U.S. Adds Jobs in June, But Trade War Could Slow Growth
*By Michael Teich*
Wall Street applauded a better-than-expected June jobs report, sending the Dow Industrials Index nearly 100 points higher Friday.
Despite those numbers, though, the U.S. economy is still grappling with growing trade tensions with China and Europe. The Trump administration's tariffs officially went into effect early Friday morning as the U.S. followed through on its threat to impose taxes on $34 billion of Chinese imports. China promptly responded with a similarly seized tariffs on U.S. goods, including pork, soybeans, and electric vehicles.
If trade wars accelerate, "the downside risks outweigh the upside risks," said Mark Hamrick, Senior Economic Analyst, Bankrate.com.
"The trade disputes are having impacts that are real in the economy right now."
The U.S. added 213,000 jobs in June, topping the forecast of 195,000. It was the 93rd consecutive month of job growth. The unemployment rate, however, rose to 4 percent as more people returned to the job market searching for work.
For the full segment, [click here.](https://cheddar.com/videos/u-s-job-growth-beats-expectations)
The Supreme Court on Thursday allowed construction to resume on a contested natural-gas pipeline that is being built through Virginia and West Virginia.
Lawyers for Donald Trump met Thursday with members of special counsel Jack Smith's team ahead of a potential indictment over the former president's efforts to overturn the results of the 2020 election, according to a person familiar with the matter.
The U.S. is concealing a longstanding program that retrieves and reverse engineers unidentified flying objects, a former Air Force intelligence officer testified Wednesday to Congress. The Pentagon has denied his claims.
President Joe Biden’s son Hunter's plea deal on two tax charges fell apart on Wednesday, at least temporarily, after the federal judge hearing his case expressed concern over a related agreement on a more serious gun possession charge.
House Speaker Kevin McCarthy says Republican lawmakers may consider an impeachment inquiry of President Joe Biden over unproven claims of financial misconduct, responding to enormous GOP pressure to demonstrate support for Donald Trump ahead of the 2024 presidential election.
