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With Hillsborough County in the midst of an affordable housing crunch, developers continue building luxury homes and apartments, especially in Tampa's trendy neighborhoods and downtown. Despite a growing demand for more affordable single-family homes and rentals, private developers aren’t building them.

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Just as they prepare for a crucial harvest in the wake of Hurricane Irma, lobster fisherman in the Florida Keys fear a trade war with China could undermine storm recovery in the island chain.

Updated at 9:08 a.m. ET

The economy continued to add jobs at a steady pace last month, and the unemployment rate remained low. Analysts have been looking for signs that wage growth might pick up, but it held steady, too.

Payrolls grew by a lower-than-expected 157,000 in July, and the unemployment rate edged down to 3.9 percent, as projected, the Labor Department said Friday.

President Trump threatened to impose tariffs on every product imported from China, dialing up the pressure in the growing trade dispute between the world's two economic superpowers.

In an interview with CNBC broadcast this morning, Trump said, "We're down a tremendous amount," referring to the trade imbalance between the U.S. and China. "I'm ready to go to 500."

Congressional Republicans are growing increasingly worried that President Trump is on the verge of a trade war with China. But they're also realizing there is almost nothing they can do to stop him.

House Speaker Paul Ryan, R-Wis., put it bluntly during an event at The Economic Club of Washington on Thursday.

"You would have to pass a law to say don't raise those tariffs and the president would have to sign that law," Ryan said. "That's not going to happen."

As President Trump threatens to heap more tariffs on Chinese imports, he's got one important fact on his side: The United States remains China's biggest single export market, buying some $500 billion in goods last year alone.

But China is less dependent on the American market than it was even a decade ago and in some ways is better able to withstand a trade war than the United States.

Updated at 8:15 a.m. ET

As the day dawned across the U.S. on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping — but Beijing was ready immediately with a wake-up call of its own.