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The United States' sanctions, a violation of free-trade principles and an example of US hegemonic policy, will backfire, Hong Kong civic groups and business leaders said on Thursday.

The United Kingdom-based global lender took advantage of the decision by Chinese regulators to relax the rules on foreign banks setting up here.

The US tariffs due on Friday on billion of Chinese goods, including electronic parts, could make it harder for some tech manufacturers to produce in the US, especially smaller enterprises.

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The US also has the most coronavirus cases, more than 18 million, and the most deaths, over 322,800, as of Wednesday, according to the Johns Hopkins University Coronavirus Resource Center.

The US-China trade frictions have brought concerns of great uncertainties to the market, which has led to recent yuan fluctuations, according to E Zhihuan, chief economist at the Bank of China (Hong Kong).

The US aircraft manufacturer has boosted its forecast for China, saying that over the next 20 years, the nation will need 7,690 new airplanes, according to a news release issued by Boeing in Beijing on Tuesday.

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The US Senate on Wednesday passed the Taiwan Travel Act, which aims to encourage high-level visit exchange between the United States and Taiwan. The US House of Representatives also passed the bill in January.

The UK government on Tuesday defeated an amendment proposed by a group of Conservative Party members of Parliament trying to stop local telecom operators from using Huawei in 5G construction.

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The US tech giant said revenue from iPhones declined 15 percent from the year-earlier period. In China, Apple reported revenue of .1 billion, down sharply from .9 billion the earlier year.

The US Commerce Department has miscalculated the rates and applied "Adverse Facts Available" without giving Chinese firms sufficient access for plea and response, according to Sun.