(Bloomberg) -- The Trump administration is considering a range of sanctions on Chinese officials, businesses and financial institutions over Beijing’s effort to crack down on Hong Kong, according to people familiar with the matter.

The Treasury Department could impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a new national security law that would curtail the rights and freedoms of Hong Kong citizens.

Inter-agency discussions are ongoing and no decision has been made on whether or how to employ the sanctions, said the people, who spoke on condition of anonymity because the moves are still under consideration.

A Treasury Department spokeswoman declined to comment.

White House press secretary Kayleigh McEnany said Tuesday that President Donald Trump is “displeased” with China’s efforts and “that it’s hard to see how Hong Kong can remain a financial hub if China takes over.” She declined to elaborate about specific actions the president was considering.

The State Department is due to certify Hong Kong’s autonomy and a negative determination could see the U.S. reconsider Hong Kong’s special trade status.

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