In Landmark Decision, Pompeo Tells Congress Hong Kong No Longer Independent From China

In what appears to be a preview of the at-this-point inevitable White House decision to strip Hong Kong of its preferred trading status over the new National Security law imposed by Beijing, Secretary of State Mike Pompeo tweeted on Wednesday that he has “reported to Congress that Hong Kong is no longer autonomous from China.”

Today, I reported to Congress that Hong Kong is no longer autonomous from China, given facts on the ground. The United States stands with the people of Hong Kong.

— Secretary Pompeo (@SecPompeo) May 27, 2020

Stocks have shown a surprising degree of resilience, though the offshore yuan – a key barometer of China-related risks – skidded lower.