On August 1st, local time, the U.S. stock market closed lower, with market capitalization evaporating by over $1 trillion. This decline is related to the latest U.S. tariff announcement, demonstrating

CoinFeed reported on August 2nd that, according to Sina Finance, the US stock market closed lower on August 1st, wiping out over $1 trillion in market capitalization. This is related to the latest US tariff announcement, demonstrating that the impacts of US tariff policies are reverberating like a boomerang. Boomerang 1: On August 1st, US President Trump announced he would fire Erica McEnterfer, director of the US Bureau of Labor Statistics. The firing came after the US Department of Labor released data showing a slight increase in the US unemployment rate in July and a significant downward revision to job growth figures for May and June. This was the first major economic indicator to signal that the US economy was in danger. Boomerang 2: On the afternoon of August 1st local time, Federal Reserve Board Governor Adriana Kugler unexpectedly announced her resignation. Some analysts said it might be related to the unsatisfactory employment data. Boomerang 3: The Yale Budget Lab stated that the newly announced tariffs are the highest in nearly a century and will cost the average American household approximately $2,400 this year. Combined with the U.S. jobs data released on Friday, this is the latest sign that American households will face even more difficult economic conditions in the coming months.