Pompeo to Congress *U.S. WON’T CERTIFY HONG KONG AUTONOMY, ENDANGERING TRADE STATUS this added to the Risk Off move
Why this matters ( From Reuters)
A revocation of the special status would cause problems for the more than 1,300 American companies with business operations in Hong Kong, including nearly every major U.S. financial firm. The State Department said 85,000 U.S. citizens lived in Hong Kong in 2018.
Visa-free travel access to Hong Kong could revert to strict Chinese visa rules, impeding business travel and work visa approvals.
As of 2018, the stock of U.S. foreign direct investment in Hong Kong stood at $82.5 billion, an increase of $1.2 billion that year, according to U.S. Commerce Department data. Hong Kong’s investment in the United States rose $3.5 billion in 2018 to $16.9 billion.
Hong Kong’s autonomy, civil liberties, rule of law and access to China make it attractive to international companies, and a change in that status could push some U.S. firms into costly moves elsewhere in the region.
