President Donald Trump: U.S. will be 'eliminating special treatment for Hong Kong’
President Donald Trump announces action to eliminate special treatment for Hong Kong. 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.” The shift in Hong Kong’s status immediately jeopardizes several aspects of the former British colony’s relationship with the United States, which has so far meant that Hong Kong has been spared punishing tariffs that are a hallmark of Trump’s trade war with Beijing. But Trump did not provide details about precisely which steps would be taken or in what order, and a White House spokesman declined to comment when CNBC asked for additional clarification on the expected moves. Trump also said he was ready to take action to mandate that Chinese and other foreign companies listed on U.S. financial exchanges abide by American accounting and audit standards. The issue has long been a source of frustration among Washington policymakers, several of whom have introduced legislation that would bar trading in any shares where the company’s auditor hasn’t faced an inspection from the Public Company Accounting Oversight Board for three consecutive years. Trump has not said whether he will sign the bill, which is currently making its way through Congress. But the president did say Friday that he would instruct his “presidential working group on financial markets to study the different practices of Chinese companies listed on the U.S. financial markets, with a goal of protecting American investors.” “Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules,” said Trump, adding that “Americans are entitled to fairness and transparency.” For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV
