Next lot of tariffs in China-US trade row will hit Hong Kong harder, minister warns
Wide range of goods including food will be affected if trade war escalates, Edward Yau says
Hong Kong, which is an export-oriented port, will be “hit harder and more imminently” in a fresh and escalated China-US trade row, the secretary for commerce and economic development has warned.
From food to clothes, the list of consumer goods and the magnitude of tariffs were worries facing the city, Edward Yau Tang-wah told the Post after meeting on Tuesday with about 10 Hong Kong business chambers at the government headquarters in Admiralty.
He said they were already concerned about their business orders in the second half of this year after the US$34 billion trade sanctions took effect last Friday.
“The common worry is what happens next is going to hit us harder because it covers more consumer goods such as textiles, garments, food and electronics [and so on],” Yau said on Wednesday. “This effectively means basic industries involving clothing, food, living will be affected more imminently.”
But he stopped short of estimating the impact on Hong Kong of the US plan announced on Wednesday to levy 10 per cent tariffs on US$200 billion worth of Chinese products.
Beijing vowed to retaliate, warning that the escalating confrontation risks “destroying” trade between the two countries.
“I won’t jump into any assessment at this point because it is still a proposed list which will be announced after public hearings in late August,” Yau said.
