Trump's immigration plan; China warns U.S. on aluminum; Britain's bank notes

What's new... what's next   By Matt Egan, Patrick Gillespie, Julia Horowitz and Paul R. La Monica of CNNMoney 1. Trump immigration plan to cost 4.6M jobs  The immigration bill President Trump is backing would result in millions of lost jobs and less economic growth, according to an analysis published Thursday by the University of Pennsylvania's Wharton School. Put simply: Fewer foreign-born workers in the U.S. means fewer workers overall. That means less economic growth. For years the U.S. has depended on immigrants to grow the labor force. Cutting back on legal immigration, as the bill aims to do, risks job growth and economic growth, researchers concluded.   2. China warns U.S. over aluminum dispute China has told the Trump administration to tread carefully in a spat over aluminum exports if it wants to avoid damaging the relationship between the world's two largest economies. On Thursday, the Chinese Ministry of Commerce pushed back at U.S. suggestions that its aluminum foil shipments are unfairly subsidized, calling them "without foundation." Earlier this week, U.S. Commerce Secretary Wilbur Ross announced a preliminary decision to slap duties on aluminum foil from China that go as high as 81%. 3. U.K. still plans to use animal fat in its cash The Bank of England will continue to use a small amount of tallow, which is derived from animal fat, in its new plastic notes. It made the decision despite protests from vegetarians and some religious groups. More than 130,000 people signed an online petition urging the central bank to stop using tallow, to no avail. The BoE did look at alternatives, but it rejected using a possible substitute made from palm oil due to environmental and cost concerns. 4. Retail apocalypse for big department stores Macy's, Kohl's and Dillard's all reported a drop in same store sales for their most recent quarter. The stocks plunged on the news. Can any of these struggling chains turn things around? It won't be easy. They are competing with a sizzling Amazon, a resurgent Walmart and many bargain-friendly fast fashion retailers like H&M and Zara. Not even the bankruptcies of smaller retailers have helped department stores. One analyst said they are stuck in a "retail ice age." 5. Quick Takes: India's Flipkart now has a $4 billion war chest to take on Amazon The infamous O.J. Simpson white Bronco is for sale A robotic crib rocked my baby to sleep for months Blue Apron can't catch a break. Its stock plunged 15% after earnings Chipotle closes Dallas restaurant where mice were spotted Consumer Reports pulls recommendation for Microsoft Surface laptops 6. What's next: Spotlight on inflation: Many economists, including ones at the Federal Reserve, are puzzled over how inflation remains relatively weak even as the labor market remains strong. New numbers on consumer prices for July are due out at 8:30 a.m. ET on Friday. Economists expect the report to show that inflation stayed well below the Fed's 2% target last month. Speaking of the Fed... Neel Kashkari and Robert Kaplan, two Fed officials who vote on interest rate policy, are scheduled to speak on Friday. Wall Street will be looking for signs that the Fed plans to begin shrinking its balance sheet as soon as September.  Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences