Overseas retailers have raised prices for goods ranging from lipstick, shoes and clothes to Nintendo games in response to the United States’ sweeping tariffs on its global trading partners, but a Hong Kong lawmaker has said products imported from mainland China remain unscathed so far.
The move by overseas retailers followed an executive order signed by US President Donald Trump last week, prompting fears of further price increases on imported goods with a fresh 34 per cent tariff on Chinese goods coming into effect on Wednesday, alongside duties on other trade partners.
Hong Kong consumers who shopped online were affected because e-commerce operators simply passed on extra costs no matter where their clients were, analysts said on Tuesday.
They had earlier warned that the sweeping US tariffs would create a vicious cycle, with rising prices for imported goods and diminishing consumer spending leaving Hong Kong exporters struggling to survive the drop in demand and potential interest rate increases.
Trump also closed a trade exemption known as “de minimis” – a reprieve from import duties for packages from the mainland and Hong Kong valued at US$800 or less – effective on May 2.
Imported goods sent by post and valued at or under US$800 will now be subject to a duty rate of either 30 per cent of their value or US$25 per item, with that rate increasing to US$50 per item after June 1.
