abc's rebecca jarvis is live on wall street for us tonight. rebecca, a big move fr, china labeled as a currency manipulate toy tonight. >> reporter: that's right, david. consider this a major escalation. the big question on wall street tonight is how much longer this game of chicken lasts. u.s. businesses acknowledge they would like to see a more even playing field with china, but this latest round of tariffs means consumers here in the united states, as well as businesses will be paying a higher price for everything from toys to clothes to shoes to phones to computers, david. >> and rebecca, so much of this trade war and this tension with china is what's leading to this uneasiness on wall street. any sign that's going to ease any time soon? >> reporter: no, absolutely not, david. the volatility looks like it will continue here on wall street and around the globe as far as stocks are concerned, david. >> rebecca jarvis live on wall street for us tonight. rebecca, thank you. >>> meantime, overseas tonight, north korea reportedly firing off a new

rebecca jarvis helping us to de-stress. thank you, rebecca. now to rob. >>> good morning, david.es of lake michigan. we're here, and we're so excited. happy birthday. we got girl scouts, right? the "gma" summer road trip continues in milwaukee. [ cheers and applause ] >>> all right. so many deals. so little time. tory johnson has big savings on six items, all $20 or less. >> yes. >> starting with bombas. >> that's all we need to say. this company is awesome for your heart and your soul. >> oh. >> because everything is engineered for comfort, but even more important than that, for every pair they sell, they donate a pair to a homeless person in the united states. more than 20 million pairs have been donated. i would say "gma" viewers have a lot to do with that because this is one of the most popular. today, i have the biggest assortment i have ever brought you. men, women and kids. the kid sizes are cute. we have to start these babies young. we got a huge assortment. normally $12 to $24. today, they are all slashed in half, $6 to $12. >> they're the most comfortable socks. complet

here's rebecca jarvis. >> reporter: katy perry's "dark horse", one of the biggest hits of 2013.e than 13 million copies worldwide. racking up more than 2 billion views on youtube. performed live at the super bowl. >> katy perry! >> reporter: the music video even won the 2014 mtv best female video award. for now it appears that the party is officially over. perry and her team found guilty of copyright infringement. a jury today awarding christian rapper marcus gray $2.78 millio the estimated millionrofit e recmade. gray who goes by flame that she told the riff from "joyful noise", to create one of the underlying beats for "dark horse." let's play that again. here's one. here's the other. gray first filed the lawsuit against perry in 2014, saying that his song's memorable beat had been stolen. while perry's team argued in court that gray was trying to own basic building blocks of music that could hurt all songwriters. >> very rare that you're going to hear some completely esoteric melody in a pop song, because that kind of defeats the definition of pop. >> reporter: gray's legal t

here's rebecca jarvis. >> reporter: the worst day for stocks so far this year. negotiations with china stalled. and the protests in hong kong. tonight, president trump on the defensive. insisting his trade war has not caused the market plunge. tweeting, china is not our problem. our problem is with the fed. but the fed cut interest rates just last month. and the president has backed off his threat to impose new tariffs on more than $300 billion of chinese goods. >> we're doing this just for christmas season. just in case some of the tariffs would have an impact on u.s. customers. but so far, they've had virtually none. >> reporter: but the pain already being felt by american farmers. china no longer buying our soybeans. >> a lot of farmers will have to come up with an alternative. >> reporter: and the inverted yield curve, the yield on the ten-year treasury bond dipping below that of. >> if it were to stay in this condition for three to six months, you will see people start to be more concerned. >> economy is strong, blaming the fed. if they cut the rate again,

let's get right back to rebecca jarvis on wall street for us. his morning on wall street. typically we talk about stocks. there's another market, the bond market that is trillions of dollars larger than the stock market. yesterday it flashed a big red warning signal about the economy. it's called an inverted yield curve. investors are getting paid more for taking on near term risk than long term risk. on the one hand you have a resilient u.s. consumer. walmart reported earnings above expectations showing consumers are hanging in there. at the same time there's the trade war, potential price increases coming, potential issues for businesses on the horizon. those are what's weighing on sentiment here with stocks, even if you look at this year so far, the stock market is still up after all of this volatility, about 13%, meaning that retirement savings should also be higher. david? >> rebecca, thanks to you. she'll be back in our last half hour to prepare. we hate to talk about recession, but because there are these indicators, we should be prepared.

