That’s the headline on my newest story, out Sunday. It begins:
HONG KONG—Rising tensions between the U.S. and China over Hong Kong have American businesses caught in the crossfire.
Companies in the global financial and trading hub, already battered by a year of violent protests and the coronavirus pandemic, face a long period of further uncertainty amid a fight that they fear could disrupt their operations and that casts doubt over their long-term future here.
After China last week approved a plan to impose new national-security laws on Hong Kong, President Trump on Friday said the U.S. would no longer treat Hong Kong as a separate entity from China and would roll back policy exemptions for the city. They could include measures such as export controls, tariffs and visa restrictions, according to analysts, but businesses will have to wait for details and the timing of any moves.
“It’s going to be a challenging week ahead as there are no firm details on how this special economic relationship will be untangled,” said Tara Joseph, president of the American Chamber of Commerce in Hong Kong. More clarity is “essential because our business here is large and important,” she said.