BlockBeats News, August 7th - The new round of tariffs announced by President Trump has taken effect as of 12:00 today. Wall Street institutions have sounded the alarm. Morgan Stanley, Deutsche Bank, and Evercore ISI have all warned that the S&P 500 index may experience a pullback. This warning comes at a time when the U.S. economy is facing increasing concerns, with last week's data showing a rise in inflation, as well as signs of slowing job growth and consumer spending.

The latest polls show that 62% of voters oppose Trump's tariff policy, 58% of voters oppose his tax and spending bills, and 55% are dissatisfied with his economic governance. There are also doubts about the sustainability of Trump's plans, as his use of emergency powers to impose tariffs on specific countries is facing legal challenges. He is now turning to more legally grounded authority to impose tariffs on specific industries, such as automobiles and metals.

Tim Meyer, a trade expert at Duke Law School, pointed out that the government is trying to create the illusion that the "tariff cycle is coming to an end," but "its legal basis has serious flaws." Trump insists that his actions will usher in a new economic golden age, dismissing data that contradicts his narrative and firing the head of the agency responsible for releasing the latest jobs data. (Golden Finance)