Trump announced action against China, News Conference 5/29/2020

May 29, 2020


On 5/29/2020, Trump said he was directing a study of the “differing practices” involved with Chinese and American companies in financial markets, arguing that U.S. investors deserved what he called “fair” treatment. The United States is rescinding a number of special considerations for Hong Kong in retaliation for what Washington calls a naked power grab there by China’s central government.

That could have implications for Chinese companies or banks and Hong Kong’s status as a major Asian financial center, although there was no detail about when Trump might get the “study” or what it could contemplate.

Trump blamed China’s communist government for the global coronavirus pandemic, which has taken 100,000 American lives and more broadly sent shock waves around the world. “The death and destruction caused by this is incalculable,” he said. Trump put the pandemic into the context of years of what he called bad practices and mistreatment by China, including its theft of hundreds of billions of dollars’ worth of American intellectual property. He claimed credit for standing up for the United States.

The precise details or their implications weren’t immediately clear. Trump condemned China’s territorial claims broadly on Friday, but he did not specify what his position would be on a major dispute over Taiwan.
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