Hong Kong's Resilient Response to U.S. Tariffs

Hong Kong's government plans to support small and medium businesses facing challenges due to U.S. President Trump's tariffs. Despite short-term impacts on Hong Kong as a trade hub, Financial Secretary Paul Chan highlights the city's open economy. Local stocks plummeted as China retaliated with its own tariffs.

The Hong Kong government announced plans to increase support for small and medium-sized enterprises as they navigate the economic turbulence caused by U.S. President Donald Trump's aggressive tariff strategy. This move aims to mitigate the impact on local exporters.

Financial Secretary Paul Chan emphasized Hong Kong's position as a crucial trade hub despite the immediate effects of U.S. tariffs. He assured that the city remains welcoming to investments, leveraging its status as one of the world's most open economies.

The local stock market suffered its most significant decline since 1997, triggered by Beijing's retaliation with its own tariffs. China's sovereign wealth fund intervened to stabilize the market amid rising fears of a prolonged trade war.

(With inputs from agencies.)