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 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.
Trump's move comes after China moved forward with plans to impose new national security legislation and Secretary of State Mike Pompeo said the territory no longer warrants special treatment under U.S. law that has enabled it to remain a global financial center.
Trade between the United States and Hong Kong is estimated at $38 billion a year. The territory also hosts some 1,300 U.S. companies, including nearly every major financial institution. The State Department also estimates that 85,000 U.S. citizens reside in Hong Kong.
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