Hong Kong warns: US tariffs threaten global economy
Kyiv • UNN
Paul Chan said that Trump's tariffs crashed the US stock market. Hong Kong will not introduce countermeasures, but opposes US actions, maintaining a free and open economy.
Hong Kong's Financial Secretary Paul Chan said that the new tariffs imposed by the United States are harming international trade and could backfire on the Americans themselves. This is reported by Bloomberg, writes UNN.
Details
According to Chan, there are no winners in trade wars, and the tariffs introduced by President Donald Trump have collapsed the US stock market. In addition, the financial secretary said that Hong Kong will not introduce countermeasures against the United States.
The Hong Kong government "certainly strongly opposes the actions of the United States, and we also need to take a defensive position," Chan said. However, Hong Kong must remain "free and open" and have a mechanism to identify risks that may threaten the financial system.
Let's add
The United States has imposed tariffs of up to 34% on Chinese imports, which provoked a response from Beijing, which introduced its own tariffs and export controls on rare earth metals. These measures also apply to Hong Kong — after Trump revoked special trade privileges for it in 2020.
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As Chan noted, last year the US accounted for 6.5% of Hong Kong's total merchandise exports, down from 8.6% in 2018. Meanwhile, the city's supplies to Southeast Asia and the Middle East are growing. Southeast Asia overtook the United States in 2019 and became the second largest market for exports of goods, the financial secretary said.
Other Asian countries have also refrained from retaliatory measures against the US measures. Vietnam, Cambodia and Indonesia have stated that they are open to negotiations on "mutual tariffs", while Singapore, a financial and trade center, has stated that it does not plan to strike back.
Let us remind
Earlier, UNN wrote that the Chinese Foreign Ministry called on the United States to dialogue over Trump's new tariffs. China is also to impose a 34% tariff on imports of goods from the US in response to Trump's actions.
