Trump Announces China Sanctions Over It’s Treatment of Hong Kong

About This Source - QuickTake by Bloomberg

QuickTake is a series by Bloomberg which is tagged "Global news the world needs today." Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent QuickTakes by Bloomberg:

  • Tanker Drives Into Crowds At George Floyd Protests In Minnesota
  • Police Cars Set On Fire in Michigan at George Floyd Protest
  • NYPD Officers Take Knee at George Floyd Protests in New York City
  • President Donald Trump announced Friday the U.S. would sanction China over the government’s treatment of Hong Kong, saying “Hong Kong is no longer sufficiently autonomous.”

    The financial sanctions will be targeted in order to leave the U.S. room for escalation if necessary, according to a fourth person familiar with the matter. Trump officials crafting the sanctions are wary of the impact on global financial markets and retaliation from Beijing, the person said.

    The retaliatory measures won’t include withdrawl from the “phase one” trade deal Trump signed in January, two of the people said. The White House declined to comment.

    China’s legislature has approved a plan to draft legislation that Hong Kong democracy advocates say will curtail freedom of speech and undermine the city’s independent judiciary.

    That prompted Secretary of State Michael Pompeo to announce earlier this week that the administration no longer considers the city sufficiently autonomous under a 1992 law that allows for easier travel and trade between the U.S. and Hong Kong. The law also allows companies based in the Chinese territory access to American technologies deemed sensitive to national security that face export restrictions in mainland China.

    Chinese officials earlier Friday called potential U.S. actions over Hong Kong “purely nonsense,” saying the matter was an internal affair and that essential freedoms in the city would remain intact.

    Beijing urged the U.S. to stop its “frivolous political manipulation,” Chinese foreign ministry spokesman Zhao Lijian told reporters at a daily briefing, reiterating Beijing’s support for Hong Kong police in upholding the law. Chinese officials have indicated they may retaliate against U.S. firms over the president’s decisions.

    Trump’s announcement follows weeks of growing anger toward Beijing within the White House. The president and his advisers have repeatedly blamed the Chinese government for the coronavirus outbreak that began in the country’s Hubei province but has killed more than 100,000 Americans — a far greater death toll than China has publicly reported.

    “Frankly the U.S. government is — I’ll use the word ‘furious,’ at what China has done in recent days, weeks, and months,” Kudlow said. White House economic adviser Larry Kudlow told Fox News earlier on Friday. “They have not behaved well and they have lost the trust I think of the whole Western world.”

    The U.S. outbreak and the associated economic collapse from social distancing practices adopted to curb the virus’s spread have damaged Trump’s prospects for re-election, public polling shows.

    Trump has also expressed frustration that Chinese purchases of U.S. agricultural goods are lagging behind levels agreed to in the “phase one” trade agreement he signed with a delegation from Beijing in January.

    Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm

    QUICKTAKE ON SOCIAL:
    Follow QuickTake on Twitter: twitter.com/quicktake
    Like QuickTake on Facebook: facebook.com/quicktake
    Follow QuickTake on Instagram: instagram.com/quicktake
    Subscribe to our newsletter: https://bit.ly/2FJ0oQZ
    Email us at quicktakenews@gmail.com

    QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.

    In This Story: Donald Trump

    This story features US President Donald Trump. Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. See more Donald Trump news here.

    Recent News Featuring Donald Trump

  • President Trump Finally Wears a Mask in Public | The Tonight Show
  • The Point: U.S.’ visa rules for intl. students: Because of COVID-19 or Trump’s immigration policies?
  • Trump Aides Rule Out Ending Hong Kong Dollar Peg as Punishment
  • Leave a Comment