New US 10% global tariff will have ‘limited impact’ on Hong Kong: treasury chief

The new 10 per cent global tariffs imposed by the United States will only have a “limited impact” on Hong Kong, the city’s treasury chief has said, adding that the move highlights the city’s strength as a safe haven for capital amid geopolitical uncertainty.

The remarks followed US President Donald Trump’s announcement on Friday to impose a new round of tariffs on all trading partners, effective immediately, after the US Supreme Court ruling against his earlier sweeping emergency duties.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu downplayed the impact of the new tariff on Saturday, pointing to Hong Kong’s service-dominated economy.

“Our economy has solid fundamentals, and the services sector accounts for a very substantial portion of our gross domestic product [GDP],” Hui said.

“Even when facing varying situations regarding tariffs over the years, its impact on our economic resilience is relatively limited.”

He added that the US move underscored the importance of predictability in investment.

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