Hong Kong Chief Executive John Lee addressed the media today (April 8) ahead of the Executive Council meeting, criticizing the US for its arbitrary use of tariffs, which he said has gravely disrupted the multilateral trade system.
Lee pointed out that last week, the US imposed so-called "reciprocal tariffs" on multiple trade partners, including a 34% tariff hike on HK. This, combined with a previous 20% tariff hike, brings the cumulative tariff rate to 54%. He accused the US of abandoning free trade principles and recklessly undermining the global trade rules established collectively by the international community. He described US actions as "bullying and barbaric," causing significant damage to global trade, multilateral trade mechanisms, and the process of globalization.
He stated that the widespread and substantial tariff increases have affected numerous countries and regions globally, covering a broad range of goods. These measures disrupt the global economic and trade order, posing immense risks and instability worldwide. In the long term, Lee warned that such actions could accelerate economic decoupling and push global free trade trends toward regionalization, potentially leading to more trade barriers between regions.
Lee said that HK's re-export trade and logistics sectors are under pressure, with external trade enterprises, particularly small- and medium-sized enterprises and cross-border e-commerce businesses, likely to face short-term challenges. Analysts predict that bilateral trade between China and the US could drop by as much as 20% over the next two years.
When asked whether he is concerned about an expansion of US "sanctions," Lee firmly condemned the US measures as "unreasonable and overbearing." He described them as despicable acts aimed at intimidating national security personnel and interfering in HK affairs and China's internal matters.
Lee reiterated the HKSAR responsibility to safeguard national security and hold individuals accountable for crimes against it. He strongly condemned the US for smearing the HKSAR government's legitimate efforts to enforce national security laws and prosecute offenders.
Lee stressed that the HKSAR government remains undeterred in fulfilling its mission to uphold national sovereignty, security, and development interests. He assured that the government will continue to protect the legal rights of all personnel involved, declaring that each instance of "sanction" only strengthens their resolve.
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