The policy is intended to reduce reliance on China, which dominates production and has restricted exports of key critical minerals such as tungsten and rare earths. Wage growth remains strong: U.S. private employers added just 44,000 jobs in July, the smallest monthly gain this year and well below economists’ expectations, signaling slower hiring. Despite the moderation, wage growth remained strong, with workers who changed jobs seeing a 7% pay increase, reflecting continued labor market tightness. Applications drop: U.S. mortgage applications fell 2.9% last week as the average 30-year fixed mortgage rate climbed to 6.81%, its highest level in more than a year, reducing both home purchase and refinancing demand. Mortgage rates have since lowered this week, helped by declining oil prices and easing geopolitical tensions, offering some relief to prospective borrowers.