Analysts have reported that U.S. President Donald Trump’s administration imposing new tariffs on 70 countries, along with changes in U.S. tax policy, has negatively impacted global stock markets.

According to the U.S. Department of Labor, only 73,000 new jobs were created in July, which is significantly lower than analysts’ expectations. In addition, employment figures for May and June were revised downward. These two factors have contributed to the decline in global stock markets.

The U.S. Dow Jones index opened with a drop of more than 1.2 percent, while stock markets in Paris and Frankfurt fell by over 2 percent. The U.S. dollar also lost its earlier gains compared to major currencies.

Furthermore, after Trump warned of taking strict measures if medicine prices in the U.S. were not reduced, the stock prices of European pharmaceutical companies also declined.