Risks to global economic development “loom large” with US president-elect Donald Trump’s pledge to impose tariffs but Hong Kong has what it takes to prevail, the city’s finance chief has said.
Speaking at the General Chamber of Commerce’s International Business Summit on Thursday, Financial Secretary Paul Chan Mo-po said that Hong Kong would maintain connection with traditional markets in the West while also exploring new opportunities in the Global South.
Chan added in his keynote address that Hong Kong and the region were navigating a “new wave of global challenges underscored by geoeconomic fragmentation” that was reshaping the landscape for trade, investment and talent flows.
“Now, the risks are looming large, as the president-elect of the United States expressed his intention, just this Monday, to impose tariffs not only on China, but also on his two neighbours,” Chan said, referring to Trump’s announcement he would also impose tariffs on Canada and Mexico.
“While the challenges are daunting, there are encouraging developments,” Chan said, pointing to the Global South and its increasing role in shaping the global economy.
Hong Kong has been actively developing its relationships with new and emerging markets in recent years as it seeks to diversify its uneven post-pandemic economy.