It is no longer news that Beijing has begun plans to effectively annex Hong Kong relinquishing it from its autonomy from communism, a feat which sparked the Extradition Bill protests that had over one million of Hong kongers protesting.
It is believed that China had hoped that taking this step at this crucial time would deter U.S President, Donald Trump from withdrawing the special privileges Hong Kong currently enjoys as a liberal territory.
However, this is not to be as Trump announced with fiat that all extra trade benefits associated with Hong Kong will be withdrawn from the extradition treaty to export controls and technologies.
He made the following declarations during a Rose Garden event at the White House on Friday, the 29th of May. The effect of this is that Hong Kong will also become a party to the sky high tariffs that the US President has levied on China in recent times.
In addition to Trump’s statement, he added that all foreign and Chinese companies listed on the U>S financial exchange platforms must abide by the country’s accounting and audit standards.