I think tonight's a fairly historic night where I think you can go back and when you write the history, you'll say,

this is the night that the global free trade era begun by the United States and the post-war era, led by the United States,

really came to an end. There is now, I think, a permanent tariff curtain around this country. Whether that's for good or for ill,

well, we'll find out. But right now what it means is that one person, one man has put in place

the tariffs without Congress. There's some question about the legality of what he's done.

But you can also say, I guess it was done democratically. If you voted for Donald Trump and didn't know he was going to put these tariffs on that were going to raise your prices and limit your choice, well, you were either willfully or were just misinformed.

So this is a big night.

This is it.

We are now in a place where there are tariffs that have gone up from what were 3 percent and an effort that went on for decades to reduce tariff barriers and increase free trade.

It's over now. There's a tariff curtain around America.

Welcome back to Squawk Box, Rick Santelli here with the big breaking news of the morning.

The Big July Job, Job, Jobs report.

Non-Farm payrolls up 73,000.

Definitely a bit light, but maybe it's the Goldilocks.

We'll have to see how the market moves.

73,000, that would be the lightest rate of the year.

You have to go back to October of last year to find a lower non-farm pace at 44,000. Now, the revisions, here's a biggie.

The two-month revision minus 258,000. That is a biggie, a biggie. Average hourly earnings on

month-a-month bases come in as expected, up three-tenths. And if we look at year-over-year perspective, up 3.9.

That's important.

That's a tenth higher than expected, two-tenths higher than the 3.7 in the rearview mirror.

And that 3.7 was the lowest year-over-year earnings rate going back to mid-21.

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