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There are a few sectors in which Americans could still feel the pain of higher levies longer term.
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Both countries promised to say more on Monday about what talks over the weekend achieved. Until then, investors and businesses are guessing.
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The consumer discretionary sector is particularly sensitive to soft consumer demand and tariff-fueled macroeconomic uncertainty.
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The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.
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