President of the Chinese Manufacturers' Association Wingco Lo Kam-wing said on Tuesday that Hong Kong businesses are well prepared for the challenges that could arise after President-elect Donald Trump plans to raise tariffs on all Chinese goods coming into the US.
According to a post on Monday on Trump’s social media platform Truth Social, the President-elect said he plans to raise tariffs by an additional 10 percent on all Chinese goods coming into the US. He had threatened tariffs of 60 percent on Chinese goods while campaigning for president.
Speaking to the press this morning, Lo said Western markets, especially Europe and America, remain significant trading partners for Hong Kong, admitting that the possible tariff rise is expected to impact local businesses to some extent.
However, he noted that Hong Kong businesses have been well-prepared since the US-China trade war began, and have diversified their business strategies.
They include establishing production bases in Southeast Asia and tapping into various emerging markets to mitigate potential disruptions, he said.
