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Trump announces 35% tariffs on Canada starting Aug. 1

Fears earlier this year that President Donald Trump's tariffs would result in a sharp inflation spike have completely receded.

Trump confirmed that the U.S. will start delivering letters on Monday, detailing tariff rates and any agreements reached with various trading partners.

State and local government job growth boosted the U.S. labor market in June.

Nonfarm payrolls were expected to increase 110,000 in June. The unemployment rate was forecast to rise to 4.3%.

A gradual pullback in hiring and job openings has come as hundreds of thousands of federal workers are out looking for employment.

Economists polled by Dow Jones forecasted an increase of 100,000 for the month.

The PCE price index was projected to rise 0.1% in May, with the annual inflation rate at 2.3%, according to the Dow Jones consensus.