While it was just a formality at this point, after the US revealed several weeks ago that it would strip Hong Kong of its special trade now that China's is set to impose its new security law as soon as tomorrow, moments ago US Commerce Secretary Wilbur Ross, issued a statement advising China that Hong Kong’s special status is officially revoked.
"With the Chinese Communist Party’s imposition of new security measures on Hong Kong, the risk that sensitive U.S. technology will be diverted to the People’s Liberation Army or Ministry of State Security has increased, all while undermining the territory’s autonomy. Those are risks the U.S. refuses to accept and have resulted in the revocation of Hong Kong’s special status."
As a result, the Commerce Department said that "regulations affording preferential treatment to Hong Kong over China, including the availability of export license exceptions, are suspended." Ross also said that "further actions to eliminate differential treatment are also being evaluated" and urged Beijing to "immediately reverse course and fulfill the promises it has made to the people of Hong Kong and the world."
Needless to say, and have said it many times in the past, China will not be happy, but so far both sides have shown a willingness to contain themselves to merely jawboning and verbal fireworks instead of escalating and jeopardizing the fragile economic truce between the two nations. That, however, may change in the coming months as the November elections approach.