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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, CA (KGTV) -- San Diego is known as the succulent capital of the world, and a recent Cal State San Marcos grad is taking advantage of it. While many small businesses are struggling due to the pandemic, Jessica Cain's succulent business is flourishing. It's called "in Succulent Love", where the plant artist creates with succulent and pumpkin."I just kind of play around with them, arrange them, and then commit to gluing them."And there is a good reason as to why she likes working with succulent. "Ii found such a cool fascination to the colors, shapes, and varieties," she says.Now when Jessica graduated from college, she thought she'd go into public relations. Little did she know that her hobby would become her career."I actually started creating succulent pumpkins with my grandmother every fall as a hobby. I just posted some photos on social media my first year out of college, and it just blew up."So just a couple of years out of college and her hobby turned into an online store called "in Succulent Love. She also hosts teaching workshops, and she has even written a book titled "Stylish Succulent Designs.""I like to call it a succulent cookbook. It's 40 different do it yourself plant projects, primarily focused on succulent, and how to create them."Now what she did not expect was the COVID-19 pandemic. And while other businesses have struggled, hers has done just the opposite. "That's why it's been so popular during COVID because people are wanting activities to do at home that are not necessarily puzzles and bread baking, and really creating new hobbies and memories."Jessica is making plenty of memories in a career that she says took her by surprise. "Ii had no idea what to expect. I just kind of say this life chose me. This succulent has just totally blossomed into this crazy dream." 1830

VISTA, Calif. (KGTV) - A 10-year San Diego Sheriff's Department employee has been arrested for groping a 14-year-old girl at a North County restaurant this year.Timothy Wilson Jr., a 32-year-old Vista detention center deputy, was arrested Friday and charged with one count of felony lewd act on a child for the March 21 incident. Wilson is accused of groping a 14-year-old girl waiting in line at the Panda Express at 20 Main Street.Another San Diego Sheriff's Department employee recognized Wilson in surveillance footage from the restaurant released this month and reported him to investigators, according to San Diego Sheriff Bill Gore.ORIGINAL STORY: Deputies searching for man who groped 14-year-old girl at Vista Panda ExpressAfter reviewing the footage and conducting witness interviews, the department arrested Wilson and placed him on unpaid administrative leave, Gore added."I am deeply disappointed with Mr. Wilson's conduct but proud of the men and women of this department who do not tolerate criminal acts in the community or within their own ranks," Gore said.Deputies are now in the process of conducting a thorough investigation.The department is seeking other possible victims and asks that they call SDSO at 858-975-2316 or Crime Stoppers at 888-580-8477 if they wish to report any information. 1366
VISTA, Calif. (KGTV) - President Trump's endorsement Thursday to raise the minimum purchase age for assault rifles from 18 to 21 is sparking local debate.Christa Farmer, 19, has been cleaning and taking care of guns since she was 11. Farmer bought an AR-15 when she was 18, which she uses for shooting competitions. It's a gun Farmer is comfortable with, and she says the purchase age should stay at 18."At 18, I knew how to properly disassemble, assemble, clean, and the proper safety rules," said Farmer.Anti-gun-violence advocates like Ron Marcus want such rifles banned nationwide, but say raising the purchase age is a good step. "The maturity range between 18 and 21, there's a lot of room for growth. To allow that maturation process before they buy a gun is a good idea," said Marcus, Director of Public Outreach for San Diegans for Gun Violence Prevention.Farmer counters with a different maturity argument. She says she was 'mature enough' to enlist in the Army Reserve several years ago. "If we're old enough to enlist and carry these weapons, I believe we are mature and responsible enough to own them in our personal lives as well," said Farmer.Others say the two situations are different when it comes to owning AR-15s."In the military, you are subject to extreme discipline and oversight ... When they are off duty, a different story ... and they should be subject to civilian rules," said Marcus.Farmer doesn't agree with the reasoning because of the quality of the gun training in the military.As of last year, new sales of the AR-15 have been banned in the state. Owners can still keep their old ones, but must register them with the state by June. 1727
WASHINGTON — Outgoing Attorney General William Barr says he sees “no reason” to appoint a special counsel on potential election fraud or the tax investigation into the son of President-elect Joe Biden. Barr said Monday in his final press conference as Attorney General that the investigation into Hunter Biden's financial dealings was “being handled responsibly and professionally.” “To this point I have not seen a reason to appoint a special counsel and I have no plan to do so before I leave,” Barr said on Monday. Barr is set to leave office on Wednesday.Hunter Biden announced earlier this month he learned from federal prosecutors that his tax affairs are under investigation by the Delaware U.S. Attorney's office. "I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors," the statement from Hunter Biden read at the time.Also at Monday's press conference, Barr said there was "no basis" for the federal government to seize voting machines in order to investigate unsubstantiated allegations.Barr told The Associated Press in a previous interview that he had seen no evidence of widespread voting fraud, despite President Donald Trump’s claims to the contrary. Trump has pushed baseless claims even after the Electoral College formalized Biden’s victory. 1451
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