Top40 News for 07/26/2018

#5 Police arrest man suspected of starting California wildfire

A man was arrested Wednesday on suspicion of starting a fire that burned five homes and prompted evacuation orders for an entire Southern California mountain town.

Brandon N. McGlover, 32, of Temecula was booked on suspicion of setting five fires, including a blaze threatening an estimated 600 homes in the San Jacinto Mountains east of Los Angeles, state fire officials said.

It wasn't immediately clear whether McGlover had an attorney.

One of the fires erupted Wednesday afternoon and quickly grew to 7 ½-square miles (19 square kilometers), fueled by dry brush and trees in rugged terrain. It was burning in and around San Bernardino National Forest, prompting officials to order evacuations for Idyllwild and surrounding communities, which are home to about 12,000 people.

No injuries were reported but dozens of horses and other animals and several hundred people, including children from summer camps, went to shelters.

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#6 Tariffs are about to hit consumers, and it won’t be pretty

Tariffs the White House has levied thus far have fallen primarily on industrial supplies and components of other goods. That's about to change, and consumers will feel the bite if the tariffs are implemented as planned.

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Economists at Societe Generale estimate that the $200 billion under consideration against Chinese goods will raise consumer prices significantly.

Items such as furniture, air conditioning units and vacuum cleaners all will get costlier as part of a list of duties the administration said it will impose if no progress is made in trade talks. Of that group, about $45 billion comes directly from finished products common in many homes that will face 10 percent tariffs, according to SocGen.

Doing the math, SocGen economist Omair Sharif estimates that the tariffs will add 0.45 percentage points to the core consumer price index, or the reading of the closely watched inflation measure that excludes volatile food and energy prices. The impact would be about 2 basis points more for the headline reading.

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