The American Chamber of Commerce in Hong Kong (AmCham HK) issued a statement on Monday firmly opposing the latest unilateral tariff increases by the United States, warning of their negative impact on businesses and urging a more measured approach.
"The recent U.S. trade policy decisions and worldwide reactions have had great ramifications on the global economy." the statement noted.
Representing approximately 2,000 members—including numerous Fortune 500 companies—AmCham HK expressed deep concern over the move, citing Hong Kong's longstanding free-market principles and strong economic ties with the U.S.
The statement says Hong Kong has a trade deficit with the U.S., with the U.S. goods trade surplus having reached $21.9 billion in 2024. This highlights a robust economic relationship characterized by mutual benefit and interdependence. U.S. total goods trade with Hong Kong were an estimated $33.8 billion, supporting close to 140,000 jobs in the United States in a wide range of sectors from agriculture to fashion, and to manufacturing.
The Chamber also highlighted Hong Kong's role as a global services hub and its significant service relationship with the U.S. The number of U.S. regional headquarters, offices, and local branches in the city rose to 1,390 in 2024, up from 1,273 the year prior, employing approximately 77,000 people. Many more are employed by Hong Kong or multinational firms with significant business interests in the U.S.
Noting that Hong Kong continues to uphold its status as a free port for the U.S. and all other trading partners, not imposing tariffs on imports and not maintaining tariff rate quotas, AmCham HK urged U.S. policymakers to recognize Hong Kong's special status and its vital role in global trade networks.
"A nuanced approach that acknowledges Hong Kong's unique status and its critical role in global trade is essential for fostering cooperation and economic growth for this region," the statement said.
"AmCham HK remains hopeful for a swift resolution to the current situation that will bring more economic prosperity to both sides of the Pacific Ocean," it added.
