The Preferential treatment between the US and Hong Kong been ended as United states president signs the order, outcome of Chinese security law enacted in Hong Kong.
After signing the order President Trump in his Video statement said that “Today I signed legislation and an executive order to hold china accountable for its oppressive actions against the people of Hong Kong. The Hong Kong Autonomy act, which I signed this afternoon passed unanimously through congress. This law gives my administration powerful new tools to hold responsible for the individual and the entities involved in extinguishing Hong Kong’s freedom. We have all watched what happened. Not a good situation. Their freedom has been taken away. Their rights have been taken way, and with it goes to Hong Kong, in my opinion, because it will no longer be able to compete with free markets. A lot of people will be leaving Hong Kong, I suspect, and we are going to do a lot more business because of it because we just lost one competitor. That’s the way it is, We lost a very, very serious competitor. A competitor we incentivised to take a lot of business and do well and we gave them a lot of business by doing what we did. We gave them things that nobody else had a right to do and that gave them a big edge over other markets and because of that edge they have done really historic business, tremendous business. Far bigger than anybody would have though years ago when we did this gift, It was really a gift to freedom, Their freedom has been taken away, Hong Kong will now be treated as same mainland china, Said President Donald Trump in the Rose Garden on 14th July.
Bipartisan legislation was also signed by President Trump to put sanctions on Chinese officials involved in the crack down rights in Hong Kong, the reaction of Trump administration’s aggressive response on developments happened in Hong Kong straight away got Chinese attention and China said that they will retaliate on this matter.
People in the region are skeptical about the special status after the new security law been imposed by the Chinese in Hong Kong. In 1984, The British and Chinese governments signed the Sino-British joint Declaration which stated that the sovereignty of Hong Kong should be transferred to the PRC on 1 July 1997, and Hong Kong should enjoy a “ high degree of autonomy’ under the one country two systems principle.
After the corona virus pandemic for which President trump has put aggressive remarks on Chinese, The new sanctions on Hong Kong is looking to set more tensions between china and America relations.