Oil slides on U.S.-China tensions

Mike Pompeo declares that Hong Kong is ‘no longer autonomous’ from China as Beijing prepares to pass security crackdown – opening way for ending trade privileges
  • ‘No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China,’ said Pompeo
  • The president warned in a statement Tuesday Hong Kong would risk its role as a ‘financial hub’ if China imposed its new national law 
  • Pompeo said he certified to Congress that it doesn’t deserve special trade treatment
  • However his statement did not revoke any specific trade privileges 

Secretary of State Mike Pompeo said Wednesday that Hong Kong no longer deserves special treatment under trade laws as it is no longer maintains a ‘high degree’ of autonomy from China. Pompeo issued the statement a day after President Trump issued a threat that if China imposes its new national law on Hong Kong the island would lose its role as a ‘financial hub.’ ‘No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,’ Pompeo said in a statement.  ‘No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,’ Secrtary of State Mike Pompeo said in a statement. The territory enjoyed special protections carried over from when it was under British rule before 1997. Pompeo said he certified in a statement to Congress that the territory ‘does not continue to warrant treatment under United States laws in the same manner as U.S. laws were applied to Hong Kong before July 1997.’ ‘Beijing’s disastrous decision is only the latest in a series of actions that fundamentally undermine Hong Kong’s autonomy and freedoms and China’s own promises to the Hong Kong people under the Sino-British Joint Declaration, a U.N.-filed international treaty,’ Pompeo added. He wrote in a tweet that the gesture shows the U.S. ‘stands with’ Hong Kong. ‘Today, I reported to Congress that Hong Kong is no longer autonomous from China, given facts on the ground. The United States stands with the people of Hong Kong,’ he wrote.  The statement comes a day after President Trump commented on the subject through his press secretary. President Trump had warned Hong Kong’s status as a ‘financial hub’ was at risk National Security Advisor Robert O’Brien warned Sunday on CBS ‘Face the Nation’ that it ‘looks like’ Beijing was violating a 1984 agreement providing Hong Kong certain autonomy through 2047.  ‘I can’t see how Hong Kong remains an Asian financial center if the Chinese Communist Party goes through and implements its national security law and takes over Hong Kong,’ he told the network. ‘That’d be a tragedy for the people of Hong Kong and it would also be very bad for China.’