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Trump to announce new US policy on China today, day after Beijing’s move on Hong Kong

China Thursday passed a new security law that effectively strips Hong Kong of political autonomy, escalating tensions with US, which had warned against the move.

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Washington: President Donald Trump said he’ll announce new U.S. policies on China on Friday, hurting sentiment in equity markets as investors brace for punitive action following Beijing’s move to impose national security legislation on Hong Kong.

“We’ll be announcing what we’re doing tomorrow with respect to China. And we are not happy with China. We are not happy with what’s happened,” Trump told reporters on Thursday, responding to a question about whether the U.S. would remain in the “phase one” trade deal he signed with Chinese officials in January.

He said he’ll hold a news conference to discuss China on Friday, but didn’t specify a time. The White House didn’t immediately give more information about the announcement, which would follow a move by China’s legislature on Thursday to approve legislation that Hong Kong democracy advocates say will curtail freedom of speech and undermine the city’s independent judiciary.

“All over the world, people are suffering,” Trump said, referring to the coronavirus pandemic which he has sought to blame on Beijing. “One-hundred eighty-six countries, all over the world, they’re suffering. We’re not happy.”

Asian stocks dropped with European and U.S. equity futures as investors took a cautious stance before Trump’s remarks. The yen edged up.

China’s move to crack down on Hong Kong and Trump’s threats to retaliate have further escalated tensions between the world’s two largest economies. The countries have already traded insults and blame for the coronavirus pandemic, which began in the Chinese province of Hubei but has killed at least 100,000 Americans, far more deaths than China has reported.

China has made a “huge mistake” in passing the national security law regarding Hong Kong, Larry Kudlow, the director of the National Economic Council, said earlier Thursday in a CNBC interview.

“Essentially they have robbed Hong Kong of their freedom,” he said. “We can’t let this go unnoticed and they will be held accountable for that. If need be, Hong Kong may now have to be treated the same way China is treated.”

Kudlow said that the “phase one” trade deal “does continue to go on for the moment and we may be making progress there. But I think their moves on Hong Kong are a very, very big mistake.”

Secretary of State Michael Pompeo said Wednesday that Hong Kong has effectively lost its autonomy and no longer warrants special treatment under U.S. law. The declaration opens the door for Trump to impose penalties ranging from modest sanctions to try to curb China’s actions against its territory to revoking Hong Kong’s special trading status with the U.S.

On Thursday, Pompeo told Fox News “the president will make a series of announcements with respect to this, that recognizes the threat to the United States of America, the American people’s security, as it emanates from this tyrannical regime inside of China.”

The most severe actions have the potential to reorient global trade, plunge U.S.-China relations deeper into crisis and end any hope for a new trade deal between the world’s two largest economies.

Chinese officials have warned they will implement countermeasures if Trump takes any action, which could potentially include a blacklist of U.S. companies. Both mainland and Hong Kong officials have sought to reassure the business community that essential freedoms will remain in tact — an assertion that has met with wide skepticism among the city’s democracy advocates.- Bloomberg


Also read: India denies Trump’s claim of phone call with Modi over stand-off at China border


 

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