Dow futures drop as recession alarm bells jolt Wall Street awake from dreams of a gravity-defying economy

But in the days leading up to the jobs report, some top commentators were still trying to explain why doomsday predictions about Trump’s “Liberation Day” tariffs had yet to materialize. On Thursday, former White House economic adviser Jason Furman attributed it in part to “tariff derangement syndrome.” And last Sunday, Rockefeller International Chair Ruchir Sharma said the negative effects of tariffs were likely being offset by other factors like the AI spending splurge and lower inflationary pressure from housing, cars and energy. U.S. Trade Representative Jamieson Greer said Sunday that tariff rates are “pretty much set” and are unlikely to change in the coming days, though Trump had pushed back the last deadline to Aug. 7 from Aug. 1, which was also a delay from another deadline on July 9.

Author: Jason Ma

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