Image source, Getty Images

It's been another busy day at the White House, and at trade offices around the world in the wake of Trump's tariffs going into effect. Here's what happened Friday:

• Trump's newest round of tariffs kicked in today. Brazilian imports face the highest-announced 50% tariff, while the levy on Canadian products been raised from 25% to 35%
• Global markets traded lower on Friday as the scale of the tariffs, especially among key US allies, became clearer
• Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer, accusing her, without providing evidence, of manipulating jobs data to help the Democrats during the 2024 election
• The bureau released updated jobs numbers for May and June, showing each month saw thousands fewer jobs created than previously reported - revisions are common due to late responses from some businesses, but are usually smaller than Friday's updates
• Top Democratic Senator Chuck Schumer blamed Trump's tariffs for the slowdown, saying they are "bleeding the economy", while top House Democrat Hakeem Jeffries accused the administration of "firing anyone who stands in the way of their lies"
• The president has now left the White House, and is set to spend the weekend at his golf club in Bedminster, New Jersey

We are closing our live coverage of the US economy, but you can stay up-to-date on the latest developments here: Trump says he will fire lead official on economic data as stocks shudder

Thank you for joining us.

Image source, Getty Images

As the Trump administration and Republicans continue to tout the new US tariff plans and praise the state of the economy, House of Representatives Democratic leader Hakeem Jeffries has hit out at the president.

According to Jeffries, today's job report figures from the Bureau of Labor Statistics - which showed the US economy added about 73,000 jobs in July - prove "once again that Donald Trump is crashing our economy in real time and driving us toward a recession".

As we reported earlier, the jobs report included revised numbers from previous months, showing that already announced gains in the hundreds of thousands had actually only been in the tens of thousands.

This, for instance, showed that initial reports of a 147,000-job gain in June actually only stood at 14,000.

Referencing these figures, Jeffries warns: "this administration has no accomplishments to take credit for, so they work to deceive the American people instead."

And, after Trump went on to fire the commissioner of the Bureau of Labor Statistics, Jeffries accuses the president's administration of firing "anyone who stands in the way of their lies".

Trump also spoke about the resignation of Adriana D Kugler, one of the Federal Reserve's seven governors.

He said the resignation gives him the possibility to appoint someone himself.

"I have an open spot on the Federal Reserve Board", he said. "I am very happy about that".

The president says he has three people in mind for the job. "I could do a long term thing or temporary, it is a 14 year term," he said.

After speaking with reporters on the White House lawn - more on that in our last post - we're now seeing pictures of Donald Trump leaving his helicopter and climbing aboard an Air Force plane.

The president is set to spend the weekend at his golf club in Bedminster, New Jersey.

This is Trump's 8th trip to the New Jersey course and he has played golf 55 times since returning to office, according to the White House press pool.

Image source, EBU

Image source, EBU

Image source, EBU

Bernd Debusmann Jr
Reporting from the White House

During his chaotic gaggle on the lawn just a short while ago, Trump directly addressed questions about Brazil and Switzerland - both of which have been hit by high tariffs of 50% and 39%, respectively.

On Brazil, Trump said that while he "loves" the people of Brazil, the people running the country were doing the "wrong thing" - an apparent reference to the the criminal case against former President Jair Bolsonaro.

On Switzerland, he said that the "problem" with the country is a $40bn trade deficit.

Notably, earlier today a White House official told me that Switzerland was hit with a heavy tariff because they refused to make meaningful concessions, and because they are considered a wealthy, high-income country that runs a deficit with the United States.

Trump also expressed optimism that more deals are coming.

Bernd Debusmann Jr
Reporting from the White House

Image source, Bernd Debusmann Jr / BBC

I'm currently on the South Lawn of the White House, where President Trump just had an extended Q+A with a massive group of reporters lined up outside.

It's difficult to hear over the engines of Marine One, his presidential helicopter which he is about to board.

Over the roar, however, I can hear his vocal defence of his decision to fire Dr Erika McEnfarter, the head of the Bureau of Labor Statistics.

According to Trump, the "numbers are wrong" in the most recent job statistics.

He also accused McEntarfer of coming up with "beautiful numbers" ahead of the election last year - implying that he believes she may be politically slanted against him.

"They have to have honest reports," he says, but does not offer specific evidence of any politically motivated actions from the BLS.

We have not, however, heard much in the way of remarks specifically regarding tariffs.

My colleagues back in the office will bring you more detailed lines in a few minutes - they'll be able to hear Trump's comments on video better without the Marine One helicopter roar in their ears.

