Mr Mei Xinyu, a researcher at a think tank under China's Commerce Ministry, said that the Hong Kong issue will definitely be discussed at the trade negotiation table and China will likely ask the USA side to clarify its stance, or even make some promises on refraining from using the Bill.
The two countries are now locked in a trade war and have deep differences over China's claims to the South China Sea and Taiwan, human rights issues and accusations of Chinese industrial espionage.
Senator Robert Menendez, a Democrat from New Jersey, said it "finally sends a clear and unequivocal message to the people of Hong Kong: We are with you".
But one of the leaders of the Hong Kong protest movement, Joshua Wong, said the USA law was a "remarkable achievement" for "all Hongkongers".
The bill also allows for sanctions on people who undermine Hong Kong's autonomy from China.
However, the bill had widespread congressional support, which meant that even if he vetoed it, lawmakers could potentially have voted to overturn his decision. A separate piece of legislation will ban the export of tear gas, rubber bullets and other crowd control items.More news: These are the best Black Friday travel deals in Canada
The protests were sparked by a proposed law that would permit Hong Kong residents to be extradited to China, where the courts are controlled by the ruling Chinese Communist Party.
Hong Kong activist and singer Denise Ho sang the unofficial Hong Kong protest anthem on the stage during the rally.
Gao Feng, a spokesperson for China's Commerce Ministry, did not comment directly on whether the Hong Kong law would affect trade talks, saying there were no new details of their progress to disclose. "I have every confidence that Hong Kong can bounce back, as we always do".
Hong Kong's justice secretary has urged him to report the matter to the relevant Chinese authorities and said she has no opinion on the accusations.
"The world is seeing a singular view of Hong Kong events through the lens of those who wish to destroy its parent where the only possible outcome is to completely sacrifice the child", Leung said.
A second bill signed into law prohibits the export of USA crowd-control munitions to Hong Kong police.
Roughly 1,000 protesters had retreated inside the campus after battling police on nearby streets on November 17, leading to a violent standoff that left the university ransacked.More news: Giuliani role in Ukraine scandal deepens
Protesters had used petrol bombs, bows and arrows and catapults against police, but police later laid siege to the university, trapping protesters inside.
The legislation was suspended but protesters are now asking for an investigation into police violence. But given the widespread unrest by protestors calling for greater democracy for Hong Kong, the election is seen as a referendum on Hong Kong's current relationship with Beijing.
The elections saw a landslide victory for the pro-democracy movement, with 17 of the 18 councils now controlled by pro-democracy councillors.
Some analysts say any move to end Hong Kong's special treatment could harm the United States, which has benefited from business-friendly conditions in the territory.
Last week, people were detained by police near the Hong Kong Polytechnic University in Hung Hom district.
Police moved into the Polytechnic University campus where a handful of protesters were thought to be holding out.
About 100 officers first entered the Polytechnic campus on Thursday to collect evidence and remove risky items.More news: Mobvoi's big Black Friday sale on TicWatch smartwatches is now live