Stock markets fell sharply on Friday, as U.S. unemployment rose and President Trump unveiled steep tariffs on a wide range of countries.

Trump's latest tariffs, announced late Thursday, are reigniting concerns about how these import taxes would impact the U.S. and the global economies.

On Friday morning, a weaker-than-expected jobs report amplified investors' fears about the consequences: Employers created only 73,000 jobs in July, fewer than the around 100,000 jobs economists had expected. The unemployment rate ticked up to 4.2%.

The Dow Jones Industrial Average and the S&P 500 fell more than 1% each. Meanwhile, the tech-heavy Nasdaq dropped more than 2%.