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U.S. to End Hong Kong's Special Treatment, Trump Says

by - President Donald Trump said the U.S. would eliminate the policy that grants Hong Kong special treatment in the wake of Beijing's power grab in Hong Kong, but he stopped short of imposing new sanctions on China.

The move comes just days after China imposed a new national security law on Hong Kong that cracks down on public demonstrations. Under the new law, Beijing has violated its pledge to ensure Hong Kong retains its high degree of autonomy that has allowed the city to receive special status from the U.S., Trump said.

The S&P 500 moved into positive territory as Trump stopped short of any trade sanctions.

Ahead of Trump's speech, many were concerned the U.S. could impose sanctions China and risk retaliation that could escalate tensions and potentially undo the trade truce agreed earlier this year.

The president also said the U.S. would sever its relationship with the World Health Organization, and redirect funds from the world health watchdog to other groups.