It means there will be changes in business and Hong Kong will be treated like other areas of China and there will be restrictions the same as there is in China. Hong Kong was part of the global economic community and helped influence how we thought of global business as a conduit to the Eastern world. In many ways, it will now be seen as part of China (Britain released control in 1997)and thus not part of the Western business networks.
The move is symbolic in many ways but will also have some economic teeth terms of investment, exports, and trade. The extent of those changes will need to be seen but for one thing there will be impacts on how American and Chinese businesses will be treated there and thus become part of the brewing cold war. Lower investment and business prospects in Hong Kong will likely have impact for the economic health of the city thereby turning it East.
Civil rights will increasingly be raised as an issue of contention between the two countries as China asserts its authority over the area. China is often seen by the U.S. as not having the same protections and those who protest against the state or wrongdoing may not have a court case, due diligence, or protections to free speech. Thus, it falls out of line in general with American tradition. Of course, the Chinese are likely to disagree and have their own vantage point on the issue but it is an important underpinning of the trade war (culture and economic ideas).
I'm sure there is more to come as China and the U.S. get locked into arm to arm grappling.
The following order issued July 14th, 2020 was taken from the U.S. Consulate General Hong Kong & Macau and can be found HERE.
The President’s Executive Order on Hong Kong Normalization
By the authority vested in me as President by the Constitution and the laws of the United States of America, including the United States-Hong Kong Policy Act of 1992 (Public Law 102-393), the Hong Kong Human Rights and Democracy Act of 2019 (Public Law 116-76), the Hong Kong Autonomy Act of 2020, signed into law July 14, 2020, the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.) (NEA), section 212(f) of the Immigration and Nationality Act of 1952 (8 U.S.C. 1182(f)), and section 301 of title 3, United States Code,
(A) an entity, including any government entity, that has engaged in, or whose members have engaged in, any of the activities described in subsections (a)(i), (a)(ii)(A), (a)(ii)
(B), or (a)(ii)(C) of this section; or
THE WHITE HOUSE,
July 14, 2020.