Trump Says US Action To Make Hong Kong Exchange 'Dry Out,' NY Exchange Pick Up - Trump

(@FahadShabbir)

Trump Says US Action to Make Hong Kong Exchange 'Dry Out,' NY Exchange Pick Up - Trump

�WASHINGTON (UrduPoint News / Sputnik - 05th August, 2020) President Donald Trump on Wednesday said the Hong Kong stock exchange would soon dry out while US stock exchanges pick up business after his administration decided to revoke the territory's special economic status.

"The Hong Kong stock exchange, they've taken massive amounts ... For freedom, we gave them tremendous incentives. .. But they took massive amounts of business from the New York stock exchange, Nasdaq, all of our exchanges," Trump said in an interview with Fox news. "We've now taken that all back. Hong Kong will not be a successful exchange anymore, we will be."

Trump added that his administration's action on Hong Kong would see the New York Stock Exchange "pick up a lot of business.

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He also stressed that the Hong Kong's financial exchanges would now "dry out" without US incentives.

The Trump administration in July revoked Hong Kong's preferred economic status with the US in response to China's decision to introduce a new security law in the territory.

On June 30, President Xi Jinping signed into effect the new law, which criminalizes secession, subversion, collusion, and terrorism in the Hong Kong Special Administrative Region. The law has been met with stern resistance from many Western countries, including the United States.