William Beach, the former commissioner of the Bureau of Labor Statistics who was nominated by President Donald Trump and led the agency during his first term, has condemned the firing of his successor, calling it "totally groundless" and warning that it "sets a dangerous precedent."

Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7. The order drew worries from Wall Street Friday as stocks slumped and Treasury yields fell sharply.