Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Trump orders his administration to begin eliminating Hong Kong privileges

Published 2020-05-29, 04:28 p/m
Updated 2020-05-29, 04:30 p/m
© Reuters. U.S. President Trump holds news conference on China at the White House in Washington

© Reuters. U.S. President Trump holds news conference on China at the White House in Washington

WASHINGTON (Reuters) - U.S. President Donald Trump said on Friday he was directing his administration to begin the process of eliminating special treatment for Hong Kong, in response to China's plans to impose new security legislation in the territory.

Trump made the announcement at a White House news conference, saying China had broken its word over Hong Kong's autonomy. He said its move against Hong Kong was a tragedy for the people of Hong Kong, China and the world.

"We will take action to revoke Hong Kong's preferential treatment," he said, adding that the United States would also impose sanctions on individuals seen as responsible for smothering Hong Kong's autonomy.

Trump's move follows Chinese plans to impose new national security legislation on the former British colony. Secretary of State Mike Pompeo has said the territory no longer warrants special treatment under U.S. law that has enabled it to remain a global financial center.

Trump said he was directing his administration to begin the process of eliminating policy agreements on Hong Kong, ranging from extradition treatment to export controls.

He said he would also issue a proclamation on Friday to better safeguard vital university research by suspending the entry of foreign nationals from China identified as potential security risks.

Sources, including a current U.S. official, told Reuters on Thursday that the latter move, which had been expected, could impact 3,000 to 5,000 Chinese graduate students.

© Reuters. U.S. President Trump holds news conference on China at the White House in Washington

Latest comments

He IS the swamp
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.