I just read today that the US has ended Hong Kong's special trade status, and that firms operating in Hong Kong will be subjected to China's level of tariffs.
This is a big deal, as it means that trade can no longer flow smoothly from China to the rest of the world through to Hong Kong. International businesses with regional offices in Hong Kong are either likely to move their offices directly into China, or elsewhere in the region. https://www.reuters.com/article/us-usa-china-hongkong-trade-explainer-idUSKBN22Y22Z
This was an expected milestone, and responses from both sides are likely to be symbolic, rather than escalatory. Both countries now have to deal with crises of both kinds - China in recent weeks has had to deal with unexpected summer rains, causing flooding in inland provinces. https://www.nytimes.com/2020/07/03/world/asia/china-floods-rain.html
Donald Trump of course, continues to struggle in opinion polls about his handling of the pandemic and the economic crash that has happened as a result.
We are living in history. Worrying times.