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Jittery traders...Facing off China...City considers tobacco ban

May 7, 2019

WASHINGTON (AP) — Tensions caused by trade friction between the U.S. and China have rattled the stock market. Technology and industrial stocks, which do a lot of business with China and would stand to suffer greatly in a protracted trade war, led the way lower on Tuesday. The Dow fell 473 points. The S&P had its biggest loss since late March The Nasdaq fell 159 points, or 2%, to 7,963.

WASHINGTON (AP) — Accusing Beijing of “reneging” on commitments it made in earlier talks, U.S. Trade Representative Robert Lighthizer (LYT’-hy-zur) said today that the Trump administration will increase its tariffs on $200 billion in Chinese goods early Friday, a sharp escalation in a yearlong trade dispute. Meanwhile, a Chinese trade delegation is expected to arrive in Washington to resume negotiations on Thursday, a day later than originally planned.

HARTFORD, Conn. (AP) — A member of the family that owns Purdue Pharma cast blame on victims of the opioid epidemic in nearly 20-year-old emails that have been made public in a lawsuit brought by Connecticut’s attorney general. The lawsuit says Richard Sackler wrote to an acquaintance in 2001 that abusers were not the victims, but rather the victimizers. He was Purdue’s president at the time. In a deposition in another case, Sackler says his views have evolved and that he no longer sees addiction in the same way.

MOUNTAIN VIEW, Calif. (AP) — Analysts say Google is making a showing to set itself apart from competitors with its artificial intelligence updates and hardware expansions. Google has announced a new, cheaper Pixel phone and more advanced voice assistant capabilities as its annual developers conference opened Tuesday. The cheaper phones could make the company more competitive in a struggling smartphone market.

BEVERLY HILLS, Calif. (AP) —Beverly Hills is considering outlawing the sale of tobacco products, a move that would make the glamorous California city the first in the nation to enact such a ban. A draft ordinance going before the Beverly Hills City Council on Tuesday evening would exempt only three existing high-end cigar lounges. A report prepared for the council cites the city’s advocacy of healthy living and outlines the extensive adverse effects of tobacco use.