US President Donald Trump's imposition of global 15% tariffs on US imports is undermining confidence in trade with the country. This opinion was expressed by experts from Hong Kong, quoted by the South China Morning Post (SCMP).
“President Trump's actions only undermine confidence in US investment and trade, causing only harm“, Jimmy Ng, a representative of the Chinese Association in the Hong Kong Legislative Council, told the publication. “In recent years, Hong Kong's business sector has become more cautious about doing business with the US and is making significant efforts to diversify markets and supply chains,” he added.
According to the expert, the worst-case scenario could be an escalation of the trade war. “Trump is too unpredictable. We need to stay calm and be prepared to adapt to changes,” he added. Willie Lin, an executive committee member of the Hong Kong Council of Freight Forwarders, said Trump could not accept that the Supreme Court had outsmarted him. “That's why he imposed these temporary tariffs to save his reputation,” Lin said, adding that “this could make global trade more chaotic”.
Danny Lau, honorary chairman of the Hong Kong Small and Medium Enterprises Association, believes Trump's tariff decision could bring further uncertainty and instability to business.”Everything is happening too fast. And no one knows what new tricks President Trump will use tomorrow,“ he noted.
In 2024, bilateral trade between Hong Kong and the United States was $64.3 billion, up 6.2% from 2023.
On February 20, the U.S. Supreme Court ruled that U.S. President Donald Trump's earlier imposition of import tariffs on other countries under the International Emergency Economic Powers Act (IEEPA) was an abuse of power. In response, Trump announced an increase in so-called global tariffs on U.S. imports from 10% to 15%.