'Hong Kong will now be treated the same as mainland China.' US President Trump ends Hong Kong's preferential status in response to 'oppressive' Chinese actions against the city
President Trump orders end to Hong Kong's special status under US law to punish China for what he called"oppressive actions" against former British colony.
US President Donald Trump has ended trade preferences for Hong Kong and signed into law an act that authorises sanctions on banks over China's clampdown in the semi-autonomous city amid tensions between Washington and Beijing. "Hong Kong will now be treated the same as mainland China, no special privileges, no special economic treatment, and no export of sensitive technologies," Trump said in the White House Rose Garden."And with it goes Hong Kong, in my opinion, because it will no longer be able to compete with free markets. A lot of people will be leaving Hong Kong.
Lawmakers hope the new law will force all but provincial Chinese banks to choose between abetting Beijing's efforts in Hong Kong, and being able to conduct transactions in US dollars and operate in the world's largest economy.
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