The Globe and Mail reports in its Saturday edition that the Canadian and American job markets effectively stalled in late summer as employers struggled with the prohibitive costs of U.S. tariffs. The Globe's Vanmala Subramaniam and Matt Lundy write that Canada shed 66,000 positions in August and the unemployment rate rose to 7.1 per cent -- the highest level since 2016, apart from early pandemic years, Statistics Canada said Friday. Meanwhile, the Bureau of Labor Statistics reported that the U.S. economy added 22,000 jobs last month, well below the 75,000 that economists expected to see. American companies say they are taking a big financial hit from the Trump administration's onerous tariff policies. The Canadian economy contracted at a 1.6-per-cent annualized rate in the second quarter, owing to a massive hit to exports. CIBC economist Andrew Grantham expects the central bank to cut rates in September and again in the fourth quarter. "The weakening of the Canadian labour market in recent months hasn't solely been driven by sectors most sensitive to U.S. tariffs, suggesting that the Bank of Canada needs to recommence interest rate cuts to stimulate demand and hiring within the economy more broadly," he said in a note.