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The UN official listed four major objectives to tackle the crisis and mitigate the COVID-19 effects: striving to save lives, boosting investments, improving human capital and putting the commitment to universal social protection into action.

The US scholar also said that China is facing some present and future challenges.

The United States and China have the most millionaire households in the world, the report said. The US has nearly 7.1 million and China is second with 2.1 million.

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The US assigns the same high degree of importance to the military-to-military relationship as China does, Mattis said.

The US economy contracted at an annual rate of 5 percent in the first quarter this year, according to the Commerce Department. That figure, however, still does not fully capture COVID-19's economic damage, and many analysts believe that the decline in the second quarter is expected to be much deeper.

The US anti-missile system is designed to shoot down incoming missiles at an altitude of 40-150 km. DPRK missiles and artillery shells targeting South Korea fly at an altitude of less than 40 km.

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The UFS chip is faster than a typical flash memory card, and is essential for high-resolution games and movies.

The USCBC said a rollback of at least some of the tariffs imposed by both governments is expected, though it is not yet clear how many products will receive relief.

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The US carmaker said it will also engineer and build larger commercial vans for European customers, while Volkswagen will develop and build a city van.

The US-China tariffs levied by and on each other in these two years could reduce global GDP by 0.5 percent in 2020, Lagarde said.