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Trade war

Asia tech bosses fear a US-China cold war splitting global market

Beijing accuses Congress of 'hysteria' in latest chip trade dispute

Jerry Yang, co-founder of Yahoo, warns of growing risks in the U.S.-China economic conflict while speaking at the Nikkei Forum on Jan. 17 in Singapore. (Photo by Ken Kobayashi) 

SINGAPORE -- The global economy faces "very serious disruption" from the escalating US-China trade war, business leaders have warned, as the U.S. renews allegations of trade theft against Huawei Technologies and lawmakers move to ban chip sales to key Chinese companies.

The business leaders' warnings came as Beijing condemned as "hysteria" a draft bill presented in the U.S. Congress to prohibit chip sales to Chinese companies found to have violated American trade sanctions and export controls. The draft legislation named both Huawei and ZTE, which was the target of a U.S. ban last year.

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