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Photo: Anthony Kwan/Getty Images)

The Treasury Department on Friday placed sanctions on Hong Kong leader Carrie Lam, following months of tension as she has allowed continued overreach by Beijing to subvert Hong Kong's autonomy.

Why it matters: It's the toughest sanction yet imposed on China for its destruction of Hong Kong’s relatively free political system.

  • The Treasury noted sanctions against Lam are due to her "implementing Beijing’s policies of suppression of freedom and democratic processes."
  • A group of other top Hong Kong and mainland China officials were also included in the list of sanctions.
  • The sanctions target any U.S. holdings or property owned by the sanctioned individuals or any companies they own, per the announcement.

The big picture: The Trump administration in recent weeks has gone after individuals and entities that human rights advocates have long condemned as complicit in China’s massive human rights violations, including Xinjiang's party secretary and the paramilitary Xinjiang Production and Construction Corps.

Between the lines: The move also comes as the U.S. and China are locked in an ongoing trade dispute — and while President Trump is battling it out over the Chinese-owned app TikTok.

Go deeper

Nov 12, 2020 - World

The China tech selloff pauses

Illustration: Eniola Odetunde/Axios

Tech stocks rebounded slightly in China after Wednesday’s selloff that had been prompted by new antitrust rules proposed by Chinese regulators.

Why it matters: The regulations could limit the power of China’s biggest tech companies. By the FT’s math, the country’s tech sector lost $290 billion in value in the space of two days.

Wall Street wonders how bad it has to get

Illustration: Aïda Amer/Axios

Wall Street is working out how bad the economy will have to get for Congress to feel motivated to move on economic support.

Why it matters: A pre-Thanksgiving data dump showed more evidence of a floundering economic recovery. But the slow drip of crumbling economic data may not be enough to push Washington past a gridlock to halt the economic backslide.

1 hour ago - Health

Moderna to file for FDA emergency use authorization for COVID-19 vaccine

Photo illustration by STR/NurPhoto via Getty Images

Moderna announced that it plans to file with the FDA Monday for an emergency use authorization for its coronavirus vaccine, which the company said has an efficacy rate of 94.1%.

Why it matters: Moderna will become the second company to file for a vaccine EUA after Pfizer did the same earlier this month, potentially paving the way for the U.S. to have two COVID-19 vaccines in distribution by the end of the year. The company said its vaccine has a 100% efficacy rate against severe COVID cases.