Business groups urge U.S. President Donald Trump to go slow in responding to Beijing's planned imposition of new national security laws on Hong Kong by davelawder
WASHINGTON - Business groups are urging U.S. President Donald Trump to go slowly in responding to Beijing’s planned imposition of new national security laws on Hong Kong, warning revoking the city’s special U.S. privileges will hurt the territory and its people.
Hong Kong’s special status has helped keep the former British colony of 7.5 million - which hosts operations of 1,300 U.S. companies and some 85,000 American residents - one of the world’s premier financial hubs since reverting to Chinese rule in 1997. Pompeo’s declaration leaves room to move slowly, and acting quickly could inflict pain on Hong Kong and waste U.S. leverage over Beijing, said Scott Kennedy, a senior adviser and China expert at the Center for Strategic and International Studies in Washington.
“I do think that the drip-by-drip process of companies leaving had already begun. The promulgation of a national security law really throws fuel on that fire,” said Todd Mariano, director of Eurasia Group’s U.S. practice in Washington. What’s more important is preserving the sanctity of contracts, consistent labor rules and predictable regulation, Chamorro said.
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