China's stocks and currency came under pressure as markets returning from a week-long break were greeted by a new trade dispute with the United States and ructions in the global artificial intelligence sector.

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

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The Chinese government’s move to open an antitrust probe into Google is the latest development in a long and entangled relationship that goes back to the early 2000s

Beijing responded to Trump’s tariffs on Chinese exports with tariffs of its own on multiple U.S. imports as well as an antitrust investigation into Google.