LOCALS. Residents in Hong Kong wearing masks, May 10 2020, Tsim Sha Tsui, Hong Kong.
The decision comes amid soaring tensions between the world's two largest economies, with President Donald Trump seeking to blame Beijing for the COVID-19 pandemic that has killed more than 100,000 people in the United States.Trump, who has toughened the tone on China as he prepares for November elections, will decide what action to take on Hong Kong.
"We can even think about, what does the legal treatment of business contracts signed under Hong Kong law mean, what is the status of the Hong Kong dollar as a recognized legal currency," he said. Lardy saw the move as part of the administration's strategy of"imposing costs" on China in their rising areas of disagreement."To the extent that we are imposing a cost, it is on the Hong Kong people and foreign businesses, especially US businesses.
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