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Trump’s tariffs and statistician ouster spark market concerns
6 August 2025
Last week, President Trump announced revised tariffs for 70 countries to take effect this week. Following this announcement, US stock markets dropped between 1.2% and 2.2%. On Friday, the US Bureau of Labor and Statistics (BLS) released its latest jobs report showing job growth slowed in July with 33% fewer new jobs than expected. The BLS also significantly revised their Employment Situation Summary numbers for May and June saying there were 258,000 fewer jobs added than was previously reported (bringing the total to only 33,000 new jobs).
President Trump quickly moved to fire the BLS Commissioner Erika McEntarfer, saying, “We had no confidence. I mean, the numbers were ridiculous, which she announced, but that was just one negative number.” Speaking on NBC’s Meet the Press, White House National Economic Advisor Kevin Hassett said, “The president wants his own people there so that when we see the numbers they are more transparent and more reliable.”
All of this injects more uncertainty into the global markets. The changes at the top of the BLS spark questions from economists and investors alike over the trustworthiness of BLS numbers moving forward. Many have pointed to examples from history where this sort of interference from the country leader undermined the integrity of the data and drives up borrowing costs as a country is viewed as higher-risk.
The Senate will need to confirm the next BLS Commissioner, but regardless of who succeeds McEntarfer, there will be a hard job ahead to gain trust and build confidence in the numbers that are published.
Mari Koeck
Director, Engagement and Impact
Lead image: White House National Economic Advisor Kevin Hassett said, “The president wants his own people there so that when we see the numbers they are more transparent and more reliable.”
(Photo by Andrew Harnik for Getty Images).
"I believe the numbers were phony, just like they were before the election. So you know what I did? I fired her.”
President Trump speaking to reporters | 1 August 2025
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Upcoming events
CONFERENCE
Sydney International Strategy Forum 2025: Navigating Disruption
From tariffs to artificial intelligence, one word best sums up 2025: disruption. President Donald Trump’s first 100 days featured norm-breaking policies at breakneck pace, often to be overturned days or weeks later. At the same time, the wars in Ukraine and Gaza have entered new eras with high-level negotiations, on-again off-again fighting and a new world order forming in real time to adapt to a changing strategic landscape. The 2024 election trend of turfing incumbents has given way to foreign elections that many perceive to be a referendum on US politics.
What is the future of the United States’ role in the world? How can governments and businesses plan in the midst of constant change? How should allies and partners approach security challenges in 2025 and beyond?
International experts across government, business and research will share their insider insights on the discussions happening in Washington, Tokyo and Canberra and what this means for US allies and partners around the world.
Confirmed speakers include:
- Dr Mira Rapp-Hooper, Former Special Assistant to the US President and former National Security Council Senior Director for East Asia and Oceania
- General David Berger (retired), Former Marine Corps Commandant
- Kori Schake, American Enterprise Institute Director of Foreign and Defence Policy and former National Security Council Director for Defence Strategy
- Lisa Curtis, Center for a New American Security Director of Indo-Pacific Security and former National Security Council Senior Director for South and Central Asia
- Clay Lowery, Institute of International Finance Executive Vice President and former US Treasury Department Assistant Secretary and National Security Council Director for International Finance
- Professor Nobukatsu Kanehara, Sasakawa Peace Foundation Executive Director and former Assistant Chief Cabinet Secretary
17 September 2025
The Four Seasons Hotel, Sydney, Australia
Full price ticket $875
Student ticket $475
PUBLIC FORUM
Japan's defence revolution and Australia-Japan-US trilateralism under Trump 2.0
A panel of experts will unpack Japan’s National Security Strategy and explore the opportunities and challenges for Australia-Japan-US trilateral strategic cooperation under Trump 2.0. The panel will feature Yuki Tatsumi, Senior Director at the Institute for Indo-Pacific Security; Hirohito Ogi, Senior Research Fellow with the Institute of Geoeconomics at the International House of Japan, and Tom Corben, Research Fellow in the Foreign Policy and Defence Program at the USSC, in a conversation moderated by USSC Professor and CEO Dr Michael Green.
6 August 2025
6.00-7.30pmLevel 5 Function Room, The Michael Spence Building (F23) at the Corner of Eastern Avenue and City Road, The University of Sydney NSW 2006
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United States Studies Centre
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University of Sydney NSW 2006