July 24, 2018

China stood ready to retaliate on Tuesday as the US prepared to slap a second round of tariffs on $16 billion worth of Chinese goods in the escalating trade conflict between the world's two largest economies.

One of the largest acquisition deals in the semiconductor industry proposed by US chipmaker Qualcomm Inc could be jeopardized, experts said, as both sides showed no sign of backing down in a tussle centered on technology and intellectual property. 

The US Trade Representative's office announced that it will start public hearings on a proposed list of Chinese goods worth $16 billion targeted by punitive tariffs on Tuesday and Wednesday. 

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