China has officially passed a law that could negatively impact Hong Kong.
Chinese lawmakers endorsed a national security law for Hong Kong aimed at what officials in Beijing have called "secession, subversion, terrorism and foreign interference." But critics have said the laws could undercut civil liberties in the semi-autonomous region.
The new rules, which are likely to be in place by September, are aimed at what Chinese officials have called 'secession, subversion, terrorism and foreign interference" in the island protectorate, but are more likely to provoke a reaction from President Donald Trump in the coming weeks as U.S. lawmakers debate the future of Hong Kong's special autonomous status from mainland China.
The measure and the way it is being enacted prompted Secretary of State Mike Pompeo to announce that Hong Kong was no longer politically autonomous from China. President Trump said he would respond strongly to the measure, perhaps imposing certain trade barriers.
When asked what this means for global markets, Jim Cramer said that, due to President Trump's trade war with China, the U.S. is not as dependent on China as it used to be.
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