HKECIC rolls out support measures for local firms amid 'illogical' tariffs

Hong Kong's Export Credit Insurance Corporation has unveiled three measures aimed at supporting local companies, particularly small and medium-sized enterprises, amid what the government described as arbitrary and unreasonable US tariffs.

These measures include lowering premium rates for emerging markets to align them with those of traditional markets, with the goal of reducing costs and helping exporters expand into countries in the Association of Southeast Asian Nations.

Other initiatives include extending free protection against pre-shipment risk under the Small Business Policy tailor-made for SMEs until June 30 next year, and offering a 50 percent premium discount on pre-shipment risk coverage for non-Small Business Policy holders.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah said Washington’s frequent and abrupt tariff hikes – including those imposed on Hong Kong, which traditionally levies no tariffs – are "illogical and disconnected from reality."

He described the moves as "brutal suppression" of trade competitors and urged the business community to stay united in confronting US pressure.

STAFF REPORTER