In addition to suspending special treatment for Hong Kong under applicable U.S. statutes, the executive order directs federal agencies to “commence all appropriate actions to further the purposes of this order” within 15 days of the date of the order. The text of the executive order can be found here.
Also this week, the President signed the “Hong Kong Autonomy Act,” which requires the imposition of sanctions on foreign officials or financial institutions that materially contribute to China’s failure to preserve Hong Kong’s autonomy. The President issued a statement that he would treat as advisory section 8 of the Act, which concerns the waiver and termination of sanctions.
In his press conference announcing these actions, President Trump said that he “signed legislation and an executive order to hold China accountable for its oppressive actions against the people of Hong Kong.”
RILA is following these actions closely and working with the Administration and our members to determine impact. For more information, please contact RILA Vice President of International Trade Blake Harden.