How will Hong Kong restaurants and bars react to huge tariffs on US goods? Owners explain
With US$1.7 billion of US food and agricultural exports to Hong Kong in 2023, restaurant and bar owners give their reactions to new tariffs
The recent tariff war between the US and China has sent markets on a roller-coaster ride, with the tariffs on goods from each country entering the other reaching three-digit percentages earlier this month.
Where the cards will eventually fall – and who will come up on top – is still to be determined, but many restaurateurs in Hong Kong are already evaluating how the situation could affect their bottom line and, in turn, their customers’ dining experience.
According to a 2024 report from the USDA’s Agricultural Trade Office (ATO) in Hong Kong, US food and agricultural exports to Hong Kong amounted to US$1.7 billion in 2023, with beef and beef products making up the lion’s share at US$415 million.
However, chef Nate Green, who has helped open steakhouses in Hong Kong including Rex, Kilo and Henry, points out that the price of US beef has been slowly rising since the Covid pandemic – and restaurateurs have already started to look elsewhere.
Indeed, according to the Federal Reserve Bank of St. Louis – one of the 12 regional reserve banks that make up the US central bank – the average price of uncooked beef steaks per pound in the US rose from US$7.65 in January 2020 to US$10.98 in March 2025.