Hong Kong urged the US not to interfere in the discussions on the new national security law adopted by China and warned that the abolition of the special status of a financial center could hit the American economy, Reuters reported.

US President Donald Trump is due to announce a response to the Chinese parliament’s law this week on Hong Kong, which many lawyers, diplomats, and investors fear could erode the city’s freedoms.

China said on Friday that it would take any necessary countermeasures if the US insists on meddling in Beijing’s internal affairs and steps in response to Hong Kong’s security law.

“Any sanctions are a double-edged sword that will not only harm the interests of Hong Kong but also significantly those of the U.S.,” Hong Kong’s pro-Beijing government said on Thursday.

Authorities added that between 2009 and 2018, the US trade surplus with Hong Kong amounted to $ 297 billion - the highest among all Washington's trading partners - and that 1,300 American companies are based in the city.

The US State Department said it could “no longer certify that Hong Kong continues to warrant (differential) treatment” from Beijing.

Trump's economic adviser Larry Kudlow warned that the special status of the territory, according to US law, is based on a high degree of autonomy from Beijing. Now, probably, the US will have to treat Hong Kong like the rest of China in trade and other business matters, Kudlow added.

The Chinese authorities and the Hong Kong administration assure that there is no threat to the autonomy of the city and the interests of foreign investors will be respected.

The new security law, which is likely to enter into force by September, was also condemned by the UK, Australia, and Canada. Japan expressed serious concern about Beijing’s moves.