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From CNN, I'm Afamadikai, with the five things you need to know for Friday, August 1st.

U.S. stocks are in the red as traders grapple with the new phase of President Donald Trump's

tariff campaign and a U.S. jobs report that's raising concerns that the economy may be weaker

than anticipated. The White House announced a universal minimum tariff for goods coming into the U.S. will remain at 10%.

But that rate only applies to countries which the U.S. exports more than it imports.

A 15% rate will serve as the new tariff floor for countries with which the U.S. has a trade

deficit.

And more than a dozen countries have tariff rates that are higher than 15%.

Goods that could get more expensive for U.S. consumers as a result include TVs, computers,

cell phones, clothing, accessories, and footwear.

Meanwhile, new data from the Labor Department shows the U.S. added 73,000 jobs in July. There were also huge downward revisions to monthly totals for May and June by a combined 258,000 jobs.

The unemployment rate also increased to 4.2%, with black unemployment hitting 7.2%, the highest level since October 2021.

Employers blame uncertainty over Trump's economic policies for putting a strain on employers' growth plans.

Palestinians say the Israeli military shot at them while they waited to receive food

near the same U.S.-Bact aid distribution hub in southern Gaza, U.S. envoy Steve Wickhoff visited

today.

As soon as Wickkoff arrived in the area, there was random gunfire.

...