US to Revoke Hong Kong’s Special Trade Status
On Friday, May 29, 2020, President Trump announced that the US would begin revoking the special trade status Hong Kong currently enjoys. The President’s announcement follows a recent security law passed by China that effectively bars political protest in Hong Kong.
The US has yet to announce specific changes to Hong Kong’s trade status, but indicated it would “affect the full range of agreements we have with Hong Kong.” The President is expected to modify export controls on dual-use technologies, as well as possibly extend Section 301 tariffs onto products coming out of Hong Kong.
Trans-Border will continue to monitor the situation. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at bcarey@tbgfs.com or (800) 493-9444.
