Not that I disagree with the act, but I love how politicians are trying to frame destroying Hong Kong's economy as supporting "Human Rights and Democracy."
It's a very bad tool for that particular job, as we discovered in Iraq -- it hurts the most vulnerable members of the society, and does very little to the elites making the policies we don't like.
In this case, sanctioning Hong Kong is part of sanctioning China, because it hinders technology transfer (eg to Huawei) and finance transfer (Hong Kong was previously not affected by trade tariffs on China, and has a huge stock market).
It remains to be seen if sanctioning China (partially) could bring about political change, as CCP is endorsed within China mostly for economic growth in the past three decades.
After decades of sanctioning Libya the united states finally got what it wanted by decapitating the state with violence; one wonders (global political dynamics aside) if for the unfortunate citizens of Libya, it would have just have been better to have gotten it over with earlier.
The CCP knows this and will gladly "rescue" Hong Kong from the "evil westerners" that screwed them over. Of course, Hong Kong will probably taken over by China eventually, so might as well make it very expensive for them.
This is what a lot of Hong Kong people advocated. By treating Hong Kong the same as China, it's hoped Chinese companies can no longer exploit Hong Kong's different system to export stuff cheaper than in China, especially when the economic warfare was going on before.
If you think that the US is doing this for the protesters, I have a defense contract to sell you. This is in retaliation for China breaking international agreements.
> If you think that the US is doing this for the protesters
Is that really relevant?
I mean, HKers are getting screwed by a massively totalitarian and oppressive regime. Why is the interest of a third party relevant to the Chinese regime's devastation of Hong Kong?
... international agreements protecting democracy and freedom of expression in Hong Kong. The US isn’t doing this for protestors, and it will be terrible for HK, but it ultimately is because of China’s attack on HK freedoms