The US has imposed an additional 20 percent duty on goods from Hong Kong, the same as mainland China.
Speaking on a Commercial Radio programme, Yau accused Donald Trump’s government of violating WTO agreements, which state that the SAR is a separate customs territory.
“The executive orders of the US government noted that they are imposing new tariffs on goods from mainland China. But the Department of Homeland Security and Customs said the rule includes products of Hong Kong. This is a violation of the WTO agreement and it is completely wrong to mingle Hong Kong goods with those of China,” he said.
The minister said the levies have a minimal impact on Hong Kong, noting the US has had a trade surplus of US$270 billion with the SAR over the past decade.
Yau also said that despite rising geological tension between the US and China, foreign investors still cast a vote of confidence for Hong Kong.
“There are currently almost 10,000 foreign and mainland enterprises in Hong Kong. Of course, mainland companies account for most of these with some 2,600 companies, followed by 1,430 from Japan. There are 1,390, 720 and 520 enterprises from the US, UK and Singapore respectively,” he said.
“In the last two years we’ve seen an increase of more than 900 foreign enterprises. And in 2024, there were 539 more, creating more than 7,000 jobs and HK$67 billion in investments…. This shows that foreign businesses are very confident in Hong Kong’s business environment,” he added.
