Disruptions from the pandemic, on top of the U.S.-Chinese tariff war, fueled warnings that relying too much on China leaves global companies vulnerable to costly breakdowns in the event of disasters or political conflict.

"Intel is well positioned to work with the U.S. government to operate a U.S.-owned commercial foundry and supply a broad range of secure microelectronics," the company said in a statement.

The news comes after Chile canceled a planned summit set for mid-November.

U.S. and Chinese negotiators are working to complete the text of an interim trade agreement for U.S. President Donald Trump and Chinese President Xi Jinping to sign in Chile on Nov. 16-17.

The S&P 500 hit a record high on Monday, while the Nasdaq fell just short of its lifetime high touched in late July as U.S. President Donald said he expected to sign a significant part of a trade deal with China ahead of schedule.

Another flashpoint has been a widening controversy over a tweet from a U.S. National Basketball Association official. His backing of Hong Kong democracy protests was rebuked by the NBA, sparking a backlash.

China's top official at the UN General Assembly, Foreign Minister Wang Yi, sat silently during Trump's remarks, showing no reaction on camera.

China on Wednesday announced it will exempt American industrial grease and some other imports from tariff hikes in a trade war with Washington but kept in place penalties on soybeans and other major U.S. exports ahead of negotiations next month.

The United States and China went ahead with their latest tariff increases on each other’s goods Sunday, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items in advance of the holiday shopping season.

Expect a direct hit on many U.S. consumers from U.S. President Donald Trump's latest round of tariffs on Chinese imports. He had no intention of pulling back on import taxes set to kick in Sunday.