China signals possible return of U.S. trade privileges for Hong Kong
The U.S. has allowed an executive order that revoked Hong Kong's special trading status to expire, signaling a potential thaw in trade relations. While some sanctions remain, the move is seen as a step toward fulfilling bilateral economic consensus.
Why it matters
This development suggests a shift in U.S.-China trade policy and could influence future diplomatic relations between the two superpowers.
HONG KONG — China signaled on Friday that the United States could restore Hong Kong 's preferential privileges, saying Washington confirmed it will not renew an executive order that revoked the city's special trading status.
The Commerce Ministry said that the U.S. made commitments on Hong Kong issues and other matters during the U.S.-China trade talks in Madrid last year. The U.S. recently confirmed to China that the President's Executive Order on Hong Kong Normalization would end, the ministry said in a statement responding to media questions.
"The U.S. side's actions represent an important step in fulfilling the consensus reached during the bilateral economic and trade talks. China appreciates it," it said.
It is not immediately clear what all the implications of the decision are. The White House referred questions about the executive order lapsing to the Treasury Department.
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