The war of sanctions between the world’s largest economies; China and Washington are exchanging their duties.
China has threatened to impose retaliatory sanctions from the United States in response to US President Donald Trump’s approval of a law authorizing sanctions, especially banking, on Chinese officials against the background of the National Security Law that Beijing imposed on Hong Kong.
Beijing has strongly condemned US law and considered it a blatant interference in Hong Kong affairs and China’s internal affairs. The Chinese Foreign Ministry said that Beijing will do the necessary and impose sanctions on the relevant American people and entities in order to safeguard its legitimate interests.
These reactions came hours after US President Donald Trump announced that he had ordered an end to the preferential treatment Hong Kong enjoyed in trading with the United States.
Trump said: “Hong Kong will be treated from now on as mainland China – no special concessions, no special economic treatment, no export of sensitive technology. Hong Kong citizens have been deprived of their liberty and their rights taken away.”
The new US law permits sanctions against Chinese officials and the Hong Kong police, which are seen as hampering the city’s independence, and more importantly, it allows sanctions to be imposed on banks that conduct major dealings with them.
In the context of the new crisis, the American “New York Times” newspaper announced that it had decided to transfer its service specialized in digital news from Hong Kong to South Korea due to concerns arising from the national security law imposed by China on the city.