President Trump on Friday announced the U.S. will revoke Hong Kong's special trade status and stop treating it as a customs union separate from China, which will subject the city to the same U.S. export controls and tariffs as Beijing. The president did not mention the phase-one trade agreement the U.S. and China signed earlier this year. "China's latest incursion, along with other recent developments that degraded the territories freedoms, makes clear that Hong Kong is no longer sufficiently autonomous to warrant the special treatment that we have afforded the territory," Trump said in remarks in the Rose Garden. "China has replaced its promised formula of 'one country, two systems' with 'one country, one system.' Therefore, I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment. My announcement today will affect the full range of agreements we have with Hong Kong - from our extradition treaty to our export controls on dual-use technologies and more - with few exceptions."
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