US Stock Market Brightens on Lower-than-Expected Remarks
"Will Sever Ties with WHO"
[Asia Economy New York=Correspondent Baek Jong-min] On the 29th (local time), U.S. President Donald Trump announced that he would begin the process of removing Hong Kong's special status in retaliation for China's forced passage of the Hong Kong National Security Law (Hong Kong Security Law).
He held a press conference at the White House Rose Garden that day and said that China had broken its promise to guarantee Hong Kong's autonomy.
President Trump indicated plans to sanction Chinese and Hong Kong officials who infringed on Hong Kong's autonomy and also hinted at regulations on Chinese graduate students in the U.S., but did not specify what sanctions would be imposed. These measures had previously been mentioned in media reports as possible U.S. responses.
At the press conference, President Trump made no mention of the first phase of the U.S.-China trade negotiations. CNBC reported that Trump's remarks were milder than expected, and the New York stock market turned to an upward trend.
Before Trump's remarks, the New York stock market had shown weakness due to concerns over deteriorating U.S.-China relations, but it reversed to an upward trend immediately after the press conference ended.
However, President Trump announced that he would sever ties with the World Health Organization (WHO), which he had criticized for being biased toward China, and redirect U.S. funding to other organizations.
The press conference by President Trump started around 2:50 p.m., 50 minutes later than the originally scheduled time of 2 p.m. Trump announced his position and left immediately without taking questions from reporters.
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