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Billions in the Balance as US Weighs Changing Hong Kong Trade Status

Jingxun Li

   WASHINGTON - Billions of dollars in trade are hanging in the balance as
   U.S. lawmakers consider suspending Hong Kong's special trading status
   after the State Department said it could no longer certify the
   territory's high degree of autonomy from China.

   After China took control of Hong Kong from Britain in 1997, Hong Kong's
   economy remained one of the freest in the world, attracting billions of
   dollars in investment and becoming a home base for companies and banks
   across Asia.

   Now, all of that is uncertain with Beijing's passage of a new National
   Security Law that undercuts Hong Kong's special status and would allow
   Chinese security agencies to limit the liberties of Hong Kong
   residents. Hong Kong is already facing a deep recession because of the
   impact of the COVID-19 outbreak on trade and tourism.

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