rebecca jarvis, abc news, new york. >> our thanks to rebecca for breaking that down.republican congressman steve king is under fire once again. this time for questioning if humanity would exist without rape and incest. >> a long-time iowa representative made the controversial comments while defending legislation banning all abortions even in cases of rape or incest. >> what if it was okay and what if we went back through all the family trees and just pulled those people out that were products of rape and incest? would there be any population in the world left if we did that, considering all the wars and all the rape that's taken place? >> earlier this year king was rebuked by the house and stripped of committee assignments after asking how terms like "white nationalist" and "white supremacist" became offensive. his latest remarks have sparked new calls to resign. among them liz cheney saying, quote, it is time for him to go. >>> new details on the death of accused child sex trafficker jeffrey epstein. "the washington post" is reporting the autopsy found broken bones i

pa move that rattled inves tors according to rebecca jarvis. >> think about it like this. what it's telling wall street is that a recession could be coming in the next six to 18 months. >> the last time this happened, right on before the big recession in 2007. >> they are lookinged a trade issues and the europe being an economic attraction will affect our economy. >> investors are nervoused about the trade war with china. president trump has backed off on tariffs for chinese goods. >> we are doing it for christmas season. just in case it will have an impact on the u.s. customs. >> reporter: now in a series of tweets, the president insisting unlike others, our economy is strong. adding of course china wants to make a deal and blaming the federal reserve. saying china is not our problem. our problem is with the fed. what does it mean if you have been saving for the long term. your 401k still should be doing better than it was last year. >> elizabeth, thank you. >>> now to republican steve king in iowa, he is questioning whether humanity would exist without rap sberks incest.

abc's chief business correspondent rebecca jarvis. >> think about it like this. what it's telling wall street is that a recession could be coming in the next six to 18 months. >> experts say investors are also nervous about the rising trade war with china. president trump has backed off his earlier threat to impose new tariffs on chinese goods. the president insisting unlike others, our economy is strong, adding china is not our problem. our problem is with the fed. so you may be wondering what does this mean if you have been saving for the long term. despite the major losses, experts say your 401(k), it should still be doing better than it was last year. live in new york, elizabeth hur, abc 7 news. >>> happening today, san francisco governor gavin newsom will meet with teachers who struggle to live near their workplace. the governor says he has made housing affordability a top a $7 billion investment for new home construction. governor knew some's meeting is at 10:30 at francis scott key elementary on 43rd in the outer sunset neighborhood. >>> b.a.r.t. is gettin

here's abc's rebecca jarvis. >> reporter: it's a battle so prevalent even the head of youtube, ceo susan said she's having it with her kids, too much screen time, telling "the guardian," "i have times when i take away all my kids' phones, especially on a family vacation, because i want people to interact with each other." it comes back to balance. new york mom megan can relate. she says she can't get her kids away from screens and they're weeks away from starting school. >> it does have to be structured very differently during the school year mainly because there's no wiggle room. >> reporter: even though it's been a long summer of video games and smartphones her kids don't want to put the screens away. >> they don't understand when i do say no. so that's when the outrage and the whining comes in. >> reporter: according to the american association of pediatrics, children 2 to 5 years old should only be on screen for one hour a day. while children 6 and older should have limits on what kind of media they should use to make room for sleep and physical activity. during the school year it's

