Dow dives as America's trade war with China escalates; At least 31 people killed after 2 shootings in 13 hours; Trump condemns "racist hate" but doesn't address own rhetoric

The Lead with Jake Tapper

CNN

News

3.5 • 1.7K Ratings

🗓️ 5 August 2019

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

El Paso police official: Gunman has shown no remorse; Dayton police: Gunman had up to 250 rounds of ammo; Two Dayton shooting survivors speak with CNN; NRA "welcomes" Trump's remarks after two mass shootings; Obama urges Americans to reject language from leaders that "normalizes racist sentiments"; Trump: U.S. must condemn racism, bigotry and white supremacy; Texas suspect posted racist rant minutes before attack; Law enforcement struggles to keep tabs on racist sites used by mass shooters; Biden talks to CNN about this weekend's mass shootings; Biden: Trump "dumbing down" the way we talk about each other; Biden: Looks like Trump "flat abandoned the theory that we are one people"; Remembering the victims of the El Paso, Dayton shootingsTo learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	This is CNN Breaking News.
0:04.0	Welcome to the lead, I'm Jake Tapper.
0:06.0	We begin with Breaking News and our money lead, a huge loss on Wall Street today.
0:10.0	The Dow closing in just a moment down, hear the bell there down around 750
0:14.2	points amid an escalation in the US China trade war CNN's Allison Kossack is at the
0:19.6	New York Stock Exchange Allison why What exactly prompted this big drop?
0:24.0	Because of an escalation in this tip-for-tat trade war, that's why we saw these massive losses in the stock
0:30.8	market. Overnight, the latest salvo coming from China,
0:34.5	devaluing the Yuan its currency against the dollar.
0:39.5	There also now is a worry that there could be a global currency war on top of the trade war.
0:45.4	Now China is saying that this wasn't a deliberate move but many believe it is in
0:49.6	retaliation for President Trump promising to slap a 10% tariff on the final $300 billion in Chinese goods.
0:57.6	That tariff going into effect on September 1st.
1:00.3	It's something that White House advisors had tried to get the president not to do because
1:05.1	especially of that timing Jake.
1:07.2	It's supposed to go into effect once again on September 1st.
1:09.8	That's right in the middle of back-to-school school shopping so that could hit American consumers
1:14.1	really hard because that tariff will hit those consumer products and clothing and
1:18.7	American companies are caught right in the middle.
1:21.0	J.
1:22.0	Allison how long how much longer should we expect to see this market volatility?
1:26.4	And that's why you're seeing this kind of move today, especially with the Dow
	...

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