![]() These included additional tariffs on Chinese products, broad sanctions and a withdrawal from the U.S.-China trade deal.įor weeks, the Trump administration has been ratcheting up pressure on Beijing over its alleged cover-up of early coronavirus cases. Trump did not take any questions from reporters after he finished speaking.įinancial markets reacted positively to Trump's announcement, reflecting overall relief that he did not announce some of the more drastic and punitive measures that analysts and investors had feared he might. The president said the organization had failed to make "the requested and greatly needed reforms," and he blamed the global health group for a lack of "transparency." "Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules," said Trump, adding that "Americans are entitled to fairness and transparency."Ī White House spokesman did not immediately respond to a question from CNBC about whether Trump would sign the legislation if it gets to his desk.ĭuring the same address, Trump also announced that the United States would be terminating its relationship with the World Health Organization, a move likely to draw criticism from public health experts and U.S. financial markets, with a goal of protecting American investors." Trump has not said whether he will sign the bill, which is currently making its way through Congress.īut 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. The issue has long been a source of frustration among Washington policymakers, several of whom have introduced legislation that would bar trading in any shares where the company's auditor hasn't faced an inspection from the Public Company Accounting Oversight Board for three consecutive years. financial exchanges abide by American accounting and audit standards. Trump also said he was ready to take action to mandate that Chinese and other foreign companies listed on U.S. ![]() ![]() 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.īut 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. "We will take action to revoke Hong Kong's preferential treatment as a separate customs and travel territory from the rest of China." "My announcement today will affect the full range of agreements that we have with Hong Kong, from our extradition treaty, to our export controls and technologies," Trump said. ![]()
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