(Reuters) – The New York Stock Exchange ended down on Friday after the taxation of important customs duties by the United States on imports of dozens of countries and pressures on the American job market.

The Dow Jones index sold 1.23%, or 542.40 points, to 43,588.58 points. The larger Standard & Poor’s 500 lost 101.38 points, or 1.60% to 6,238.01 points, its highest drop since May 21. The Nasdaq Composite fell on its side of 472.32 points, or 2.24% to 20,650.132 points, its strongest decrease since April 21.

Over the week, the Dow Jones lost 2.92%, the S&P 500 2.36%and the NASDAQ 2.17%.

US President Donald Trump presented a decree on Friday establishing an increase in customs duties imposed on imports from dozens of countries, including Canada, Switzerland, Brazil, India and Taiwan.

New rates include customs barriers of 35% on many Canadian products, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland.

Confidence in the economic situation has also been shaken by data showing that employment growth in the United States has slowed more than expected in July, while June job creations have been strongly revised.

These data have strengthened the expectations that the Federal Reserve could reduce its interest rates in September. Market expectations on a drop in rates of at least 25 base points at the next meeting rose to 80.9%, according to the Fedwatch tool of the CME, against 37.7% on Thursday.

Actions briefly prolonged their decline after Donald Trump said that he had ordered the dismissal of the Labor Department statistics, Erika Mcentarfer, due to employment data.

The blow to Amazon by its dematerialized computer division (“Cloud”), Amazon Web Services (AWS), the results of which were not up to expectations in the second quarter, also weighed on Friday while the action of the “Tech” giant gave in 8.27%.

The CBOE volatility index, also known as the fear of Wall Street, has reached its highest level since June 23 at 20.95.

Despite good quarterly results, Apple lost 2.5% after its managing director Tim Cook estimated that customs duties would cost the group $ 1.1 billion in the third quarter.

Contrely, Reddit jumped 17.47% after quarterly results superior to expectations, driven by an advertising strategy focused on artificial intelligence and a strong user commitment.

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(Written by Chuck Mikolajczak with Nikhil Sharma and Sukriti Gupta in Bangalore; Kate Entringer)

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