Movers & Shakers: Sept. 3, 2019

The president says the tariffs against China are

China plans to sue the U.S. over tariffs. U.S.-China trade relations took a turn for the worse Tuesday when China’s Commerce Ministry said it would sue through the World Trade Organization dispute settlement mechanism. “China will firmly safeguard its legitimate rights and interests and resolutely defend the multilateral trading system and the international trade order,” China’s Commerce Ministry said in a statement, days after the two countries raised tariffs on one another's goods. Stock futures were sharply lower following the announcement.

Hurricane Dorian passes through the Bahamas. The hurricane, which has slowed to a Category 3 storm, is 35 miles northeast of Freeport Grand Bahama Island and is expected to dump several inches of rain over South Florida on Tuesday. Dorian has caused the cancellation of hundreds of flights across the Eastern seaboard and could cost insurers $25 billion.

The British pound sinks to 3-year low as Brexit battle heats up. The pound fell below $1.20 Tuesday morning, its lowest since October 2016, after Prime Minister Boris Johnson promised to call for an election if lawmakers don’t back his plans for a no-deal Brexit, which is scheduled to occur on Oct. 31, Reuters said.

New Jersey is on track to be the sports betting capital of America. Sports bettors in New Jersey placed $1.5 billion worth of wagers during last year’s NFL season, compared with $2.7 billion in Las Vegas, despite sports betting not being legalized until June, the New York Post said. The Garden State overtook Vegas in monthly sports wagers in May and July, and is expected to widen its lead during the NFL season due to more online sites opening over the past year.

California scuba boat fire kills 25. The U.S. Coast Guard said 25 people are dead and nine others remain missing after a scuba boat caught fire off Santa Cruz Island. The National Transportation Safety Board is scheduled to investigate on Tuesday.