Response of AmCham HK to President Trump’s Revocation of Hong Kong’s Special Trading Status
July 17, 2020 – HONG KONG – The American Chamber of Commerce in Hong Kong (“AmCham”) has supported open and constructive dialogue between the United States and the HKSAR for more than fifty years. The Chamber remains committed to the mission we espoused at our founding: To foster commerce among the United States of America, Hong Kong and Mainland China, and to enhance Hong Kong's stature as an international business center.
We regret the revocation of Hong Kong’s special trade status with the United States under the United States-Hong Kong Policy Act (“Policy Act”), which we believe will hurt American businesses in Hong Kong.
The Policy Act, in effect since 1997, supported Hong Kong’s crucial role in the global economy and protected US commercial interests in the Indo-Pacific region.
The Policy Act preserved Hong Kong as a financial and strategic hub in the Indo-Pacific region for more than 1,300 American firms and 85,000 American citizens. A thriving American business community in Hong Kong shapes Chinese and regional institutions and perspectives by modelling best business practices and the values of an open and competitive marketplace for goods and ideas.
American businesses in Hong Kong have stressed the significance of fostering regional stability through exchanges between the United States and Hong Kong. Without the Policy Act this goal becomes much more difficult to achieve.
In a recent AmCham member survey regarding Hong Kong’s new national security law, respondents said they were pessimistic about overall business prospects in Hong Kong. We fear revocation of Hong Kong’s special status with the US will only deepen that pessimism.
Hong Kong has been a strong market for American goods. Last year alone the United States enjoyed a $26 billion trade surplus with Hong Kong, the largest US surplus in the world. That figure included a substantial volume of US agricultural and manufacturing exports that are crucial to many communities across the United States.
We sincerely hope to see a return to a strong, open and constructive dialogue between the governments of the HKSAR and the United States for the mutual benefit of our people, communities and economies.
For further details, please contact:
Queenie Tsui (Ms.)
Director, Communications & Government Affairs