Trump’s new tariffs rattle stock markets, trade partners

U.S. President Donald Trump’s new tariff rates of up to 41% on U.S. imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April.

Others expressed disappointment or frustration over running out of time after hitting Trump’s Aug. 1 deadline for striking deals with America’s trading partners.

“The tariff tsunami hit from Trump and now you're starting to see rubber meet the road in terms of what some of these tariffs actually look like,” said Dan Ives, a senior equity analyst with Wedbush Securities.

"And you combine that with some softer economic news the market is a little nervous about this combo one two punch."

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.

Worries on Wall Street about a weakening economy were heavily reinforced by Friday’s sharply-lower-than-expected report on U.S. job growth. Labor Department revisions shaved a stunning 258,000 jobs off May and June payrolls.