The US is ending trade preferences for Hong Kong (Photo: AFP/VNA)

President Trump said Hong Kong will now be treated the same as mainland China with no special privileges, no special economic treatment, and no export of sensitive technologies. Trump said he has already signed into law the Hong Kong Autonomy Act, which passed quickly in Congress earlier this month, to sanction banks conducting transactions with Chinese officials related to the new security law.

China’s foreign ministry condemned the US move, calling it interference in China’s internal affairs. The ministry said China will impose retaliatory sanctions against American individuals and entities. "China will make necessary responses to protect its legitimate interests," the statement said.