Beijing will honor its trade deal with the U.S. and wants to see better ties with Washington, senior Chinese officials said Thursday. President Donald Trump’s administration reacted to the move by announcing that Hong Kong is no longer autonomous and will be stripped of its preferential trade and commercial status. The officials insisted China is following through on promises to by buy more U.S. products and other commitments. Progress on an interim trade agreement that has helped smooth friction over trade and technology remains unclear, partly because of disruptions brought on by lockdowns to contain the pandemic. The officials said Beijing was well equipped to overcome the economic ills worsened by the pandemic, with ample room for both monetary and fiscal policies.-AP

Source: The Standard June 11, 2020 13:18 UTC