Europe in decline?
The Nobel Prize winning Columbia University economist Edward Phelps maintains that innovation is the key to economic growth, prosperity and human happiness.
China said Tuesday it will retaliate after the US announced it was ending the export of sensitive military items to Hong Kong in response to a passing of controversial national security law for the democratic city.
Beijing passed the sweeping law for Hong Kong on Tuesday, which critics and many western governments fear will wear-out the finance hub’s freedoms and hollow out its autonomy.
“US attempts to obstruct China advancing the Hong Kong national security legislation through so-called sanctions will never prevail,” said foreign ministry spokesman Zhao Lijian. “In response to the US’s wrongful actions, China will take necessary countermeasures.”
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Secretary of State Mike Pompeo said Monday that the US was ending the export of sensitive military items to Hong Kong because Washington “can no longer distinguish between the export of controlled items to Hong Kong or to mainland China”.
The State Department will end all exports to Hong Kong on its controlled list, which includes items ranging from advanced ammunition to military hardware that already need the green light from the administration and Congress.
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