The Donald Trump administration last week imposed new tariffs on virtually all of Washington’s trading partners around the world, including an extra 34 percent on Chinese goods.
Writing on his weekly blog, Chan said US tariffs will put tremendous pressure on trade and the global economy.
He said the government has been on the alert and Hong Kong is already less reliant on the US when it comes to exports than in the past.
“As unilateralism has gradually been on the uptrend in recent years, Hong Kong companies have made adjustments with regards to their export markets,” Chan wrote.
“Data shows that last year, goods heading to the US accounted for 6.5 percent of the SAR’s overall exports, compared to 8.6 percent in 2018.”
The minister said firms have been turning their attention to Asean and countries in the Middle East, while the government has been helping companies find new markets and with digitilisation.
