U.S. Markets

Trump says U.S. action on Hong Kong likely to boost U.S. exchanges

FILE PHOTO: U.S. President Donald Trump speaks during a coronavirus disease (COVID-19) pandemic briefing in the Brady Press Briefing Room of the White House in Washington, U.S., August 4, 2020. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday said stock exchanges in the United States will likely pick up more business after his administration ended Hong Kong’s special economic status in a dispute over the territory’s new security law.

“For freedom, we gave them tremendous incentives ... they took massive business away from the New York Stock Exchange, Nasdaq, all of our exchanges,” Trump said in an interview with Fox News. “We’ve now taken that all back, Hong Kong will not be a successful exchange anymore ... we’re going to make a lot more money now.”

Reporting by Susan Heavey; Editing by Andrew Heavens