Outside In | Trade-dependent Hong Kong must push back against Trump’s tariff onslaught
The city needs to find its voice to defend the global multilateral trading system and the rules that have fostered growth for eight decades
Few economies depend as heavily as Hong Kong on a free and open multilateral trading system. Few have as much to lose if the current US administration succeeds in disembowelling the World Trade Organization and miring international trade in tariffs and other forms of protectionism.
Yet as the global trading system faces a protectionist assault, Hong Kong’s voice is nowhere to be heard. Our economy has a vested interest in pushing back against the chaotic trade protectionism that US President Donald Trump has unleashed on the world, and yet our government seems to be missing in action.
Trade amounts to 359 per cent of Hong Kong’s gross domestic product, behind only Luxembourg (398 per cent) and San Marino (370 per cent). Mainland China and the United States may be the world’s largest exporters, but international trade is much less important overall to their economies (mainland China’s trade dependency is 34 per cent, while the US’ is 25 per cent).
Some might also argue that as an (albeit special) city in China, we should defer to our national leaders in Beijing on a global trade battle. But I strongly disagree.
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