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.