Business hiring hits seven-year low — thanks to Trump's trade war

On Monday, Business Insider reported that business hiring has dropped to a seven-year low, with just one fifth of all businesses reporting hiring more workers in the past three months — and that President Donald Trump's tariffs are the key factor driving the economic slowdown.

"The U.S. economy appears to be slowing, and respondents expect still slower growth over the next 12 months," said National Association of Business Economists President Constance Hunter. "Higher tariffs are disrupting business conditions, especially in the goods-producing sector."

Some estimates suggest Trump's trade war — which has slapped enormous and broad-based tariffs on goods from China and other key U.S. trading partners — is set to cost American households thousands of dollars a year, slowing consumer spending, and with it, job creation.