The U.S. government has issued a “risk and considerations” advisory for firms operating in Hong Kong. That follows the introduction of the National Security Law in 2020 and China’s “Law on Countering Foreign Sanctions” passed in June which could lead to firms that apply U.S. sanctions in turn becoming subject to Chinese sanctions. While no new sanctions have been introduced by either side, the advisory comes as tensions between the U.S. and China are rising, with doubts emerging about the future of the phase 1 trade deal. U.S. exports to Hong Kong have already been in a protracted downtu...