Image source, Getty Images

We can bring you some more reaction now to Donald Trump's firing of the head of the Bureau of Labor Statistics.

US Secretary of Labor Lori Chavez De-Remer has voiced her support for the decision to fire Dr Erika McEntarfer.

"I agree wholeheartedly with [Trump] that our jobs numbers must be fair, accurate, and never manipulated for political purposes," she writes on social media.

Trump has not offered evidence to back his allegations that McEntarfer manipulated numbers for political reasons.

Referencing Trump's statement, Chavez De-Remer suggests that "a recent string of major revisions" have arisen and "raised concerns" about decisions taken by McEntarfer.

Deputy commissioner William Wiatrowski will serve as acting commissioner of the Bureau of Labor Statistics during the search for a replacement, Chavez De-Remer says.

Image source, Getty Images

The US markets have closed on the day that much of Donald Trump's new sweeping tariffs regime has gone into effect.

After sliding steadily during the day, the Dow Jones was down 1.23% at close, while the S&P 500 also dropped by 1.6%.

As we reported earlier, markets in Europe and Asia were also hit - driven in part by fears about tariffs.

Image source, Reuters

Adriana D Kugler, one of the seven governors on the Federal Reserve Board, has announced she is resigning, months before her term was set to expire.

"I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market," she says in a letter to Trump. Her term was set to expire in January 2026.

Kugler will leave the US central bank on 8 August. She has served on the board since September 2023 after her appointment by former President Joe Biden.

Her resignation paves the way for Trump to appoint a replacement to the board. The bank's chair, Jerome Powell, has come under intense pressure from from the president to cut interest rates.

Image source, US Government/BLS

As we've been reporting, Trump has ordered the firing of Dr Erika McEntarfer "immediately".

So, who is McEntarfer?

She is the Commissioner of the Bureau of Labour Statistics (BLS), and a long-time federal employee.

McEntarfer was confirmed by the Senate in January 2024 by a margin of 86-8. She received bipartisan support including some key players in Trump's administration including JD Vance, Marco Rubio and Majority Leader of the Senate John Thune.

BLS is a US government agency that collects and distils data related to labour economics and statistics. She was nominated to take on the role of commissioner by former president Biden in July 2023.

McEntarfer became the 16th commissioner in January 2024 and had been accepted to hold the position for four years.

McEntarfer has served over 20 years in federal government, with positions at the US Census Bureau, the Executive Office of the President, and the Department of Treasury.

Prior to her work at BLS, McEntarfer was a senior economist at the White House Council of Economic Advisors, where she advised White House officials on the labour market recovery from the COVID-19 pandemic.

Trump ordered her to be fired after today's job report, with new data showing jobs growth in the US in May, June and July slowed more sharply than previously understood - a worrying sign for the economy.

An administrative official says the Bureau of Labor Statistics’ head has been fired, according to BBC's US partner, CBS News.

Referring to the department's leader Erika McEntarfer, the official tells the BBC's US partner CBS News: "she is gone-zo".

Trump wrote on Truth Social that he had ordered his team to fire McEntarfer "immediately".

Calling government numbers into question won't protect Trump from political falloutpublished at 20:21 British Summer Time 1 August

20:21 BST 1 August

Anthony Zurcher
North America correspondent

On the campaign trail, Donald Trump regularly touted poll numbers when they were good for him and denounced ones that were bad as faulty or fake.

Now back in the White House, the president is applying that same attitude to government-managed economic data – even in the face of obvious contradictions.

Last year, he said the Bureau of Labor Statistics was overestimating monthly job figures to help then-President Joe Biden. Now Trump's accusing the agency of using the numbers to hurt him.

The challenge for Trump is that government-provided financial figures aren’t shifting campaign horserace numbers. They’re supposed to provide solid information on the economy that leaders in business and government can rely on for planning and policy.

By casting doubt on this financial data, and pledging to replace the current labour statistics commissioner with someone who will report the economic truth as he sees it, Trump calls into question not just the latest less-than-rosy job figures - but all the figures to come.

And in the end, if the economy does struggle, none of this will protect the president from the political fallout. The public doesn’t need government figures to tell them when times are tough – they’ll feel it first-hand.

Let's look at one of the main talking points of today's US jobs data.

Updated estimates released today show US job growth was not as strong as originally thought.

The revised numbers from the Bureau of Labor Statistics (BLS) show that what was thought to be a 144,000 job gain in May was actually only a 19,000 gain.

There was also a big revision for June's data, which dropped from a 147,000 gain to just a 14,000 gain.

