Trump announces end of relationship with WHO, restricts foreign nationals

In a news conference addressing U.S.-China policies, President Trump announced first that the U.S. will terminate its relationship with the World Health Organization. It will redirect funds from WHO to other groups.

He also said the U.S. will suspend the entry of some foreign nationals from China determined to be security risks.

He’s adding that he’s instructing a working group to study Chinese companies listed on American exchanges.

The new policies are a reaction to China’s passing a national security law imposing criminal penalties into Hong Kong legal code.

The headlines followed a preamble of pugnacious talk from Trump: “For decades they have ripped off the United States like no one has ever done before.”

After China “unilaterally imposed control over Hong Kong’s security,” Trump says he also directed the administration to eliminate preferential treatment for Hong Kong, including extradition treaties and export controls.

The U.S. will sanction Chinese officials involved in the Hong Kong decisions, he says.

Updated 2:59 p.m.: The news conference is over with no questions taken. Stocks are seeing volatile trading: Dow -0.3% to 25,336; S&P 500 +0.1% to 3,033; Nasdaq +0.7% to 9,430. IShares’ large-cap China ETF, FXI, is up 1.7%.

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