Stocks were flat Friday morning, but they reduced their earlier losses after a strong jobs report overshadowed tariffs.
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The U.S. economy added 213,000 jobs in June with the unemployment rate rising to 4%. Wage growth remained steady at 2.7% even though hourly wages inched higher by 0.2%.
Economists surveyed by Thomson Reuters expected the U.S. economy would have added 195,000 jobs in June with the unemployment rate holding steady at May’s 3.8%, which was the lowest since April 2000.
China’s customs authority, said China will levy tariffs on 545 items worth $34 billion in response to U.S.’s tariffs, according to the China Daily newspaper. This comes after U.S. tariffs went into effect at 12:01 a.m. ET Friday.
FOX Business’ Ken Martin contributed to this article.