U.S. unemployment climbs to 4.6% as the economy loses 105,000 jobs in October amid massive federal workforce cuts of 162,000 positions driven by Elon Musk's government efficiency program, while wage growth stagnates at just 0.1% in November.
As AI rapidly advances towards artificial general intelligence (AGI), experts warn it could eliminate half of entry-level white-collar jobs within five years, reshaping the economy and severing the link between labor and value creation, potentially leading to a loss of worker bargaining power and widespread technological unemployment.
Tariffs, taxes on imported goods and services, are double-edged swords wielded by governments to raise revenue, protect domestic industries, and exert political leverage, but can backfire with higher consumer prices and escalating trade wars, straining economies and international relations.
Despite a temporary delay, President Trump vows to impose sweeping tariffs on imports from Canada and Mexico, claiming the U.S. has been exploited by foreign nations, and plans to enact 'reciprocal tariffs' as the pause on new tariffs ends next week.