here is abc's rebecca jarvis tonight. >> reporter: tonight, the cost of those tariffs set to take effect next month. china going to retaliate. smartphones, furniture, toys, and clothes coming from china to the u.s. subject to a new 10% tax, paid to u.s. customs by u.s. businesses when the goods enter our country. while most companies believe something should be done to level the playing field, many warning customers will bear the burden. foot weir will bear the burden. some running sneakers could spike from $150 to more than $187. iphones could see prizes rise $10 if apple decides to pass the cost to consumers. it will be a tough sell with corporate america saves about $100 billion a year because of tax cuts. either way, it hits bottom line. >> all right, thank you on a friday night. >>> in other news here tonight, the trump administration is formally withdrawn from an arms control treaty with russia. want treaty signed by ronald reagan and mikhail gorbachev. and the u.s. says they violated the treaty. russia denies the claim >>> there is now reporting on the deadly rampage at a food fes

here's rebecca jarvis. >> reporter: tonight, that selloff on wall street. the dow plunging 800 points. the worst day for stocks so far this year. rattling investors, an escalating trade war with china, negotiations stalled. and the protests in hong kong, demonstrating china's willingness to dig in its heels. tonight, president trump on the defensive. insisting his trade war has not caused the market plunge. tweeting, china is not our problem. our problem is with the fed. but the fed cut interest rates just last month. and the president has now backed off his threat to impose new tariffs on $300 billion of chinese goods. everything from laptops to shoes to phones. >> we're doing this for christmas season. just in case some of the tariffs would have an impact on u.s. customers. but so far, they've had virtually none. >> reporter: but the pain already being felt by american farmers. like john, who grows soybeans in illinois, soybeans china is no longer buying in retaliation. >> a lot of farmers will have to come up with an alternative. >> reporter: and tonight

here's abc's chief business correspondent rebecca jarvis tonight. >> reporter: tonight, the cost of those tariffs set to take effect next month, and china promising to retaliate. smartphones, furniture, toys, and clothes coming from china to the u.s. subject to a new 10% tax, paid to u.s. customs by u.s. businesses when the goods enter our country. while most companies believe something should be done to level the playing field, many warning customers will bear the burden. footwear officially one of the hardest hit categories, with 70% of all shoes sold in the u.s. coming from china. $150 running sneakers could spike to nearly $190. iphones manufactured in china could see prices rise $100 if apple decides to pass the cost to consumers. and these prices would rise if businesses choose to pass the cost to consumers but that's going to be a tough sell with corporate america saving about $100 billion a year because of tax cuts. either way, it hits bottom line. which is what is rattling investors, david. >> rebecca, thank you on a friday night. >>> in other news here tonight, the trump adminis

rebecca jarvis is here to help you maximize your savings. eak. we're talking about thanksgiving and christmas. >> reporter: that's right. really good travel deals right now, tom. if you have been dreaming of a getaway, this is the time for you, plus what you should and shouldn't buy this weekend. with labor day comes the end of summer, and those end of summer sales. so what should be on that shopping list if you are looking to save? travel. now is a great time to plan those holiday getaways. according to travel sit hipmunk, the lowest prices for thanksgiving and christmas can be found the first week of september. book next week, you could save yourself as much as 12% on those thanksgiving tickets and almost 20% on christmas flights. other deals to look out for this weekend, summer gear. significant savings on grills, patio furniture and camping stuff. rei and columbia running big outdoor gear sales now and summer clothing now deeply discounted, but you can skip colder weather clothes. those prices drop later in the season after halloween. >>

let's get more on this now from our chief economic adviser rebecca jarvis.n this president sent out this tweet, you saw this swing in the stack market. >> and this is the tit for tat that wall street was worried about with a trade war from the very beginning. now every single chinese good that comes to the u.s. is going to be subject to a tariff, and in real terms, those are things that people use. toys, clothes, shoes, electronics, and that's why you saw the stocks of retailers like target and nike and best buy, they were hit especially hard. these businesses either have to eat those costs, george, or pass them off to the consumer and most people are anticipating that consumers will pay higher prices as a result. >> the president says china will pay it. that's not entirely accurate. it works as a tax on the american consumer. >> it works as a tax on everyone. that's why an analyst called it a sword at the throat of the u.s. economy. the federal reserve has laid out the fact that tariffs are the single biggest threat to the u.s. economy and the global econom

