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Aug 10 — Tariffs, jobs miss, Hormuz, and crypto's Senate vote
• Trump announced 50% tariffs on Canadian imports — hitting the US's largest trading partner and adding upside pressure to inflation at exactly the wrong moment. • The July jobs report showed a loss of 23,000 nonfarm payrolls, the first outright contraction in months — sharply raising Fed cut odds and signaling a cracking labor market. • Senate Majority Leader Thune filed cloture on the Clarity Act, setting a September 15 vote — reviving the biggest US crypto market-structure bill and giving digital assets a firm near-term catalyst.
The skinny
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