Secretary of State Mike Pompeo announced Wednesday in a tweet that "Today, I reported to Congress that Hong Kong is no longer autonomous from China, given facts on the ground. The United States stands with the people of Hong Kong." Congress passed the Hong Kong Human Rights and Democracy Act of 2019, which requires the Secretary of State to annually certify Hong Kong's autonomy from mainland China, while asserting that it is U.S. policy that such autonomy is necessary to "justify treatment" under U.S. law that is "different to that accorded" mainland China. The announcement could pave the way for the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports and mandates the free exchange of Hong Kong dollars /zigman2/quotes/210562005/realtime/sampled USDHKD -0.0219% for U.S. dollars. President Trump said Tuesday that his administration is preparing a response to a law proposed by Beijing that would impose new restrictions on political activity without the consent of the Hong Kong Legislative Council. "We're doing something now," Trump said during a press conference. "I think you'll find it very interesting," he added, saying he planned to make an announcement "over the next couple days"