Hong Kong ranks second among five major Asian economies in resilience to US global tariff shocks, trailing only Singapore, thanks to its diversified trade, strong foreign exchange reserves and strict financial regulations, according to a study by a local think tank.
The “Economic Resilience Index”, released by the POD Research Institute on Tuesday, also suggested that the city should continue diversifying its market and currency options and accelerate institutional reforms to address future uncertainties.
The study was a response to the Trump administration’s remarks that China’s economy was collapsing in the face of US tariffs, said Ronny Tong Ka-wah, the head of the institute and a member of the government’s key decision-making Executive Council.
Tong was referring to US President Donald Trump’s comments in May this year.
“Surprisingly, we found Hong Kong and mainland China were doing well in the light of the US tariffs,” he said.
Trump announced in April that a “baseline” of 10 per cent would apply to imports from all countries into the United States.
