Without Hong Kong as a banking gateway, the ability of the US to pay for Chinese goods drops to a minimal level.
Many may think this sounds good, but given the number of Americans employed in businesses dependent on Chinese imports, it will just have the effect of making a huge part of those COVID-19 job losses permanent. Not something even Trump can allow in an election year.
Expect a number of “strongly worded statements” followed by no particular changes. You have to be economically independent before picking the big fights, and Trump hasn’t had enough time or help yet to undo the decades of Chamber of Commerce damage.
This is interesting to learn. I don’t understand why Hong Kong is so important as a banking gateway to China, but, clearly this situation in Hong Kong and China is going to have repercussions for us.