U.S. job growth in March exceeded expectations, and Trump's tariff policy will test the resilience of the labor market.

On April 4, the U.S. economy added far more jobs in March than expected, but with declining business confidence and a stock market sell-off, Trump's tariff policy may test the resilience of the labor market in the coming months. Non-farm payrolls increased by 228,000 jobs in March. The unemployment rate rose from 4.1% in February to 4.2%. Economists expect the impact of reciprocal tariffs to show in April's employment report. As consumers curl up amid rising prices, retail employment is most likely to decline. Financial markets expect The Federal Reserve (FED) to resume interest rate cuts before June after pausing its policy easing cycle in January. (Jin10)