China sharply criticises the USA for tightening chip export controls. Beijing responds to Trump's accusations of breaching the trade agreement, while American restrictions hit Nvidia and other companies in the semiconductor industry.

Just weeks ago, markets rejoiced as a de-facto trade embargo between the world’s two largest economies was called off — with US President Donald Trump declaring a “total reset” with China. Yet, the reality of that reset is starting to look awfully familiar.

The president's claim comes hours after US Treasury Secretary Scott Bessent stated that trade talks with China were "a bit stalled".