President Donald Trump’s administration has barred Nvidia Corp. from selling its H20 chip to China, an escalation of Washington’s tech battle with Beijing that will cost the company billions of dollars and hamstring a product line it explicitly designed to comply with previous US curbs.

Nvidia expects up to $5.5 billion in charges as a result of the Trump administration's licensing requirement to export its H20 chips to China.

European credit ratings agency Scope has warned that the United States could be downgraded if a lengthy trade war erodes long-term trust in the dollar, or if President Donald Trump implements even more extreme measures such as capital controls.

Sen. John Kennedy (R-LA), normally a fierce supporter of President Donald Trump, expressed some hesitation about tariffs when pressed Monday afternoon by CNN's Jake Tapper. Trump's plan calls for 10 to 49 percent import duties on virtually the entire rest of the world — with the rate calculated by how much of a trade deficit the United States has