Today there are no trading signals due to the press conference on China
President Donald Trump said Thursday he would hold a
news conference “on China” on Friday, but he offered no details. The
announcement sent markets tumbling.
For weeks, the administration has been ratcheting up
pressure on Beijing over its alleged cover-up of early coronavirus cases, and
Trump has publicly blamed China both for the virus itself and for its outsized
severity in the U.S.
In the past week, the pressure from the U.S. has taken
a more serious turn in response to a proposed Chinese security law that
threatens the long-standing independence of Hong Kong.
Other potential issues are a border dispute between
China and India that Trump has offered to mediate and legislation awaiting
Trump’s signature concerning China’s treatment of its Uyghur ethnic minority
citizens.
US President Donald
Trump said he will give a press conference on Friday (May 29) on China amid
spiraling US-Chinese tensions over Hong Kong and the coronavirus fallout.
“We’ll be
announcing tomorrow what we’re doing with respect to China,” he told
reporters at an Oval Office meeting on Thursday, saying “we’re not happy
with China,” but giving no specific details about his plans.
Wall Street closed
lower shortly after Trump’s remarks, ending a three-day streak.
The press conference
will come on the same day that Britain and the United States want the UN
Security Council to meet informally behind closed doors to discuss the
situation in Hong Kong, according to diplomatic sources.
Fears that China will
use a new law to end Hong Kong’s freedom as a semi-autonomous territory has
prompted expectations that Trump plans to hit back, possibly signaling a wider
confrontation between the two economic superpowers.
According to The New York Times, one measure under consideration is annulling visas for thousands of Chinese graduate students at US universities who have ties to educational establishments back home with links to China’s military.
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