The Hong Kong Special Administrative Region government is taking proactive measures to fortify the city's status as an international trade hub amid the uncertainties brought by the United States’ tariff hikes, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said on Friday.

The US government clarified on Thursday, US time, that its tariff rate for China is 145 percent, not 125 percent, as the latter figure is in addition to a 20-percent tariff rate announced earlier.

In an earlier interview with China Daily, Wingco Lo Kam-wing, president of the Chinese Manufacturers’ Association of Hong Kong, said, “Actually, when the tariff rate on China increased to 54 percent, the growing tariff figures became meaningless.”

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On Friday, the Chinese Ministry of Foreign Affairs responded that China will raise its tariff rate for the US to 125 percent, and will no longer pay attention to the US tariff-numbers game.

During a special Legislative Council Finance Committee meeting, Yau said that the strategy is “leveraging local strengths, collaborating with the Guangdong-Hong Kong-Macao Greater Bay Area, and expanding internationally”, aiming to “turn risk into opportunities” and promote sustainable development of the city as an international trading hub.

To enhance trade activities, he said, the government plans to launch a new program on July 1, the Incentive Scheme for Recurrent Exhibitions 2.0. It will support new and regular large-scale international exhibitions, to stimulate the conference and exhibition industry and boost the city’s economy through events. If the Legislative Council approves funding, the new program will be launched on July 1.

To explore new markets, Hong Kong Chief Executive John Lee Ka-chiu will visit the Middle East with representatives of Chinese mainland companies next month, he said.

“We are planning to open economic and trade offices in Malaysia and Saudi Arabia and actively engaging in discussions to sign free trade agreements with more countries in the future, including Saudi Arabia, Bangladesh, Egypt and Peru,” Yau said.

The government has so far signed nine free trade agreements with 21 economies and 24 investment agreements with 33 economies.

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In addition, the commerce chief said, “We will further optimize the regional supply chain, maintain close contact with Regional Comprehensive Economic Partnership (RCEP) members, and take the opportunities of different platforms and occasions to promote Hong Kong, in order to join the RCEP as soon as possible.”

Government data show that all RCEP members are important trading partners of Hong Kong, accounting for about 70 percent of Hong Kong’s total merchandise trade and about 50 percent of its total service trade.

“The Joint Committee of the RCEP updated the details of the procedure for joining the RCEP in September, taking a concrete step toward attracting new members,” said Yau.

“Hong Kong has all the conditions necessary to join the RCEP, and with its advantages as a logistics, trade and financial center, it will further optimize the regional supply chain and contribute unique value to the RCEP.”

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He also appealed to the business community to unite and face the challenges together, with a view to jointly counteract the unreasonable coercion of the US.

“We will provide support to the small and medium enterprises through various funding programs and support measures in managing cash flow, enhancing competitiveness and expanding into more diversified markets,” he said.

Contact the writer at thor_wu@chinadailyhk.com