rebecca jarvis saying a couple things are rattling wall street right now. >> first of all, you have what's called the inversion in the yield curve. think about it like this, what it's telling wall street is that a recession could be coming in the next six to 18 months. >> another issue, the trade war with china. >> from a wall street standpoint, the issue is now where do the talks go from here. is there even potential for any kind of resolution before the 2020 elections. goldman sachs believes that no, that's not going to happen. >> meghan tevrizian, abc news, new york. >> if you have driven in san francisco no doubt you've seen them, those red transit only lanes that line some major streets in the city like market street and mission. now more and more are popping up. that is the problem for some as you can see. it's these here where you're not supposed to cross the solid line into the lane and businesses say that is affecting them. if you're not supposed to be in that lane, how can you then make a right-hand turn into the drive away of a business. one group of business owners who fought b

than the two-year, a move that rattled investors according to abc's chief business correspondent rebecca jarvis. >> think about it like this. what it's telling wall street is that a recession could be coming in the next six to 18 months. >> reporter: experts say investors are also nervous about the rising trade war with china. president trump has backed off his earlier threat to impose new tariffs on chinese goods. now in a series of tweets, the president insisting, unlike others, our economy is strong, adding china is not our problem. our problem is with the fed. >> so what does this mean if you have been saving for the long term. despite major losses, experts say your 401(k) should still be doing better than it was last year. elizabeth hur, abc news, new york. >>> happening today in san francisco. governor gavin newsom will meet with teachers and public safety ve near work. >> the governor says he's mading housing affordability a top priority. governor newsom's meeting is at 10:30 on 43rd avenue at francis scott key elementary. >>> warning signs pop up in an oakland neighborhood, but the city

rebecca jarvis is on the stock exchange floor. >> we'll have more on that in a moment. >>> first, we begin with the search for answers and solutions after those two deadly mass shootings. this morning we're learning more about the victims and heroes and now a plea from those who lost loved ones. marcus moore is in el paso starting us off with the latest. good morning, marcus. >> reporter: robin, good morning. the area around the walmart is still closed off as investigators try to recreate saturday's horror and this morning the grim news that the death toll has climbed even higher. the massacre at this el paso, texas walmart has now claimed at least 22 lives as officials announce more victims succumbed to their injuries. law enforcement also telling abc news the suspect, patrick crusius, had driven to el paso looking for mexicans to shoot. he initiunbee was hungry. satisfied with the crowd of thousands taking advantage of back to school sales at the busy walmart, just five miles from the u.s./mexico border, police say the shooter returned, this time armed and ready to open fire. >> we

here's abc's rebecca jarvis. >> reporter: lori bergamotto is a busy mom of two.r full-time job as style director for "good housekeeping" magazine. lori tries to relax with her family on weekends. but when sunday rolls around -- >> hello from sunday night, it's almost 11:00, i have the scaries, i know that i won't be able to sleep tonight. >> reporter: the sunday scaries hit. that anxiety that creeps in before the start of a new week. a phenomenon experienced by 81% of americans, according to one survey. what's the worst part of the sunday scaries? >> i either can't go to sleep until well after midnight, or i'll fall asleep and wake up around 1:00 and then i'll just be up until 4:00 a.m. did i respond to emails i need to respond to, are there things i can do tonight for the week to go smoother, for monday morning to be a little bit easier? just literally every single thing that can happen, for some reason sunday night is when i think about it. >> reporter: we brought in michelle bombaysy, the healthy monday adviser from columbia university medical center, to help

