- July 17, 2021
- Posted by: Stratford Team
- Category: Business
WASHINGTON – The Biden administration issued a blanket warning Friday to U.S. firms about the risks of doing business in Hong Kong as China continues to clamp down on political and economic freedoms in the territory.
Four Cabinet agencies — the departments of State, Treasury, Commerce and Homeland Security — released the nine-page advisory that alerts companies about the shifting legal landscape in Hong Kong and the possibility that engaging with Hong Kong business could incur reputational and legal damages.
At the same time, Treasury announced sanctions against seven Chinese officials for violating the terms of the 2020 Hong Kong Autonomy Act, which calls for asset freezes and other penalties against those who participate in the crackdown.
President Joe Biden had previewed the new advisory on Thursday, telling reporters at the White House that the business environment in Hong Kong is “deteriorating” and could worsen.
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