Hong Kong should not join Beijing in imposing counter tariffs: experts
But lawmaker Jeffrey Lam proposes following Beijing’s lead with 34 per cent tariff on US imports as show of support
Hong Kong should maintain its free-trade port status, which is crucial to consolidating its position as a global financial hub, some economists and business leaders have said, while calling for the city to avoid joining Beijing in imposing retaliatory tariffs on US goods.
But Executive Council member and lawmaker Jeffrey Lam Kin-fung said Hong Kong should consider following Beijing by imposing a 34 per cent tariff on some US imports to show support for the nation.
“Some merchandise, such as those items that easily have alternatives or substitutes like food or clothing, could be subject to tariffs,” he said. “For some essential equipment, such as for medical purposes, it should be exempted.”
In a tit-for-tat move, Beijing said on Friday it would impose a 34 per cent tariff on imported American goods, escalating trade tensions between the world’s two biggest economies.
Financial Secretary Paul Chan Mo-po on Sunday continued to emphasise the importance of the city’s status as a free-trade port after a day earlier suggesting there were no plans to retaliate against the latest round of levies.
The United States is Hong Kong’s second-largest export market, accounting for US$37.9 billion in merchandise in 2024, about 6.5 per cent of the city’s total exports, although its share has shrunk from 8.6 per cent in 2018.