Hong Kong Defends Free Port Status Amid US Tariffs

Hong Kong's leaders, including Chief Executive John Lee and Financial Secretary Paul Chan, have firmly declared the city's commitment to maintaining its status as a free port despite the recent imposition of aggressive tariffs by the United States. Following President Trump's announcement of a new 34% tariff on Chinese imports, which also affects Hong Kong, both officials criticized the U.S. actions as 'bullying' and violations of World Trade Organization rules. Chan emphasized the necessity of free trade for Hong Kong's economic success and highlighted ongoing efforts to support local small and medium-sized enterprises amid the economic turbulence. The Hong Kong stock market suffered its most significant drop since 1997 in response to the tariffs and Beijing's retaliatory measures, including its own 34% levy on American goods. The Hong Kong government is committed to ensuring the free flow of goods, capital, and information, while also exploring new markets to mitigate the tariffs' impact. Both leaders reiterated their belief in dialogue and cooperation as the means to resolve trade disputes, rejecting protectionism as a viable solution.