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Wall Street is worried about a trade war.The Dow dropped 420 points on Thursday after President Trump said his administration will impose tariffs on steel and aluminum imports. The Nasdaq and the S&P 500 declined 1.3% apiece.Trump's controversial tariff announcement caught investors off guard and immediately raised concerns about retaliation from China or other major U.S. trading partners."This is the first shot across the bow over a trade war," said Art Hogan, chief market strategist at B. Riley FBR. "And nobody wins a trade war."Trump said his administration would impose a 25% tariff on steel imports and a 10% tariff on aluminum. It was not immediately clear whether Trump would exempt some countries from the tariffs, as his national security advisers have urged him to do to avoid hurting U.S. allies.Corporate America has warned Trump that tariffs could backfire. Last month, the Business Roundtable warned of the risk of "foreign retaliation" that would "harm the U.S. economy."Investors will be looking to see how U.S. trading partners react to the tariffs.Beyond worries about retaliation, the tariff news drove concerns about rising costs for companies that rely heavily on aluminum and steel, like auto and plane makers. Imports make up about a third of the steel American businesses use every year, and more than 90% of aluminum used here. Shares of Boeing fell 3% General Motors dipped 4%, and Ford dropped 3%.Related: NY Fed chief: Tariffs risk 'trade war'If the tariffs result in higher prices on steel and aluminum, companies that rely on those products may pass on some of the costs to consumers. That raises the specter of creeping inflation."This clearly will [lead to] higher prices in the production chain, which is part of the inflation path," said Quincy Krosby, chief market strategist at Prudential Financial.The timing of the tariff news surprised Wall Street. A formal announcement was expected at some point Thursday, but then it was called off. Later, Trump mentioned his tariff plans in a hastily arranged listening session with steel and aluminum executives. And he didn't provide crucial details, such as whether certain countries will be exempted.Concerns about trade come at an already shaky time on Wall Street. The S&P 500 and Dow fell about 4% in February, their worst month in two years. Fears about inflation and soaring bond yields caused a surge in volatility, including two 1,000-point plunges for the Dow.The market had come back as investors focused on the strong economy and booming corporate profits. But stocks fell sharply again on Tuesday and Wednesday, putting the Dow is back in negative territory for the year.Turbulence has picked up as well. The VIX volatility index spiked 15% on Thursday. Selling pressure will climb as volatility increases, Krosby said.At least two corners of the stock market cheered Trump's tariff announcement. U.S. Steel and AK Steel soared 6% and 10%, respectively.Century Aluminum also spiked 7%. Another major aluminum maker, Alcoa, gained 1%.Trump's tariff moves could force investors to confront another trade issue: NAFTA. Trump has repeatedly threatened to tear up this major trade deal with Canada and Mexico. Talks to renegotiate NAFTA, a major piece of the U.S. economy, have so far failed to produce a solution."It sets off the protectionist fears that had been lying dormant," said Hogan.— CNN's Jeremy Diamond contributed to this report.The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 3547
VISTA (CNS) - An Oceanside man convicted of abusing his neighbors' dogs, including gouging out the eye of a Siberian Husky, was sentenced to nearly 10 years in custody Friday.Jurors last summer found 37-year-old David C. Herbert guilty of six counts of animal cruelty, one count of burglary and four misdemeanor counts of vandalism for harming two separate families' dogs, one of which remains missing.Herbert was handed an 8-year, 8-month prison term in a Vista courtroom Friday morning, to be served along with a one-year jail term on the misdemeanor counts.RELATED COVERAGE: Navy veteran accused of torturing dogs ordered to stand trialMan arrested for assaulting huskies, stealing Oceanside dogsSearch warrant served in Oceanside dog torture caseStalker targets and tortures Oceanside dogs, neighbors sayAuthorities said Herbert targeted a family living next door to him in north Oceanside, burning their two huskies, Cocayo and Estrella, with caustic chemicals and repeatedly slashing the tires on the family's vehicles in 2017.The family moved out of their rental home after discovering that someone had broken in and gouged Estrella's eye out.About one month later, a new family with two dogs moved in, and within two days their 9-year-old Golden Retriever Lala disappeared. The dog has never been found and is presumed dead.Police found a small amount of blood in Herbert's car and on a baseball bat he owned.Herbert, who represented himself at trial, testified that Lala jumped in his car and he was about to take her to a shelter when she jumped out and ran off. 1580

Visitors are now able to enter the White House complex without having their temperatures checked for the first time since mid-March, although several other coronavirus precautions remain in place. Those who come near the president will still undergo temperature checks and testing for the virus. Over the past three months, those seeking to access the complex first had to get their temperatures checked and answer a question about whether they had experienced any symptoms associated with COVID-19. The White House says it is scaling back complex-wide temperature checks now that the District of Columbia is entering phase two of its reopening. 653
WASHINGTON — The number of Americans seeking unemployment benefits fell last week to 787,000, a sign that job losses may have eased slightly but are still running at historically high levels. With confirmed infections having neared 60,000 in the past week, the highest level since July, many consumers have been unable or reluctant to shop, travel, dine out or congregate in crowds — a trend that has led some employers to keep cutting jobs. Several states, such as Ohio and Idaho, are reporting a record number of hospitalizations from the virus. 555
WARNER SPRINGS, Calif. (KGTV) -- A famous balloonist died Tuesday from injuries sustained in a balloon accident near Warner Springs over the weekend.According to his website, Julian Nott died after "multiple injuries from an extraordinary and unforeseeable accident." According to the site, Nott was flying an experimental balloon he invented that was designed to test high altitude technology.Nott was known as the founder of the modern ballooning movement. He broke 79 world ballooning records and 96 British records, including exceeding 55,000 feet in a hot air balloon.The accident happened Sunday around 12:40 p.m. in a remote area near Warner Springs a mile off Chihuahua Valley Road.According to the San Diego County Sheriff’s Department, the balloon experienced a hard landing.A witness said the capsule detached from the balloon and rolled several hundred feet down the hillside.The two victims in the balloon at the time of the landing reportedly suffered back injuries. Both victims had to be airlifted out of the area.At this time, the condition of the other victim is unknown. 1097
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