China’s commerce ministry announced that the United States will restore Hong Kong’s special trade status, which was revoked in 2020 by former President Donald Trump. The decision is seen as a significant reversal and comes after recent trade talks between Washington and Beijing.
Background
Hong Kong had benefited from a special economic and trade status with the United States, separate from US dealings with China, due to its high degree of autonomy after its 1997 handover from Britain to China. However, the US revoked this status in 2020 in response to Beijing’s imposition of a national security law in the financial hub.
The reported decision to restore the status would mark a significant shift in US policy towards Hong Kong and could lead to the restoration of preferential treatment on export controls and other trade measures. The move has been welcomed by the Hong Kong government and China’s commerce ministry, which urged the US to respect China’s sovereignty and the rule of law in Hong Kong.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
