President Trump said he directed his team to fire the top Bureau of Labor Statistics official after the bureau issued a weak jobs report on Friday.

​The report weighed on markets Friday along with Trump’s revamped tariff plan. Trump in a social media post said Erika McEntarfer, the BLS commissioner, would be “replaced with someone much more competent and qualified,” asserting without evidence that the government’s jobs numbers have been manipulated for political purposes.

The July jobs report undershot forecasts, suggesting the economy added just 106,000 positions over the past three months, although unemployment stood at 4.2% last month, matching expectations.

On tariffs, trading partners, including Switzerland and Taiwan, said they would keep trying to negotiate with the White House. Switzerland faces a 39% tariff rate—higher than the 31% floated in April—while Taiwanese goods will be levied at a 20% rate.

The president hiked levies on Canadian goods that don’t comply with a North American trade agreement to 35%, starting today. Prime Minister Mark Carney said that he was disappointed and Canada had already moved to address concerns over fentanyl.

Countries that run small trade surpluses with the U.S. will largely get 15% duties, while those with deficits will have 10% tariffs. Trump gave Mexico more time to set a trade deal and avoid higher tariffs, extending current rates by 90 days.

Amazon shares sold off after the company reported disappointing growth in its cloud-computing arm, while investors dug into earnings from Chevron, Exxon Mobil and Colgate-Palmolive.

By the end of Friday, around one-third of S&P 500 members will have reported this week. Companies are warning that tariff uncertainty is weighing on their businesses.

Stock indexes dropped, with the tech-heavy Nasdaq Composite falling more than 2%, leading losses. The Dow faced its worst week since early April.

Treasury yields fell after the jobs report. Yields on 10-year notes dropped more than 0.1 percentage point.

European stocks skidded, with Italian, French and German indexes down more than 2.5%. Switzerland’s stock market was shut for a holiday.

Asian indexes declined too. South Korea’s Kospi slid 3.9% after Seoul proposed higher taxes on corporations and investors.

The WSJ Dollar Index handed back earlier gains, shedding about 1%.

—By Caitlin McCabe and Roshan Fernandez

📧 Get smarter about markets with our free weekday morning and evening newsletters.