Hong Kong ‘can expect large rise in exports' amid US-China tariff war pause
tariff dispute with China, industry representatives have said.
Following the breakthrough in talks over the weekend, the US pledged to reduce its April tariffs by 91 percentage points and by another 24 points for the next 90 days. The moves leave duties of 10 per cent in place for Chinese goods.
But the 20 per cent tariff on Chinese goods imposed by the US earlier this year, which Washington said was intended to halt the flow of the illegal drug fentanyl, remains in effect.
Wednesday also marked the start of the new 54 per cent duty on small packages priced up to US$800. It was previously raised from 30 to 90 per cent, and then to 120 per cent.
'We believe that many manufacturers and exporters will seize the opportunity arising from the 90-day postponement to ship as many of their products as possible [to the US],' Gary Lau Ho-yin, chairman of the Hong Kong Association of Freight Forwarding and Logistics, said.
'I expect the big increase in export volume could come as early as next week.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Standard
10 minutes ago
- The Standard
Trump weighing lawsuit against Fed's Powell over renovations, White House says
U.S. President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., U.S., July 24, 2025. (Reuters)
South China Morning Post
40 minutes ago
- South China Morning Post
Police summon father of activist linked to subversive ‘Hong Kong Parliament'
National security police have summoned the father of an activist wanted for his involvement in 'Hong Kong Parliament', a group deemed subversive, to 'assist in an investigation', the Post has learned. A source said that police asked Alan Keung Ka-wai's father to go to Tin Shui Wai Police Station on Wednesday morning to help with the investigation into the Canada-based activist. '[We] expect the investigation to wrap up around noon,' the insider said. Keung is among 15 activists who were slapped with a HK$200,000 (US$25,477) bounty each last month for their involvement in an overseas election organised by the group, which was held in May. Police have earlier accused 'Hong Kong Parliament', founded by wanted self-exiled activists Elmer Yuan Gong-yi, Victor Ho Leung-mau, Fok Ka-chi and Choi Ming-da, of aiming to subvert state power by promoting 'self-determination' and formulating a so-called 'Hong Kong constitution'. The Canada-based activist was also the chairman of the Taiwan-based advocacy group, Hong Kong Democratic Independence Union.
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong stocks approach 2-week high as mild US inflation raises rate-cut bets
Hong Kong stocks rallied on Wednesday, setting the benchmark gauge on course for a two-week high, as tamer US inflation data fuelled rate-cut expectations and corporate earnings prospects brightened. The Hang Seng Index rose 1.1 per cent to 25,250.08 as of 10.09am local time, heading for the highest close since July 29. The Hang Seng Tech Index also gained 1.1 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.1 per cent. Chinese pork processor WH Group surged 6.2 per cent to HK$8.36 after first-half operating profit increased 10.4 per cent from a year earlier. Tencent Holdings gained 2.5 per cent to HK$573.50, with the social media giant set to report a 7 per cent year-on-year increase in second-quarter net income later today. Alibaba Group Holding advanced 3 per cent to HK$120.10 and Meituan added 1.4 per cent to HK$121.10. The S&P 500 and the Nasdaq 100 both hit record highs overnight after US inflation data came in line with expectations, fuelling hopes that the Federal Reserve would cut interest rates next month amid signs of a cooling jobs market. The probability of a 25-basis-point rate cut next month rose to 94.3 per cent from 85.9 per cent before the data release, according to CME Group. Other major Asia-Pacific markets were mostly higher. Japan's Nikkei 225 climbed 1.3 per cent and South Korea's Kospi rose 0.4 per cent, while Australia's S&P/ASX 200 lost 0.7 per cent.
