WASHINGTON D.C. Markets are down to start the week. Traders are monitoring pulses from last weeks announcement from President Trump about supporting Hong Kong’s protesters.
Congress sent two bills to the White House for signing after both sides unanimously approved the legislature to help the people of Hong Kong. The first bill requires the State Department to certify that Hong Kong is autonomous in retaining its special U.S. trading considerations. The city would not be subject to the tariffs put on China. The bill sets sanctions on people responsible for civil abuse in Hong Kong.
The second bill bars the sale of munitions like tear gas and rubber bullets to Hong Kong authorities.
The United States has criticized China’s handling of the protests.
China has reportedly threatened retaliation by prolonging the phase one trade signing, as they still do not like the tariffs already imposed. President Trump said he is not worried about the phase one agreement not getting done until 2020. Trump also stated he believes this will not affect his reelection.
“I signed these bills out of respect for President Xi, China, and the people of Hong Kong,” Trump said. “They are being enacted in the hope that leaders and representatives of China and Hong Kong will be able to amicably settle their differences leading to long term peace and prosperity for all.”