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.

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),

President Trump said that Beijing was not honoring the terms of a temporary agreement and warned of further confrontation.

US President Donald Trump signalled renewed trade tensions with China, arguing that China had "violated" a deal to de-escalate tariffs, at a time when both sides appeared deadlocked in negotiations.

China said it will not send its defense minister to the Shangri-La Dialogue in Singapore and recently escalated export restrictions.

Official PMI remains below 50, with ‘persistently high uncertainty’ in global trade tipped to weigh on growth outlook in both US and China.

Beijing said the decision to “aggressively” revoke Chinese student visas would “damage the image and reputation of the U.S.”

Friday closed down -0.15 (-0.25%), and July RBOB gasoline (RBN25) closed down -0.0221 (-1.08%). Crude oil and gasoline prices today fell to 3-week lows. Dollar strength Friday weighed on crude prices along with the escalation of trade tensions between the US and China,