CNBC: Trump taking action to eliminate special treatment for Hong Kong
* President Donald Trump announced he would begin taking steps to revoke Hong Kong’s favored trade status with the United States.
* “My announcement today will affect the full range of agreements that we have with Hong Kong, from our extradition treaty, to our export controls and technologies,” Trump said.
* Financial markets reacted positively to Trump’s announcement, reflecting overall relief that Trump did not announce more drastic and punitive measures.
WASHINGTON -- President Donald Trump on Friday announced he would begin taking steps to revoke Hong Kong’s favored trade status with the United States, in response to a controversial new security law passed by China’s parliament that would effectively bar political protest in Hong Kong.
“I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment,” Trump said during a Rose Garden event at the White House.
“My announcement today will affect the full range of agreements that we have with Hong Kong, from our extradition treaty, to our export controls and technologies,” Trump said. “We will take action to revoke Hong Kong’s preferential treatment as a separate customs and travel territory from the rest of China.”
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WNU Editor: This is going to hurt Hong Kong .... and China. This is what this means .... Imaging Hong Kong Without Its U.S. Special Status Deal (Forbes).
More News On President Trump Starting The Process To Revoke Hong Kong Trade Privileges
Trump to end special treatment for Hong Kong -- The Hill
To punish China, Trump begins to revoke Hong Kong trade privileges -- Politico
Trump strikes China over virus, Hong Kong and student visas -- AP
U.S. businesses awake to 'sad day' in Hong Kong as Trump moves to squeeze economic ties -- Reuters
That's just the beginning.
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