Taking immediate effect, the three measures introduced by the Hong Kong Export Credit Insurance Corporation came as US President Donald Trump decided to ramp up duties on Chinese goods to 125 percent.
Secretary for Commerce and Economic Development Algernon Yau met on Thursday representatives of major business chambers, SMEs, and industries which were more affected by the tariffs to hear their views.
Yau also hit out at Washington for “repeatedly changing its policies” and increasing tariffs.
“It is totally illogical and ungrounded, once again showing the US’s bullying act for suppressing its competitors,” Yau said in a statement.
“I call upon the business community to unite and face the challenges together with a view to jointly counteracting the unreasonable coercion of the US.”
Among the measures is the extension of free pre-shipment risk protection to “Small Business Policy” holders to June 30, 2026.
The insurance policy is tailor-made for exporters with an annual turnover of less than HK$50 million, covering contracts of sale and service they have with overseas buyers and clients.
Exporters not covered by the “Small Business Policy” will also receive a 50 percent discount on pre-shipment cover premiums, while the premium rates for new markets have been slashed to align with those for traditional major markets to help them tap into Asean nations.
The Commerce and Economic Development Bureau pledged to maintain close liaison with the business trade to “jointly respond to the unreasonable coercion of the US” and support SMEs in financing, enhancing competitiveness and expanding into more diversified markets.
