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rump announced he would begin taking steps to revoke Hong Kong’s favored trade status with the United States

https://www.cnbc.com/2020/05/29/trump-taking-action-to-eliminate-special-treatment-for-hong-kong.html

The shift in Hong Kong’s status immediately jeopardizes several aspects of the former British colony’s relationship with the United States, which has so far meant that Hong Kong has been spared punishing tariffs that are a hallmark of Trump’s trade war with Beijing.

But Trump did not provide details about precisely which steps would be taken or in what order, and a White House spokesman declined to comment when CNBC asked for additional clarification on the expected moves.

Trump also said he was ready to take action to mandate that Chinese and other foreign companies listed on U.S. financial exchanges abide by American accounting and audit standards.

Trump has not said whether he will sign the bill, which is currently making its way through Congress.

But the president did say Friday that he would instruct his “presidential working group on financial markets to study the different practices of Chinese companies listed on the U.S. financial markets, with a goal of protecting American investors.”