Hong Kong 'caught in the middle' of US trade policy, AmCham HK says

The American Chamber of Commerce in Hong Kong said Hong Kong is "caught in the middle" of the recent United States' trade policy decisions, expressing hope for a swift resolution to the current situation that will bring more economic prosperity to both sides of the Pacific Ocean.

"AmCham HK feels that Hong Kong's current predicament is unfortunate. This is because, in fact, Hong Kong has a trade deficit with the US," the institution said in a statement on Monday.

The US has recently imposed cumulative tariffs of up to 145 percent on goods from Hong Kong, while Hong Kong continues to uphold its status as a free port for the US and all other trading partners, not imposing tariffs on imports and not maintaining tariff rate quotas.

According to the statement, in 2024, the US goods trade surplus with Hong Kong was $21.9 billion, highlighting a robust economic relationship characterized by mutual benefit and interdependence.

The US total goods trade with Hong Kong was an estimated $33.8 billion, supporting close to 140,000 jobs in the US in a wide range of sectors, from agriculture to fashion to manufacturing, per the statement.

Also, Hong Kong, a long-time supporter of free economy and trade, has been the regional business home for most AmCham HK members, including many Fortune 500 companies.

AmCham HK said that Hong Kong is a separate customs territory according to the General Agreement on Tariffs and Trade, and as an independent and separate member of the World Trade Organization, its economic and trade status is on par with other fellow WTO members.

AmCham HK called for acknowledging Hong Kong's unique status and its critical role in global trade, saying that it is essential for fostering cooperation and economic growth for this region.