President Trump proposed tariffs on an additional $200 billion worth of Chinese exports and threatened a 20% import tax on European autos as trade tensions continued to mount between the U.S. and its trading partners.
The U.S. economy added 223,000 jobs in May, beating economists’ expectations and exceeding the previous month’s gain. The unemployment rate dropped to 3.8%, the lowest level since April 2000. Hourly wage growth improved by 2.7% year over year. According to economists, the strong jobs report should keep the Federal Reserve (Fed) on target for a rate hike in June and will likely increase the number of forecasted hikes before year-end.