Hong Kong’s leader has vowed to stand firm on the city’s role as an international free port, as he sets out strategies to further integrate with mainland China and sign free trade deals with more economies to mitigate the impact of the US tariffs.
Chief Executive John Lee Ka-chiu on Tuesday slammed the United States for undermining global trade and bringing risks and uncertainties to the world through its “reckless imposition of tariffs”.
“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.
Last week, US President Donald Trump announced sweeping tariffs on his country’s global trading partners, with a fresh 34 per cent levy on Chinese goods, including those from Hong Kong. Combined with the existing duties, the total tariffs imposed on Hong Kong goods will go up to 54 per cent.
In a tit-for-tat move, Beijing also announced that it would impose a 34 per cent tariff on imported American goods.
Lee pledged to continue to uphold the city’s status as an international free port under the renewed trade war.
“Free trade is Hong Kong’s competitive advantage and the secret to Hong Kong’s success,” he said.