The Trump administration is crafting a range of options to punish China over its tightening grip on Hong Kong, including targeted sanctions, new tariffs and further restrictions on Chinese companies, according to US officials and people familiar with the discussions.

Such moves could mark the opening salvoes of the US response as President Donald Trump weighs how far he is prepared to go after the State Department’s assessment on Wednesday that Hong Kong is no longer autonomous enough from Beijing to deserve special treatment here under US law that helped make it a global financial hub.