Investing.com - Global financial markets were on the backfoot on Thursday, as investors feared that the ongoing U.S.-China trade war was quickly turning into a technology cold war between the world's two largest economies.
The U.S. stuck Chinese tech giant Huawei on a trade blacklist last week, effectively banning U.S. firms from doing business with the world's largest telecom network gear maker, in a major escalation in the U.S-China trade conflict.
The U.S. has accused Huawei of activities contrary to national security, a charge Huawei denies.
In yet another sign of a deepening divide between the world's two largest economies, the Trump administration is reportedly considering slapping a similar ban on China's Hikvision, one of the world's largest surveillance companies.
Fears of another blacklisting added to speculation that U.S. President Donald Trump is looking beyond completing a trade deal with China to a potentially bigger battle aimed at curbing Beijing's technology ambitions.
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-- Reuters contributed to this report