Month-out revisions are a regular practice to account for late respondents. Experts say these numbers are typically adjusted down because failing businesses tend to report late.

These subtractions for May and June were considerable - beyond the average revision numbers.

BLS firing is a big steppublished at 19:35 British Summer Time 1 August

19:35 BST 1 August

Natalie Sherman
New York business reporter

Firing the head of the Bureau of Labor Statistics is a major step by the president, and one that markets are likely to take very badly.

Investors and analysts were already growing worried that the data being collected by the government about inflation and jobs growth was starting to suffer, due to cutbacks in government spending.

The decision to force out the head of the department will raise new questions about its integrity and the risk that economic data could become politically compromised.

Trump's move comes after a report showing weaker than expected jobs growth in May, June and July that many analysts were pinning on tariffs – which had made it harder for the president to dismiss concerns about damage due to his trade policies.

Image source, Getty Images

Donald Trump has posted on Truth Social that he is ordering his team to fire Commissioner of Labor Statistics Erika McEntarfer "immediately".

It comes after today's job report, with new data showing jobs growth in the US in May, June and July slowed more sharply than previously understood - a worrying sign for the economy.

"I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he writes.

Without providing evidence, Trump accuses McEntarfer of faking "Jobs Numbers before the Election to try and boost Kamala’s chances of Victory".

"Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes," he says.

Stocks in the US have continued to slide over the course of the day, with losses accelerating this afternoon.

The S&P 500 is now down about 1.9% - on track for one of the steepest daily declines since May.

The Nasdaq has tumbled roughly 2.5%, while the Dow Jones is also down 1.5%.

The drops are driven in part by fears about tariffs, which were reinforced by a new report from the Labor Department showing weaker-than-expected jobs growth in May, June and July.

Markets in Europe and Asia were also hit, as investors sold off shares of South Korean steel manufacturers, German truck companies and other firms facing disruption from the measures.

Ione Wells
South America correspondent

Brazilian producers and exporters are making contingency plans in response to the US’s tariffs. But those I’ve spoken to stress that replacing US trade will not be possible in the short term.

The US is a huge buyer, particularly of products like coffee, and trade relationships are built over time.

Cecafé, Brazil’s council of coffee exporters, told me for example that it won’t be easy to transfer 8.1 million tonnes of coffee currently exported to the US in the short term, because this would depend on demand in other countries.

There are new markets opening up to Brazil, particularly in Asia. Cecafé said Asia imported 19.4% more Brazilian coffee last year, and Arab countries 31.5% more. So there are markets with potential, but not enough to absorb the potential shortfall from America in the short term.

Brazilians in Sao Paolo took to the streets in front of the US embassy to protest of Trump's tariffs. The country faces one of the highest rates, 50% on many major exports.

Image source, Reuters

Image source, Reuters

The majority of Trump's new tariffs will come into effect on 7 August.

Here's everything you need to know:

• US: Trump economic adviser Stephen Miran says there is "zero evidence" that tariffs are increasing prices for American consumers, despite there already being signs that the levies are pushing up prices
• Canada: Tariffs have been raised from 25% to 35% - most goods are exempt due to the US-Mexico-Canada trade agreement, although products such as fridges, cars, clothing and groceries will likely become pricier as a result
• Brazil: 50% levy on many major exports to the US - the highest announced. There are some exemptions, for example on orange juice. Trump has suggested the tariffs are because of the criminal trial of his ally, former right-wing Brazilian president Jair Bolsonaro
• Mexico: Higher tariffs paused for another 90 days
• Switzerland: Hit by the fourth highest levies of 39%, coming as a shock to a country that believed a trade deal was likely
• China: Negotiations are currently under way for a deal with the US - there is a deadline of 12 August
• Stock markets: European and Asian indexes were trading lower, and all three major US indexes were also lower

Hanna Samosir
BBC News Indonesia, Jakarta

Indonesia has said it's still trying to get zero tariffs on some commodities, palm oil in particular, in an ongoing negotiation with the US.

Both sides agreed to 19% tariffs in a deal announced in mid-July. The southeast Asian country said the levies would take effect from 7 Aug.

Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto framed it as a victory, saying the rate is the second-lowest in ASEAN countries, after Singapore.

The Southeast Asian country exported 2.2m tons of palm oil to the US last year, accounting for 85% of the US imports.

The US is Indonesia’s second-largest export destination after China, excluding oil and gas.

Other than palm oil; machinery, electronics, clothing and footwear make up most of the exports to the US.