Welcome to our live coverage of US politics and the Middle East.<\/p>\n
More than $2 trillion has been wiped off Wall Street overnight despite the US posting its third strongest jobs report in 18 months.<\/p>\n
Donald Trump was baffled by the news, saying \u201cstocks should go up, not down\u201d following the new data.<\/p>\n
US job growth surged past expectations in May with the unemployment rate remaining steady, as the labour market in the world\u2019s largest economy showed signs of firming after months of turbulence. <\/p>\n
The news seems good on the surface but it has led to fears the US Fed will be forced to hike rates.<\/p>\n
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Wall Street stocks slumped with investors expecting a strong labour market means the Federal Reserve will switch its focus to combating inflation through rate hikes later this year. <\/p>\n
\u201cStocks should go up, not down. That\u2019s the way it was for 200 years. Growth does not mean inflation!\u201d Mr Trump posted in response to those actions.<\/p>\n
Total non-farm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 per cent, the US Bureau of Labor Statistics said on Friday. <\/p>\n
Meanwhile, the US imposed sanctions on a network allegedly exporting Liquefied Petroleum Gas (LPG) from Iran to South and Eastern Asia by falsely flagging it as originating in Oman, the Treasury said. <\/p>\n
The network used front companies in the United Arab Emirates and China and a \u201cshadow fleet\u201d of vessels, according to a Treasury statement. <\/p>\n
The system, designed to evade existing US sanctions, moved LPG worth hundreds of millions of dollars, it added.<\/p>\n
Read on for updates below.<\/p>\n