President Donald Trump imposed 20% tariffs on China after taking office in January. Under a sweeping new plan aimed at stimulating U.S. manufacturing announced Wednesday, he added another 34% in reciprocal tariffs, bringing the total to 54%.

Lenovo said on Thursday it and Ericsson had reached an agreement on a global patent cross-licence and to settle all pending litigation, ending a worldwide legal battle.

The iPhone maker faced its biggest one-day drop in five years as investors panicked over Donald Trump's heavy tariffs on its supply chain hubs.