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WASHINGTON (AP) — An arcane battle over emergency Federal Reserve powers is frustrating efforts to lock down an agreement on an almost trillion COVID-19 economic relief package. The impasse is just the latest stumble in a partisan, monthslong battle over COVID-19 relief, and feelings hardened as the Senate congregated for a weekend session. Lawmakers on both sides said the sticking point was a provision by Republican Sen. Pat Toomey of Pennsylvania that would curb emergency Federal Reserve powers. Republicans are insisting on the Toomey plan, while Democrats are adamantly against it. A compromise was proving elusive. 635

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, Calif. (KGTV) — A Fallbrook woman was convicted of negligence for killing a father of four off of Highway 395 near the Pala Mesa Resort in 2017.Sulem Garcia was on prescription medications when she veered off the road crashing into Paul Burke who was on his bicycle, blocks from his home on May 23, 2017. Garcia's lawyer argued she was exhausted from finishing her finals at Palomar College that day and had been on the prescription medications to treat depression for three years.  Garcia received the maximum sentence which was one year behind bars.RELATED: Bicyclist killed, 19-year-old driver arrested in North CountyMore than 60 of Burke's family members and friends were in the courtroom. Burke's wife Laura gave a victim impact statement saying she does not believe that Garcia is remorseful and that the sentencing was a slap on the wrist.  Burke owned and operated a custom surf shop for more than 40 years. He also worked at Costco.Burke's daughter and son both spoke at the sentencing hearing.   1051

Video of the explosion at Beirut port caught from the sea#??????_????? pic.twitter.com/ddDZQfBgzp— Mohammad Hijazi (@mhijazi) August 4, 2020 148

WASHINGTON — Congress is poised to pass one of the largest economic relief bills in history on Monday. New forms of direct payments will be issued to millions Americans under the bill, assuming it passes and is signed by President Donald Trump. HOW MUCH WILL YOU GET? The IRS will issue checks based on your AGI or adjusted gross income. The information will come from your latest tax return which for most Americans is the 2019 calendar year. If you earn ,000 a year or less, you'll receive 0. If you earn between ,000 and ,000 a year, the amount will be prorated. The more your make, the less you'll get until you hit that ,000 threshold. Earners over that amount will not receive any money. Head of households will be able to earn up to 2,000 a year and still be eligible for a check. Couples who file their taxes jointly will earn similar levels to those who file individually. For instance, a couple who earns 0,000 or less a year will receive ,200. Couples who earn between 0,000 and 4,000 will receive less than ,200.Those with dependents, such as a child, will earn 0 per child. That's actually 0 more than what dependents received earlier this year. WHEN WILL CHECKS BE SENT?Secretary of the Treasury Steven Mnuchin said as soon as Congress approves the deal, he'll be able to begin depositing checks within a week. Those with direct deposit on file with the IRS will receive their money first. Paper checks will take longer. 1482

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