In a press conference held at the White House on Tuesday, President Trump stated that he signed an executive order ending preferential treatment for Hong Kong.
"Hong Kong will now be treated the same as mainland China," Trump said during his speech in the White House Rose Garden.
"No special privileges, no special economic treatment and no export of sensitive technologies. In addition to that, as you know, we are placing massive tariffs and have placed very large tariffs on China."
The President's Executive Order on Hong Kong Normalization, dated July 14, states in part: "Within 15 days of the date of this order, the heads of agencies shall commence all appropriate actions to further the purposes of this order, consistent with applicable law."
In addition, the Hong Kong Autonomy Act, which passed both the House and the Senate this month, "imposes sanctions on foreign individuals and entities that materially contribute to China's failure to preserve Hong Kong's autonomy".
The President's executive order may be found here.
The summary of the Hong Kong Autonomy Act may be found here.
Janel will continue to monitor this situation and will provide more information as details unfold. If you have questions regarding any of these matters, please reach out to your Janel Group Account Representative.