The Trump administration is looking at various responses to China’s national security law on Hong Kong through the president’s working group on capital markets, U.S. Treasury Secretary Steven Mnuchin said on Thursday.

U.S.-Chinese tensions have spiked in recent months after the January signing of a Phase 1 trade deal, with the world’s two largest economies at odds over the COVID-19 pandemic and the proposed national security law that will tighten China’s control over Hong Kong.

Mnuchin told reporters he expected China to meet the terms of the Phase 1 trade deal, which called for an additional $200 billion in Chinese purchases of U.S. goods and services over the next two years, despite a sharp downturn in the global economy caused by the pandemic.

Reuters