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The US-China trade war ratcheted up yet again on Friday, with Beijing unveiling a new round of retaliatory tariffs on about billion worth of US goods.China will place tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China's Finance Ministry.The Ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% or 5%, and would take effect on December 15th.Last week, China said it would take countermeasures after the United States announced it would impose 10% tariffs on Chinese imports worth 0 billion.The United States postponed the implementation of about half of those tariffs, which will cover several categories of Chinese-made consumer goods, until December. They had been due to take effect in September.The move comes amid indications the ongoing trade war is having an impact on the world's two largest economies. Industrial production in China — an important indicator for the country's economy — grew just 4.8% in July compared to a year earlier, according to China's National Bureau of Statistics. That's the worst growth for that sector in 17 years.American factories are also contracting for the first time in a decade and red lights are flashing in the bond market, where the yield curve has inverted. Such inversions, where the 10-year Treasury yield dips below the two-year Treasury rate, are historic predictors of a coming recession. 1481

The Supreme Court declined Monday to take up a case brought by a former student at a prestigious Washington, DC, prep school who alleged discrimination affected her chances for college admission.Dayo Adetu and her parents, Titilayo and Nike Adetu, say that the private Sidwell Friends School -- the elite school attended by a who's who of Beltway families, including presidential daughters Sasha and Malia Obama and Chelsea Clinton as well as former Vice President Joe Biden's granddaughter Maisy -- breached a settlement with the family after it allegedly discriminated against Adetu, an African-American, in the grades she received while in high school and then in materials Sidwell submitted as she applied to colleges."Sidwell has long been perceived as a 'feeder-school' to Ivy League institutions and other top universities," the Adetus wrote in their appeal to the Supreme Court. Adetu, however, was not immediately accepted by any university.The appeal was rejected without comment.During her initial first round of applications -- when she applied to Princeton, Yale, Harvard, Columbia, Cornell, Penn, Duke, Johns Hopkins, CalTech, MIT, the University of Virginia, McGill and Spelman -- Adetu "was the only student in her graduating class of 126 students who did not receive unconditional acceptance from any educational institution to which she applied," according to the Supreme Court petition.Adetu ultimately attended the University of Pennsylvania in 2015 after applying to colleges again, according to the complaint, and indicated on social media that she graduated last month.The family sought review of a decision by the District of Columbia Court of Appeals in January that said the Adetus' claim was rightly rejected by a lower court because they had failed to show "any adverse action taken by Sidwell" and were only claiming emotional damages for an alleged breach of an earlier mediated settlement. 1932

The state of Texas and the county that includes the city of Miami have joined the growing list of local governments to order the closure of bars, restaurants and other leisure areas amid the COVID-19 pandemic.Texas Gov. Greg Abbott 244

The Texas Department of State Health Services and Fort Bend County Health and Human Services are reporting the first positive test result for coronavirus in Texas outside of the passengers returned from Wuhan City or the Diamond Princess cruise ship. The DSHS says the patient is a resident of Fort Bend County and recently returned from travel abroad. The patient is currently isolated in the hospital. The test was performed at the public health lab in Houston and will be confirmed by testing at the Centers for Disease Control and Prevention. DSHS is supporting Fort Bend County in identifying any close contacts of the patient while he was sick so thaty can be isolated and monitored for symptoms and quickly tested, if needed. “Having a COVID-19 case in Texas is a significant development in this outbreak, but it doesn’t change the fact that the immediate risk to most Texans is low,” said Dr. John Hellerstedt, DSHS commissioner. “This travel-related case reinforces the fact that we should all be taking basic hygiene steps that are extremely effective in limiting limit the spread of COVID-19 and all respiratory illnesses.”DSHS says a travel-related case in Texas does not indicate spread within the state.Governor Abbott and the DSHS will hold a press conference Thursday on the state's testing capabilities for COVID-19. 1345

There's a lot of hype around 5G, the new faster cell phone service.T-Mobile started offering 5G nationwide this week.Now, the first thing you need to know is it's not really nationwide."To be clear that’s 60% of the U.S. population. That’s not quite nationwide but its way better than all the other services we've had up until now,” said Bob O’Donnell, President of TECHnalysis Research.O’Donnell says another thing you need to know is not all 5G is created equal. There are two main types cell carriers offer. One has super-fast speeds but only in a short range. The other has longer range but the speed isn't quite as fast as the other 5G.Another complicated and expensive factor in all this is you need a new 5G phone to access the network.Cell companies will sell you a 5G phone that works with their service. But right now, there's no guarantee if you switch cell carriers that your new 5G phone will work with a different 5G service.“Look to be honest unless you are a really cutting-edge early adopter and there are people like that then it’s probably better to wait because you want to wait until they get phones that support both of those standards I mentioned,” said O’Donnell. Apple doesn't even have a 5G iPhone yet. That's not expected to come out until next year.There are some Android 5G models for sale now but like O’Donnell mentioned, most of us can probably hold off. 1398

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