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The United States (US) has ended its five-year state of emergency order over Hong Kong, a move that could pave the way for the return of special trade benefits for the financial hub.
The US Treasury Department confirmed on Friday that the emergency declaration, introduced in July 2020 under former President Donald Trump’s first administration, has expired.
The emergency order was issued after Beijing introduced a national security law in Hong Kong, which Washington said threatened the city’s autonomy and US national security interests.
In 2020, Trump removed Hong Kong’s special trade status with the US, ending the preferential treatment the territory had enjoyed for years.
The order described China’s actions as an “unusual and extraordinary threat” to US national security.
The White House renewed the emergency declaration every year until this latest decision not to extend it.
China’s Ministry of Commerce welcomed the move, calling it “an important step in implementing the consensus reached during economic and trade talks between both sides.”
The development follows recent trade discussions between Washington and Beijing, which led to reduced tariffs between the world’s two largest economies.
Before the changes, Hong Kong had enjoyed special economic privileges with the US, including favourable treatment on issues such as export controls.
Hong Kong maintained a high level of autonomy after Britain handed the territory back to China in 1997.
However, tensions increased after Beijing introduced the security law in 2020, following years of pro-democracy protests.
A Hong Kong government spokesperson said the city had noticed the “positive shift” in US policy and hoped it would lead to the return of “normal economic and trade exchanges” between both sides.
