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Technology shares led declines, with Apple falling as much as 1.7 per cent. Retailers such as WalMart and Target risk being swept up in an escalating trade war if further tariffs hit a broad range of consumer goods, from TVs to sneakers.

"The president has had a couple of tweets suggesting he's in no hurry to craft an agreement, but despite this, talks are apparently going to resume".

"The question is whether anything has changed, " said Jeff Moon, a former United States trade negotiator in the Obama administration.

American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the USA business lobbies behind the poll to urge the Trump administration to reconsider its approach.

One researcher at Taiwan's Chung-Hua Institution for Economic Research, Roy Chun Lee says that "the historical example of the U.S. -Japan economic conflict suggests that the U.S". Oil was poised for a weekly gain as traders keep watch on Hurricane Florence.

A day earlier, more than 60 United States industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

Treasury secretary's attempt to restart trade talks with Beijing and China welcomed the invitation on Thursday.

Tech giant unveils 3 new iPhone X versions, new Apple Watch
On the camera front, the XR features a single 12-megapixel wide-angle camera on the rear, with the same specifications as the XS. New iPhones shipping to Hong Kong, China and Macau will all have SIM trays that can hold two SIM cards each.


On Friday, Trump instructed aides onto proceed with tariffs on about $200 billion worth of Chinese products despite, Bloomberg says, citing four people familiar with the matter.

It remains unclear when the new import taxes - which could be as high as 25% - will go into effect. It led United States stocks to trade lower, fueled drops in the Chinese yuan in offshore trading and gains in the dollar index, and sent the S&P 500 index negative.

According to many recent reports, Taiwanese companies are already beginning to shy away from the Chinese market because of the likelihood that their products manufactured in China will be targeted by the Trump administration.

His comment tempered cautious optimism among investors over the USA government's proposal for another round of talks with Beijing. And we all know when the New York Stock Exchange sneezes, world markets catch a cold.

US President Donald Trump said last week that in addition to preparing tariffs on the further US$200 billion worth of goods, he had tariffs on an additional US$267 billion worth of goods ready "on short notice if I want".

The Chinese offensive via the WTO dispute-settlement mechanism follows Trump's unilateral trade measures against its major trading partners. Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for global affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.

But Beijing has come up with a non-tariff move to deal with the escalating trade battle, and it's making many American businesses' worst fear come true.


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