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.

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.

Nvidia (NVDA) and other semiconductor stocks slid Friday amid worries about worsening U.S.-China trade tensions. Shares of Nvidia were down nearly 4% in recent trading. Advanced Micro Devices (AMD), Broadcom (AVGO),