Wall Street’s main indexes fell more than 1% on Thursday, as technology stocks were hammered by fears that the U.S.-China trade spat could turn into a tech cold war between the two countries.
Beijing said Washington needs to correct its “wrong actions” for trade talks to continue after the United States blacklisted Huawei Technology Co Ltd last week.
Although the Trump administration temporarily eased curbs on the Chinese telecoms gear maker, tensions again mounted on Wednesday following reports that the United States was considering sanctions on Chinese video surveillance firm Hikvision.
Investors now fret that tit-for-tat tariffs and other retaliatory actions by the world’s two largest economies will crimp global growth, and especially hit the high-growth tech sector.
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