5 things you need to know now
5 things you need to know now
  • Dow plunges after Trump's Twitter attacks on China, Fed chair

  • Trump heads to G-7 summit to discuss global economy

  • Billionaire David Koch dies at 79

  • Ruth Bader Ginsburg undergoes cancer treatment

  • 4 teams to compete for spots in the 2019 Little League World Series championship game

The Dow Jones Industrial Average closed down 623 points Friday after China announced $75 billion in retaliatory tariffs and President Trump tweeted an inflammatory response. China said Friday that it would raise tariffs next month in retaliation for the White House's proposed levies, prompting Trump to tweet that "we don't need China and, frankly, would be far better off without them." He additionally "ordered" American companies "to immediately start looking for an alternative to China." Trump also lashed out at his own Federal Reserve chair after the central bank failed to guarantee lower interest rates, tweeting "my only question is, who is our bigger enemy, Jay Powell or Chairman Xi?"

Source: CNBC, The Washington Post

President Trump heads to France on Friday for this weekend's Group of Seven summit. The annual meeting of leaders from the world's biggest economies will include a Sunday meeting requested by Trump on the state of the global economy. The summit's host, French President Emmanuel Macron, has said the gathering was unlikely to conclude with the traditional joint communique as G-7 countries struggle to contain tensions with Trump, who has a history of clashing with fellow leaders at the annual summit. "G-7 summits have turned into a bit of a nightmare for all concerned and chances are this one could be especially terrible," Richard Gowan of the International Crisis Group told Politico.

Source: The Los Angeles Times, The Associated Press

Billionaire conservative activist and philanthropist David Koch has died at 79. The death of Koch was confirmed on Friday by his brother, Koch Industries CEO Charles Koch. "It is with a heavy heart that I announce the passing of my brother David," Charles Koch said. "Anyone who worked with David surely experienced his giant personality and passion for life." Along with his brother, Koch had been an extraordinarily influential conservative political donor for decades, with the Koch brothers' network having spent more than $1 billion in recent elections. He also donated more than $1 billion to charity and served as the Libertarian Party's nominee for vice president in 1980. Koch retired as vice president of Koch Industries in 2018 due to his declining health.

Source: NBC News, The Wall Street Journal

Supreme Court Justice Ruth Bader Ginsburg has completed three weeks of cancer treatment, the Supreme Court announced on Friday. After a tumor was discovered on Ginsburg's pancreas in July, Ginsburg underwent a radiation therapy course at New York's Memorial Sloan Kettering Cancer Center. "The tumor was treated definitively and there is no evidence of disease elsewhere in the body," the court said. "No further treatment is needed at this time." Ginsburg was previously treated for lung cancer last year, as well as for pancreatic cancer in 2009 and colon cancer in 1999. She maintained an active schedule during her treatment.

Source: The Washington Post, NPR

The Little League World Series is set to conclude this weekend in Williamsport, Pennsylvania, as the four regional finalists go head-to-head on Saturday to compete for a spot in Sunday's championship game. The favorite in the international field is Chofu City, Japan, who have outscored their opponents 32-2 in three games so far; Chofu City will play Willemstad, Curaçao. In the U.S. championship game on the other side of the bracket, River Ridge, Louisiana, will go up against Wailuku, Hawaii, in a rematch of their first game in the tournament eight days ago, when Wailuku won 5-2. Little League World Series teams consist mainly of boys between 10 and 12, although 12-year-old Minnesota pitcher Maddy Freking became the first girl in the tournament this year since Mo'ne Davis in 2014. ABC will air Japan vs. Curaçao at 12:30 p.m. ET and Hawaii vs. Louisiana at 3:30 p.m. ET on Saturday.

Source: Bleacher Report , CBS Sports
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