BEIJING (REUTERS) – China said on Wednesday (July 15) it will impose retaliatory sanctions on US individuals and entities after US President Donald Trump signed a law penalising banks doing business with Chinese officials who implement the new Hong Kong national security law.

The Chinese foreign ministry said in a statement that Beijing strongly opposes the latest US action and urged Washington to stop interfering in China’s internal affairs, state television reported.

Trump on Tuesday ordered an end to Hong Kong’s special status under US law to punish China for what he called “oppressive actions” against the former British colony.

Citing China’s decision to enact a new national security law for Hong Kong, Trump signed an executive order that he said would end the preferential economic treatment Hong Kong has received for years.

“No special privileges, no special economic treatment and no export of sensitive technologies,” he told a news conference.

Acting on a Tuesday deadline, he also signed a bill approved by the US Congress to penalise banks doing business with Chinese officials who implement the new security law.

“Today I signed legislation, and an executive order to hold China accountable for its aggressive actions against the people of Hong Kong, Trump said.

“Hong Kong will now be treated the same as mainland China,” he added.

The executive order calls for blocking the US property of any person determined to be responsible for or complicit in “actions or policies that undermine democratic processes or institutions in Hong Kong,” according to the text of the document released by the White House.

It also directs officials to “revoke license exceptions for exports to Hong Kong,” and includes revoking special treatment for Hong Kong passport holders.

Critics of the security law fear it will crush the wide-ranging freedoms promised to Hong Kong when it returned to Chinese rule in 1997, while supporters say it will bring stability to the city after a year of sometimes violent anti-government protests.

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