Hong Kong has become a key flashpoint in what some see as an emerging cold war between the U.S. and China. Exhibit A is Beijing’s decision to bypass Hong Kong’s legislature and impose new national-security legislation on the city on July 1 to stamp out a yearlong protest movement. Hong Kong’s Beijing-backed government has moved quickly to make use of those powers, arresting protesters and charging opposition figures, most recently pro-democracy publisher Jimmy Lai.
The Trump administration has taken steps to punish Beijing…
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