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The USTR said its proposed list of products is based on extensive interagency economic analysis and would target products that benefit from China's industrial plans while minimizing the impact on the US economy.

The US stock market took a hit after the announcement. But on Monday, the Dow Jones Industrial Average closed 336.70 points higher at 24,874.76 amid sentiment that Trump may change his mind under the mounting pressure, especially from his own Republican Party and the US business community. Trump is known for changing his rhetoric from time to time, from the Korean Peninsula to gun control.

The US has threatened to impose tariffs on 0 billion worth of imports from China following a Section 301 investigation into China's intellectual property policies and practices. China has vowed to fight back and has proposed tariffs on billion worth of imports from the US, including cars, soybeans and airplanes. Section 301 of the US Trade Act of 1974 deals with technology and intellectual property rights.

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The UN's International Labor Organization reported this week that the global workforce will be hit with the equivalent of the loss of more than 300 million jobs.

The U.S. Justice Department today filed its long-awaited lawsuit against Apple and major U.S. book publishers, alleging that they conspired illegally to raise e-book prices to counter Amazon’s deep discounting.

The US economy continues to slow, but job creation and consumer spending remain strong despite a global economic slowdown, government statistics show.

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The UN Economic and Social Commission for Asia and the Pacific said the pace of aging is more rapid in the developing Asian countries and occurring at a much earlier stage of development compared to more industrialized economies.

The US dollar bought 110.20 Japanese yen, higher than 110.08 Japanese yen of the previous session. The US dollar increased to 0.9969 Swiss franc from 0.9912 Swiss franc, and it rose to 1.3311 Canadian dollars from 1.3308 Canadian dollars.

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The US has already blacklisted dozens of entities and people for affiliations with the Revolutionary Guard, but the organization as a whole is not.

The UN Security Council imposed a series of economic sanctions against the DPRK after the latter conducted its first nuclear test in 2006.