The Federal Reserve which has been reserved about hiking rates is in a wait-and-see mode, but the chances of an "insurance" rate cut in the USA have increased, S&P said.
The BBC reported earlier on Wednesday that ARM, which is owned by Japan's Softbank, had instructed employees to halt "all active contracts, support entitlements, and any pending engagements" with Huawei after the United States added Huawei to a list of companies with which U.S. firms could not do business.
The U.S. leader said that if American companies did not like the tariffs on Chinese imports, they could move their production inside the United States or to another country whose manufactured products are not taxed when they are sent to the U.S. But the footwear lobby rejected Trump's suggestion.
The world's two largest economies have escalated tariff increases on each other's imports after talks broke down to resolve their dispute, and the acrimony has intensified since Washington last week blacklisted Chinese telecom equipment company Huawei Technologies Co Ltd. Skechers USA makes roughly 65% of its products in China, but only some is imported to the US.
Negotiations between the United States and China have soured dramatically since early May, when Chinese officials sought major changes to the text of a proposed deal that the Trump administration says had been largely agreed.
Accordingly, it's not time to lose hope but to have faith that both China and US can still find ways to work together and to meet halfway on a US-China trade deal, even if it takes longer than anticipated.
The acrimony between the two countries has intensified since last week when Washington put Chinese telecom equipment company Huawei Technologies Co Ltd on a blacklist that curbs Huawei's access to US -made components.
However, Mnuchin stressed that the administration has not yet decided whether to hit an additional $300 billion in imports with tariffs, extending punitive USA duties to virtually everything the United States buys from China.
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While China has not said whether or how it may retaliate against the measures directed at Huawei, state media have taken an increasingly strident and nationalistic tone and vowed Beijing will not bend to USA pressure.
Meanwhile, Pony Ma, the head of Tencent Holdings Limited, a Chinese multinational investment holding conglomerate, suggested the possibility of the ongoing trade war morphing into a tech war, citing Washington's crackdown on Huawei and ZTE.
It also said that 40.7 per cent of respondents were considering or had relocated manufacturing facilities outside China.
Equity markets have come under pressure this month amid the escalation in US-China trade talks.
"The Chinese government will probably wait to see if other provocations come from the Trump administration, but certainly they're sending some signals", said Wang Dong, secretary general of the Pangoal Institution, a Beijing-based think tank, who has served as a Chinese delegate at global security conferences.
Several rounds of talks between China and the United States on their long-standing trade quarrel have so far yielded no results. Washington also wants curbs on subsidies for Chinese state-owned enterprises and increased access for U.S. firms in Chinese markets.
The U.S. and China have been raising tariffs on each others' goods since summer 2018.
The public letter, which included more than 170 shoe companies and retailers, warned Mr Trump on the effects of his proposed China tariffs on the footwear industry in America.