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Trump says he will hold a press conference on China on Friday

US President Donald Trump says he will hold a news conference on Friday pertaining to China, amid increasing tensions between the world's two largest economies and a potential change in Washington's approach to Hong Kong.

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US President Donald Trump says he will hold a news conference on Friday pertaining to China, amid increasing tensions between the world’s two largest economies and a potential change in Washington’s approach to Hong Kong.

“We will be making certain decisions and we will be discussing them tomorrow,” Trump said in the Oval Office.

US markets moved sharply lower on the news Trump would hold the briefing.

The announcement comes as China’s parliament endorsed legislation allowing Beijing to set up outposts of mainland agencies in Hong Kong to curb what it describes as violent protests and interference by foreign countries.

Critics fear the law will be used to quash political dissent.

US Secretary of State Mike Pompeo this week formally announced that Hong Kong would no longer be considered as having political autonomy from China, a move that would lead to it losing special treatment under US law.

It remains unclear how exactly the White House will now move ahead, but the status change could be a major blow to Hong Kong’s trading relationship with the US if the territory is treated the same as mainland China and slapped with the same tariff regime.

Furthermore, it potentially damages the territory’s standing as a key Asian financial hub.

Tensions between the US and China come as the global economy has been weakened by the coronavirus pandemic and have cast doubt over the future of a deal the countries signed in January that was meant to be the first step in a solving a trade war.

SourceDPA
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