Statement from AmCham HK -- Hong Kong amidst the Current Global Trade Challenges
April 14, 2025 – Hong Kong – The recent U.S. trade policy decisions and worldwide reactions have had great ramifications on the global economy. Hong Kong, a long-time supporter of free economy and trade, is caught in the middle.
The American Chamber of Commerce in Hong Kong (“AmCham HK”), with approximately 2,000 members, is a private, non-partisan, non-profit trade organization that has served for over 55 years to foster commerce between the United States, Hong Kong and Mainland China, and to maintain Hong Kong’s stature as a leading international financial centre. Hong Kong has been the regional business home for most AmCham HK members, including many Fortune 500 companies.
AmCham HK feels that Hong Kong’s current predicament is unfortunate. This is because in fact, Hong Kong has a trade deficit with the U.S. In 2024, the U.S. goods trade surplus with Hong Kong was US$21.9 billion, highlighting a robust economic relationship characterized by mutual benefit and interdependence. U.S. total goods trade with Hong Kong were an estimated US$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. Hong Kong, being a global services center, has a significant services relationship with the U.S. The number of U.S. regional headquarters, regional offices and local branches in Hong Kong has increased to 1,390 in 2024 (from 1,273 in 2023), employing approximately 77,000 people in Hong Kong. Additionally, many more employees work for Hong Kong or multinational companies with business interests in the U.S.
It should be noted that Hong Kong is a separate customs territory according to the General Agreement on Tariffs and Trade (GATT). Hong Kong operates under a regulatory and legal trading framework that is distinct from Mainland China, and should be considered separately in any trade policy decisions by trading partners. As an independent and separate member of the World Trade Organization (WTO), Hong Kong’s economic and trade status is on par with other fellow WTO members. In addition, 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.
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. As many members are impacted by the current turbulence, 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.
For media enquiries, please contact: publicaffairs@amcham.org.hk