rebecca jarvis is here with more. good morning, rebecca. >> reporter: good morning, michael.life changes, divorce, illness, they not only take a huge emotional toll, but they can also come with financial hardship, but this single mom that you are about to meet has the strategies to help you take control. meet 33-year-old kumiko love. >> oh my gosh. >> reporter: she's the financial counselor behind the blog, the budget mom, where she shares her best tips for living debt-free. but she wasn't always a savvy spender. >> i didn't manage my money in my 20s and i had no concept of what debt truly was or what that meant for me in my future. >> reporter: as a newly single mom, starting over in her 30s, the combination of a car loan, student loans and credit cards added up to more than $77,000 in debt. >> my first reaction was tears, but for the first time in my life, i knew exactly the mountain that i needed to climb. >> reporter: she used what she calls the budget by paycheck method to get back on track. step one, track your spending and create a realistic budget. >> creating a budge

rebecca jarvis is here to help, and good morning to you, rebecca. >> hey, michael. >> hey, hey, hey.pend about a thousand dollars on gifts over the holidays. the best gift you can give yourself is a debt-free christmas, and the way that you do that is by starting now, thinking about how much money you're going to be spending, not just on gifts but on travel, on food, the whole picture so you want to put together an idea as a family of how much money you'll spend on those three items, gifts, food and travel, and then start using something like this savings calculator which you can find at bankrate.com. so let's say you as a family on all of those items are going to spend $1,200. well, you need to start thinking about that goal today to get to that debt-free christmas. so you enter in that $1,200 here and then calculate and here's what you're going need to be setting aside right now, $399.33, about $400, michael, per month. but if you think about that on a daily basis that breaks down to about 13 bucks a day. >> so one cup of coffee. >> in new york city, for sure. >> in new york city,

rebecca jarvis is here on how the beat the nerves and start the week off right. >> great to see you.kicking off the weekend. by the time sunday rolls around, like clockwork, those feelings of scaries? >> reporter: lori boergamotto i a mom. from appearing here on "gma," to being a style editor. lori tries to relax with her family on weekend. >> that was fun. >> reporter: but when sunday rolls around -- >> it's almost 11:00. i have the scareys. i know that i won't be able to sleep tonight. >> reporter: the sunday scareys hit. that creeps in before the start of a new week. a phenomenal experienced by 81% of americans according to one survey. what's the worst part of the sunday scaries? >> i either can't go to sleep until after 1:00 a.m. or after midnight, or i'll be up until 4:00 a.m. >> i responded to emails i need to respond to. are there things i can do tonight to make the week go smoother or make monday morning easier? >> literally every single thing that can happen for some reason, sunday night is when i think about it. >> breathe it in. >> reporter: we brought in michelle bombasi,

rebecca jarvis has a lot more on this.pening right now. a lot of negotiations are happening. this is a tough transition, especially with back to school, moving the kids from freedom of summer to the structure of school, but there are ways to minimize screen time and keep your sanity. >> reporter: it's a battle so prevalent even the head of youtube, ceo susan wojcicki, says she's having with her kids. too much screen time. in a new interview telling the u.k.'s "guardian" newspaper i have times when i take away all my kids' phones, especially on a family vacation, because i want people to interact with each other. it comes back to balance. new york mom megan can relate. she says she can't get her kids away from screens, and they're just weeks away from starting school. >> it does have to be structured very differently during the school year mainly because there's no wiggle room. >> reporter: even though it's been a long summer of video games and smartphones, her kids don't want to put the screens away. >> they really don't u

abc's rebecca jarvis is here with more on this. hey. >> hey, cecilia, great to see you. in debt. i know i did. i know you did, cecilia. but the woman you're about to meet found a way to pay it all off in just under two years. here's how she did it. like many 20 something, sarah mcgowan graduated college with a degree and also deep in debt. >> when i was applying to colleges i was looking at the costs, and i narrowed it down to three universities but ended up choosing the university of minnesota in the twin cities because it was the most affordable. >> reporter: to minimize that debt sarah even finished in just three years but still found herself with $36,000 in student loans at graduation so she took action. >> looked at the total cost that i owed and then they give you the number, what it will be at the end of your ten-year payoff. i remember it was about a $20,000 difference. i thought, there's so much more i can do with that extra 20,000. >> reporter: sarah committed to a time line and found a conspiracy system. >> my friends and i were so great about helping each oth