Hong Kong to expand trade deals, boost ties in face of ‘reckless’ US tariffs: John Lee
Hong Kong will maintain its free-port status and attract people from all over the world to trade and invest in city, chief executive says
Hong Kong’s leader has vowed to stand firm on the city’s role as an international free port, as he set out strategies to further integrate with mainland China and sign free-trade deals with more economies to mitigate the impact of tariffs imposed by the US.
“The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade, and its ruthless behaviour damages global and multilateral trade,” he said.
On Tuesday, the central government vowed to take “countermeasures” against any move by Washington to further raise tariffs after US President Donald Trump threatened another 50 per cent in duties on Chinese imports unless Beijing lifted retaliatory levies.
Hong Kong’s benchmark Hang Seng Index closed 1.5 per cent higher on Tuesday at 20,127.68, as several Chinese state funds stepped in to support the market amid Beijing’s efforts to mitigate the fallout from the full-blown trade war.
The index fell 3,021 points to 19,828 on Monday, its largest single-day loss since 1997 and the lowest level since January 23. The stock market saw a record turnover of HK$620 billion (US$79.74 billion).