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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.

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.

McConnell circulates revised GOP coronavirus stimulus plan

Senate Majority Leader Mitch McConnell (R-Ky.) talks with reporters in the Mansfield Room at the U.S. Capitol. Photo: Chip Somodevilla/Getty Image

Senate Majority Leader Mitch McConnell circulated a new framework for coronavirus stimulus legislation to Republican members on Tuesday that would establish a fresh round of funding for the small business Paycheck Protection Program and implement widespread liability protections, according to a copy of the plan obtained by Axios.

Driving the news: The revised GOP relief draft comes after McConnell's meeting with House Majority Leader Kevin McCarthy, Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows, during which they went over in detail what provisions would get backing from President Trump.

Barr appoints special counsel to continue investigating origins of Russia probe

Photo: Mandel Ngan/AFP via Getty Images

Attorney General Bill Barr told the AP on Tuesday he appointed veteran prosecutor John Durham as a special counsel on Oct. 19 to continue investigating the origins of the FBI's 2016 probe into possible coordination between the Trump campaign and Russia.

Why it matters: It's an extra layer of protection for Durham to continue investigating possible misconduct by Obama-era intelligence officials past Joe Biden's inauguration as president.