Firms with HQs in HK may relocate due to new law – Ross
United States Secretary of Commerce Wilbur Ross alleged on Wednesday that companies that have their Asia headquarters in Hong Kong may consider relocation as China’s new national security law for the administrative region came into effect yesterday.
Washington’s response has been “measured” and “mild” compared to “gross human rights abuses” Beijing committed in Hong Kong, Ross said while answering a question on possible retaliation against the US by China in an interview for Fox Business.
On Monday, the US Department of Commerce rescinded Hong Kong’s special status, announcing that “regulations affording preferential treatment to Hong Kong over China, including the availability of export license exceptions, are suspended.” US President Donald Trump hinted about the administration making such a move in May.
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