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US Secretary of State Rex Tillerson (L) shakes hands with Thai Prime Minister Prayuth Chan-ocha during their meeting in Bangkok, Thailand, on Aug 8, 2017. [Photo/Xinhua]

US consumers also stand to suffer from rising tariffs.

Uber is gearing up to raise boat-loads of money, too. The company just hired Goldman Sachs to bring in new investment, following a report that it wants to raise another billion.?The San Francisco-based company has raised a total of .5 billion in funding, including .2 billion in its most recent raise, which was made at a billion valuation.

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US cheese-producing states, especially Wisconsin, the nation's largest producer, will benefit from China's recent move to reduce tariffs on cheese from 12 percent to 8 percent.

US President Donald Trump on Thursday signed a memorandum in the White House to impose tariffs on imports from China and restrictions on Chinese foreign direct investment in the United States.

US industrial production increased 5.4 percent in June from May — the second straight month production in factories, mines and utilities grew, the Federal Reserve said. Economists surveyed by Dow Jones expected 4 percent growth.

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US stocks tumbled in the first two trading days of October amid recession concerns and trade tensions between the US and the European Union. The market recovered later, with the S&P 500 ending the week 0.33 percent lower at 2,952.01 points.

US Ambassador to the European Union Gordon Sondland on Thursday testified to House committees over their impeachment inquiry, saying he and other US diplomats were "disappointed" by President Donald Trump's directive to work with his personal lawyer Rudy Giuliani on Ukraine matters.

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US-based truck manufacturer Navistar and Volkswagen said last year that they would launch an electric medium-duty truck in North America by late 2019, and develop hardware and systems to connect trucks to the internet.

US President Donald Trump said on Friday his summit with Democratic People's Republic of Korea's top leader Kim Jong-un would proceed as planned on June 12 in Singapore, and he looks forward to the day when he can take sanctions off the country.