American Firms in Hong Kong Concerned After US Revokes the City’s Special Status

After the Chinese regime adopted a national security law for Hong Kong, U.S. President Donald Trump announced the removal of special treatments for Hong Kong. In response to the move, the American Chamber of Commerce in Hong Kong expressed concern that many American businesses in the city could suffer. Tara Joseph, the President of the American Chamber of Commerce in Hong Kong, said on May 30: “Many of us have lived and worked in Hong Kong for years, we love Hong Kong. We care very much about the Hong Kong people but we feel like we are collateral damage. On the other hand, the U.S.-China relationship has reached a very difficult point and that’s something we have to be realistic about.” Trump expressed that Beijing’s push for imposing a security law breaches Hong Kong's high degree of autonomy, and thus the city would no longer enjoy the special treatments given by the United States. Critics say the security law endangers Hong Kong’s status as a global financial hub. Joseph said the current situation is not completely unexpected and the American businesses in Hong Kong are still waiting for more details, as no timeline was given. “Hong Kong is a vibrant city that is very good to the American businesses,” Joseph said. She indicated that the U.S. decoupling from China is still a work-in-progress and many things are going to happen. The American businesses in Hong Kong are in a very difficult situation. More than 1,300 American businesses have offices in Hong Kong, providing more than 100,000 jobs in total, according to Reuters.