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U.S. to End Hong Kong's Special Treatment, Trump Says

Published 05/29/2020, 03:02 PM
Updated 05/29/2020, 03:11 PM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com - President Donald Trump said the U.S. would eliminate the policy that grants Hong Kong special treatment in the wake of Beijing's power grab in Hong Kong, but he stopped short of imposing new sanctions on China.

The move comes just days after China imposed a new national security law on Hong Kong that cracks down on public demonstrations. Under the new law, Beijing has violated its pledge to ensure Hong Kong retains its high degree of autonomy that has allowed the city to receive special status from the U.S., Trump said.

The S&P 500 moved into positive territory as Trump stopped short of any trade sanctions.

Ahead of Trump's speech, many were concerned the U.S. could impose sanctions China and risk retaliation that could escalate tensions and potentially undo the trade truce agreed earlier this year.

The president also said the U.S. would sever its relationship with the World Health Organization, and redirect funds from the world health watchdog to other groups.

 

Latest comments

Hong Kong citizens are very happy, thanks a lot!
He lies, he cheat and he farts....
You must be talking about China Joe.
Grow up and let’s grown up talk
Of course trump will bow to china. This entire fake economy depends on China, and Trump has an election to worry about. If you didn't see this coming then you are less educated than faga king.
I dont recall, did Reagan bow to Dictators?
Bush?
Chinas rear end getting sore from Trump kissing.
good
waste his speech favour of china ha ha ha
awesome
trump did obtain smith in exchange for giving up so easily. that is world ****
Impressive speach... Maybe better change president! US should not be under china... You really make America great again??
Hong Kong is not our problem
Wow. US under China? Maybe 300 years ago when there was no US at all.
USA must rally the world against China to force to behave and earn TRUST with its generosity by making all the neighbors at comfort. World must declare Tibet, Homgkong, Macau and Taiwan as an independent democratic nations. It is NOW or never.
Only your hoarsely howling echos afar and fades away forever.
No the US doesn't. Fight your own third world battles.
when looting starts, the shooting starts. LOL!! This is the most beautiful sight to behold for minneapolis. Karma
Trump... an insane man head of a crazy nation.
Donald needs some vagasil!
For his upper big loose hole or the lower tight one behind?
China is the Chessmaster. POTUS plays in his playpen
what HK special treatment? the issue is with China... ****are you talking about?
Open your eyes and ears
you have no clue.. sorry about your choice of words
Google what happened in HK in the past few years then u know why!
Wow, very impressive, Flippy Donald! Punishing China via self castrating in public plain view! Bravo!
F#%$ China 😂
Sure, after your self castration, what an asinine donkie!
Trump only thinking about wining election - he care ******about HK. Look what he put Canada thro’ - canada end up doing his dirty work & the canadian end up paying with conola & 2 ‘mics’ end up in lockup in china. Aust’ is not that stupit - PM play good cop (sided US) and Victoria minister Andrew play bad cop ( doing deal with china to get economy adv.).
good call, President Trump.
Trump’s China “speech” today was absolute rubbish. If he wanted to punish the Chinese, he should have ripped up the FLIMSY Phase 1 trade agreement he negotiated, which totally favors China. Even the markets responded positively because nothing he said was damaging to China. WHO, perhaps, and the world, but not China directly. Utter rubbish yet again. Trump is toast!
Yes, the acknowledgment is sad news for freedom, HK is now under Chn control, and the HK people will suffer, just like the chinese are captive to an authoritarian communist goverment. But UK ceded HK to China years ago and US doesn't have a law to do much about it. Now, from here, i totally disagree that the Phase 1 trade deal favors China (it was worse under Obama). Yes, markets were glad there's no economic war starting again, and it's just a political conflict - but HK stock market will drop, companies will move from HK to Singapore, Taiwan, Japan, Australia. "New" China (which includes HK) will loose some investment that will flee to other countries.
Trade deal terrible for US. Trump had to give the US farmers a multi-billion dollar handout so they would stop whining about all the money it cost them. That money would have gone a long way to save Covid-19 lives. But Trump used it to pay off his bellyaching base. And then what did they do? They plowed under their crops at a time when Trump forced many Americans into starvation. Disgusting!
 : Wasn't the status quo, before the trade deal worse than the result? Yes, during negociatons it was a rougher period (good time to buy cheap stocks), but China stealing US intelectual property, protectionism, state-subsidies and so on... needed to be dealt with ASAP. Parties helping their base happened under many democratic governors where all vice stores incl. marijuana sellers or PlannedParrenthood were declared essential business but it was forbidden to sell paint or veggie seeds. Despite chinese bots that keep leaving comments that republicans want to *****black people or russian bots that leave comments that democrats want to make all your kids gay, we are a united country that values liberty, democracy, freedom, capitalism, tho we many times disagree (even on gov sucessfull or unsucessfull handling or SARS2-Cov19 and who's to blame), vote differently and debate we can still get around the thanksgiving table together. :) Stay safe!
Revolucion!!! HK!!!
Mr Trump only want to shoot Americans, correction ...afro Americans...
democrat antifas you mean
 Desperate people. Desperate times
well it turns out that the people who were burning up the buildings were cops themselves so are they still "animals"?
support hk riots, suppress us protests!
Paul. Why don't you help HK thugs to take them to your homeland and appreciate the fire of democracy and freedom? That's really beautiful. Don't waste your imagination.
UK is offering visa to any hoongkonger that wants to flee. so is canada
You mean hooligan.
flip flop
Finally a U.S. President with the guts to make the right moves, even if they may be tough ones and unpopular sometimes. Someone who makes principled decisions for his country (and the world!), even if his prior personal life is not admirable, and his obnoxious personality is grating...what's actually important for the U.S. and justice worldwide is that he's clearly the best PRESIDENT since Reagan! He's proven that to anyone who wants to admit it, or look at it objectively.
insults, that's all the liberals ever add to political discussion
POTUS is an a/r/s/e/h/o/l/e jerk
 Incompetence, division and despair- THAT'S WHAT YOU REPUBLICANS BRING TO THE TABLE
and next week Trump will pop-up somewhere sometime to say that US will increase the tariff once again LOL
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