US warns companies about doing business in Hong Kong

WASHINGTON (AP) – The Biden administration has issued a blanket warning 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.

The departments of State, Treasury, Commerce and Homeland Security have released a nine-page advisory that alerts companies about the dangers of the shifting legal landscape in Hong Kong and the possibility that engaging with Hong Kong business could incur reputational and legal damage.

At the same time, Treasury announced sanctions against seven Chinese officials for violating the terms of the 2020 Hong Kong Autonomy Act.