Firms awake to ‘sad day’
The American Chamber of Commerce in Hong Kong said on Saturday it was “a sad day” for the global financial centre, hours after US President Donald Trump moved toward stripping the city of its special treatment in a bid to punish China.
Trump said Beijing had broken its word over Hong Kong’s high degree of autonomy by proposing new national security legislation and the territory no longer warranted US economic privileges.
“We will take action to revoke Hong Kong’s preferential treatment as a separate customs and travel territory from the rest of China,” Trump said, adding that Washington would also impose sanctions on individuals seen as responsible for “smothering — absolutely smothering — Hong Kong’s freedom”. Trump told reporters at the White House that China’s move on Hong Kong was a tragedy for the world, but he gave no timetable for the moves, leaving Hong Kong residents, businesses and officials to ponder just how far his administration will go.
“This is an emotional moment for Americans in Hong Kong and it will take companies and families a while to digest the ramifications,” Amcham President Tara Joseph said in a statement. “Many of us ... have deep ties to this city and with Hong Kong people. We love Hong Kong and it’s a sad day,” she said, adding the chamber would continue to work with its members to maintain Hong Kong’s status as a vital business centre.
China’s parliament this week approved a decision to create laws for Hong Kong to curb sedition, secession, terrorism and foreign interference.