The daily business briefing: July 16, 2021

U.S. cautions investors on Hong Kong, Canada considers allowing vaccinated U.S. travelers, and more

Hong Kong
(Image credit: PHILIP FONG/AFP via Getty Images)

1. Biden administration to caution investors about Hong Kong risks

The Biden administration on Friday is expected to issue a warning to U.S. companies and investors about the increasing risks of operating in Hong Kong. "The situation in Hong Kong is deteriorating, and the Chinese government is not keeping its commitment that it made, how it would deal with Hong Kong," President Biden said Thursday. China has been cracking down on the financial hub, and the U.S. advisory warns of Beijing's increasingly hostile national security laws, its weak data privacy measures, attacks on press freedom, and harsh sanctions. China accused the U.S. of "interfering in the Hong Kong issue and China's internal affairs." This is the latest escalation in tensions between the world's two largest economies which, as Bloomberg explains, are "still so dependent on each other for trade and economic growth."

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Jessica Hullinger

Jessica Hullinger is a writer and former deputy editor of The Week Digital. Originally from the American Midwest, she completed a degree in journalism at Indiana University Bloomington before relocating to New York City, where she pursued a career in media. After joining The Week as an intern in 2010, she served as the title’s audience development manager, senior editor and deputy editor, as well as a regular guest on “The Week Unwrapped” podcast. Her writing has featured in other publications including Popular Science, Fast Company, Fortune, and Self magazine, and she loves covering science and climate-related issues.