even if Trump objects. The public sentiment unfolds against a backdrop of escalating trade talks between Canada and the U.S., triggered by a Trump-imposed 35 per cent tariff on Canadian imports not covered by CUSMA. Canadians who support Carney's decision outweigh 20 per cent of Canadians who think the nation should reverse course to safeguard trade relations. Another 17 per cent of respondents were unsure. Canadians double down on tariffs Meanwhile, public backing for Carney's tougher negotiation strategy is strengthening. According to the poll, nearly seven in 10 now support a 'hardball' approach to talks, preferring retaliatory tariffs even if they risk financial hardship at home. That figure rose from 63 per cent in July to 69 per cent in August. Fifty-eight per cent of Canadians also say the country should match the U.S. dollar-for-dollar on tariffs. Another eight per cent support a more measured tariff response, while just 18 per cent would prefer Canada hold back to avoid worsening the trade talks. Among those favouring tit-for-tat tariffs, the support holds firm. Nearly all in that group - 95 per cent - say Canada should stay the course even if it triggers another U.S. retaliation. About three-quarters, or 76 per cent, say the country should press on even if Canadians face higher prices or financial consequences at home. But as the trade battle drags on, Canadians are beginning to lose confidence in Ottawa's ability to manage it. While Carney's approval rating remains steady at 57 per cent, the number of Canadians who are unconfident in his negotiating team has now risen to 49 per cent, surpassing the 43 per cent who still express confidence. These numbers mark a shift from mid-July when Canadians were nearly evenly split - 46 per cent confident versus 45 per cent unconfident. Methodology The Angus Reid Institute (ARI) conducted an online survey from July 31 to Aug. 1, 2025, among a randomized sample of 1,333 Canadian adults who are members of Angus Reid Forum. The sample was weighted to be representative of adults nationwide according to region, gender, age, household income, and education, based on the Canadian census. For comparison purposes only, a probability sample of this size would carry a margin of error of plus or minus two percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding. The survey was self-commissioned and paid for by ARI.
Toronto Sun
44 minutes ago
- Toronto Sun
American Eagle shares jumps as Trump touts Sydney Sweeney jeans ad
Published Aug 04, 2025 • 2 minute read American Eagle billboard ads of actress Sydney in New York on Aug. 1, 2025. Photo by Michael M. Santiago / Bloomberg American Eagle Outfitters Inc. shares surged after U.S. President Donald Trump came out in support of a controversial ad from the company and called her a 'registered Republican.' This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The spot, with the actress Sydney Sweeney, is the 'HOTTEST ad out there,' Trump said in a social media post. He added American Eagle jeans are 'flying off the shelves.' Trump deleted an earlier post, in which the actress' first name was misspelled The stock jumped as much as 18%, the biggest gain intraday since May 12. Through last week's close, the shares had declined 36% this year. The apparel retailer launched an ad blitz in July with the tagline 'Sydney Sweeney Has Great Jeans.' One of the campaign's videos plays on the same-sounding word 'genes' as Sweeney zips up her jeans and intones that 'genes are passed down from parents to offspring often determining traits like hair colour, personality and even eye colour.' 'My jeans are blue,' she adds, flashing her blue eyes at the camera. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. When American Eagle initially announced the ad campaign on July 23, shares rose as investors cheered the company snagging a deal with Sweeney, whose popularity has surged after appearances in TV shows such as White Lotus and Euphoria. In the following days, the gain eroded after critics said the ad's focus on the genes of a White, blond woman conjured up the racist theory of eugenics. Other social media users have said critics are reading too much into the ads. Representatives for American Eagle didn't immediately respond to requests for comment. Last week, the company said the spot 'is and always was about the jeans' and will 'continue to celebrate how everyone wears their AE jeans with confidence, their way.' This advertisement has not loaded yet, but your article continues below. It's still unclear how American Eagle's ad campaign will impact sales. Analysts will be watching the company's performance during the important back-to-school shopping season. Since mid-July, sales and web traffic at American Eagle Outfitters have been accelerating, while visits to stores has been slowing, according to data from Bloomberg Second Measure, Similarweb, and Through July 27 — the latest data available — those positive trends have continued. Visits to American Eagle's website have also accelerated, the data show. However, trends at Abercrombie & Fitch Co., an American Eagle competitor, have been similar over the same period. Trump said in his post that Sweeney is 'a registered Republican.' While the actress hasn't spoken about her political affiliation, public records show a person with her name and birthday registered to vote as a Republican in Florida in 2024. — With assistance from Matt Townsend. Columnists Opinion World Wrestling Wrestling
