, Hong Kong

US-China trade war could cost one in 5 Hong Kong jobs: FS Chan

The trading and logistics industry, which employs over 700,00 people, remains highly vulnerable.

A full-blown trade war between global superpowers US and China could negatively impact one in five jobs in Hong Kong, according to Financial Secretary Paul Chan.

This comes as China raised import duties on $3b list of US pork, apples and other consumer products in retaliation to the earlier US tariff hike on steel and aluminum.

Growing tensions between the economic giants will surely be felt across the local industry as both the US and China are major economic partners of Hong Kong. The US is Hong Kong’s second largest export market whilst the Mainland considers Hong Kong as its third largest trading partner.

Also read: HKC files protest over 23.6% steel and aluminum tariff hike

In his blog, Chan stressed the importance of free trade to the success of the global economy, believing that a trade war would ultimately leave no winner.

“Free trade is an important foundation of our success. The total value of traded goods and services was about 375% of our gross domestic product,” the FS noted.

Chan expects the trading and logistics industry to be largely hit should a massive dispute on a global scale erupt. “Trading and logistics is a pillar industry of Hong Kong, contributing to some 22 per cent of GDP and employing some 730,000 people. Roughly one-fifth of our labour force work in the sector,” he added.
 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

HKEX launched Order Routing Service on Integrated Fund Platform
The move addressed some long-standing operational challenges.Hong Kong Exchanges and Clearing Limited (HKEX) launched the Order Routing Service that connects fund distributors and transfer agents on its Integrated Fund Platform (IFP).The new service is based on the Fund Repository system and helps transform the fund order placement process into a seamless and integrated system.Supported by the data network from Shenzhen Stock Exchange, the service promotes better efficiency and collaboration across the fund distribution network by enhancing communications between fund distributors and agents.IFP also welcomes an initial cohort of 33 distributors, transfer agents and fund houses.
HKTDC signs first MOU with Singapore-based bank
The partnership also aims to generate job opportunities and strengthen communities across both regions.The Hong Kong Trade Development Council (HKTDC) signed a Memorandum of Understanding (MOU) with United Overseas Bank Hong Kong Branch (UOB Hong Kong) at the ASEAN Conference 2025 in Singapore, a first of such a partnership for Hong Kong.The MOU aims to strengthen regional ties and promote sustainable growth by leveraging UOB’s extensive regional network and financial expertise, alongside HKTDC’s strengths in trade promotion, to access new markets, resources and professional knowledge.The MOU also promotes local enterprise development and economic resilience by matching local value chains with foreign direct investments(FDI). 
OCBC Bank Hong Kong sets up team to support entrepreneurs
OCBC Group is aiming to disburse S$5b in loans to entrepreneurs by 2028