Trump Announces Press Conference on China Issues on 29th... New York Stock Market Reverses to Decline (Comprehensive)

Cudlo, White House Economic Adviser, Warns "Hong Kong May Be Treated Like China"

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] President Donald Trump announced a press conference related to China on the 29th (local time). Amid expectations that measures in response to China's handling of the Hong Kong National Security Law would be announced, the U.S. stock market closed lower after an initial rise.

According to U.S. media on the 28th, President Trump stated that he would hold a press conference on the 29th regarding China. Earlier, President Trump had hinted at a strong response to China's handling of the Hong Kong Security Law, saying, "Something will happen within this week." On the same day, China's National People's Congress passed the Hong Kong Security Law.

Secretary of State Mike Pompeo also reported to Congress the previous day that Hong Kong can no longer be recognized as enjoying autonomy, drawing attention to whether the U.S. will revoke Hong Kong's special status.

Larry Kudlow, Chairman of the White House National Economic Council (NEC), also warned in an interview with CNBC that China has made a big mistake and will be held accountable.

Kudlow said, "If necessary, Hong Kong may have to be treated the same way as China," adding, "This would affect tariffs, financial transparency, stock market listings, and related issues," suggesting the possibility of imposing tariffs on Hong Kong.

Following President Trump's remarks, the rising U.S. stock market reversed and declined. On that day, the Dow Jones Industrial Average closed at 25,400.64, down 0.58% from the previous day; the S&P 500 index fell 0.21% to 3,029.73; and the Nasdaq index dropped 0.46% to 9,368.99.

This content was produced with the assistance of AI translation services.