CE Lee unveils seven-pronged strategy to counter US tariffs on HK products

CE Lee unveils seven-pronged strategy to counter US tariffs on HK products

Chief Executive John Lee has outlined a seven-pronged strategy to address the challenges posed by the United States’ decision to impose a 54% tariff on Hong Kong products. 

Lee expressed concern over the scale of the tariffs, which include an additional 34% tariff, bringing the total to 54% when combined with the earlier 20%.

“The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade,” he said.

Lee went on to criticize the US’s actions, calling them “ruthless”. “The reckless imposition of tariff affects many countries and regions around the world with huge tax rate increases covering a wide range of goods, disrupting the world’s economic and trade order.”

In response, Lee presented a strategy focused on seven areas. First, he highlighted the importance of strengthening Hong Kong’s integration with China’s development.

Lee also emphasised expanding international partnerships and forging new trade agreements, with current negotiations ongoing with Saudi Arabia, Bangladesh, Egypt, and Peru.

Additionally, he said that Hong Kong aims to accelerate industrial transformation by focusing on high value-added, innovation-driven sectors.

Fourth, Lee stressed the need to boost technological innovation and attract top-tier talent.

Fifth, he called for stronger international financial cooperation to attract investment.

Hong Kong will also leverage global diversification trends to attract foreign companies and investment, offering stability under the “one country, two systems” framework, said Lee.

Finally, Lee committed to providing support to local businesses to help them cope with the impact of tariffs and external challenges.