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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
WASHINGTON (AP) — As coronavirus cases rise in more than half of the states, the Trump administration is urging the Supreme Court to overturn the Affordable Care Act, otherwise known as Obamacare.The administration’s high court filing Thursday came the same day the government reported that close to half a million people who lost their health insurance in the economic shutdown to slow the spread of COVID-19 have gotten coverage through HealthCare.gov.The administration’s legal brief makes no mention of the virus.Some 20 million Americans could lose their health coverage and protections for people with preexisting health conditions also would be put at risk if the court agrees with the administration. 716

WASHINGTON (AP) — Federal officials are outlining new rules that will let operators fly small drones over people and at night. Most drones will need to be equipped with remote identification that can be tracked by law enforcement officials. The final rules announced Monday by the Federal Aviation Administration could boost the commercial use of drones, which has been slowed by regulatory hurdles. UPS, Amazon.com, and Google parent Alphabet are among many companies exploring the potential for making deliveries to consumers with drones.“These final rules carefully address safety, security and privacy concerns while advancing opportunities for innovation and utilization of drone technology,” said U.S. Secretary of Transportation Elaine L. Chao.The FAA issued the following three operational requirements:1. Operate a standard Remote ID drone that broadcasts identification and location information of the drone and control station;2. Operate a drone with a Remote ID broadcast module (may be a separate device attached to the drone), which broadcasts identification, location, and take-off information; or3. Operate a drone without Remote ID but at specific FAA-recognized identification areas.According to the FAA, the Remote ID will help mitigate risks associated with expanded drone operations, such as flights over people and at night, and both rules support technological and operational innovation and advancements. 1436
VISTA, Calif. (KGTV) — One person was killed after being struck by a vehicle in North County.The person was hit on northbound Vista Village Dr., between W. Vista Way and Wave Dr., according to San Diego Sheriff's Department. It wasn't immediately clear how the collision occurred.No further information was immediately released. 336
VISTA (CNS) - A man who fired a BB gun at an Oceanside business that had put up a sign supporting the Black Lives Matter movement pleaded guilty today to charges of violating civil rights by damaging property and vandalism.Steve Soto, 23, of Carlsbad, is slated to be sentenced Sept. 28 to one year in county jail stemming from the June 4 shooting that shattered a window at Bliss Tea & Treats.Oceanside police Sgt. John McKean said Soto drove by the business, then fired a BB gun out the window of his vehicle.The business had a sign in the window at the time that read: "Black owned, we stand with you," McKean said.The sergeant said surveillance video helped detectives identify the vehicle used in the crime, leading to Soto's arrest on July 15.He also pleaded guilty to an assault charge related to a May 28 incident involving a male victim and a misdemeanor vandalism count related to an unspecified July 4 incident.He was facing a hate crime allegation stemming from the Bliss Tea & Treats shooting and other misdemeanor charges of discharging a BB gun in a grossly negligent manner stemming from unspecified incidents occurring in June and July, but those counts were dismissed as part of the plea agreement. 1232
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