This is the best tl;dr I could make, original reduced by 40%. (I’m a bot)
The decision comes as Beijing prepares to pass a national security law that many fear will severely curtail Hong Kong’s autonomy and has prompted the U.S. to, among other things, place visa restrictions on some members of the Chinese Communist Party and end defense exports to Hong Kong.
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The end of Hong Kong’s special status became a real possibility once the security law came into play, since its implementation will likely render “One country, two systems” nothing more than a slogan, and the U.S. had already announced it no longer considers the city autonomous from Beijing.