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 held an opposing view, saying Hong Kong should consider following Beijing by imposing a 34 per cent tariff on some US imports to show support for “our nation”.
“Some merchandise, such as those items that easily have alternatives or substitutes like food or clothing, could be subject to tariffs. For some essential equipment, such as for medical purposes, it should be exempted,” he said.
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.
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.
But lawmaker Kennedy Wong Ying-ho, representing the export and import sector, said Hong Kong should keep its unique role as a free trade port, a status maintained for many decades. The city is renowned for its zero tariffs and trade barriers, as well as its customs clearance efficiency, with import and export licensing kept to a minimum.
