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Police officers surround a woman holding an U.S. flag during a rally outside the American consulate in Hong Kong on July 4. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

The U.S. has suspended its extradition treaty with Hong Kong and ended reciprocal tax exemptions on shipping over concerns Beijing's national security law imposed on the former British colony diminishes its autonomy, the State Department confirmed Wednesday.

The big picture: It's the latest action taken by the Trump administration over the new law. President Trump has signed an executive order ending Hong Kong's special trade status and signed a bill that sanctions Chinese officials. Several other countries, including the United Kingdom, Australia and Germany have also suspended their extradition treaties in response to the law.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper: Trump's swift, sweeping China offensive

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.

Mike Allen, author of AM
15 mins ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."