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As Chinese consumers' shopping preferences and habits are changing, brands, especially those in manufacturing, should innovate their production and operation to boost the supply chain efficiency, said Manny Maceda, worldwide managing partner of global consultancy Bain & Company.

Apple CEO Tim Cook speaks during a special event at the company's headquarters of Apple Park in a still image from video taken in Cupertino, California, Sept 15, 2020. [Photo/Agencies]

Apple, heavily dependent on China for assembly of its iPhone and laptops, closed at 8.97 a share, up .49, or 4.2 percent. The latest round of tariffs would have hurt Apple's launch of this year's new iPhone line, which usually happens in late September.

Apple shares fell as the main supplier for its Face-ID technology, Lumentum Holdings Inc, slashed revenue and profit forecasts, citing reduced orders from a major customer. Lumentum shares tumbled 33.0 percent and shares of other Apple suppliers also dropped.

Apple CEO Tim Cook, Alphabet (parent company of Google) CEO Sundar Pichai, Amazon CEO Jeff Bezos and Facebook CEO Mark Zuckerberg were asked during a House Judiciary subcommittee investigating the practices of major US technology companies whether they believed the Chinese government was stealing intellectual property from American companies.