Hong Kong Chief Executive John Lee criticized the US for its trade policies, calling them reckless and damaging to global trade. He outlined strategies to mitigate the impact of US tariffs by furthering integration with mainland China and pursuing more free-trade agreements.
The article notes that despite the negative impact of the trade war, Hong Kong's Hang Seng Index closed up 1.5% on Tuesday, with Chinese state funds supporting the market. It also highlights the substantial market fluctuations, including a record turnover of HK$620 billion (US$79.74 billion) and the significant one-day loss on Monday.
The central government's vow to take countermeasures against further tariff increases underscores the focus on closer economic ties between Hong Kong and mainland China as a strategy to offset the impact of US tariffs.
Hong Kong’s leader has vowed to stand firm on the city’s role as an international free port, as he set out strategies to further integrate with mainland China and sign free-trade deals with more economies to mitigate the impact of tariffs imposed by the US.
“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.
On Tuesday, the central government vowed to take “countermeasures” against any move by Washington to further raise tariffs after US President Donald Trump threatened another 50 per cent in duties on Chinese imports unless Beijing lifted retaliatory levies.
Hong Kong’s benchmark Hang Seng Index closed 1.5 per cent higher on Tuesday at 20,127.68, as several Chinese state funds stepped in to support the market amid Beijing’s efforts to mitigate the fallout from the full-blown trade war.
The index fell 3,021 points to 19,828 on Monday, its largest single-day loss since 1997 and the lowest level since January 23. The stock market saw a record turnover of HK$620 billion (US$79.74 billion).
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