United states president trump signed the hong kong home rule act earlier to remove some of hong kong's special status. The united states government has now ordered that goods manufactured in hong kong will be exported to the united states, marked as “chinese”, meaning that goods manufactured in hong kong will be subject to the same tariffs as the mainland。
According to hong kong's “01” network, 11 days later, the united states government announced that, since hong kong no longer had sufficient autonomy to justify the need for different treatment from that of mainland china, goods produced in hong kong must be marked as “china” when exported to the united states and the label “hong kong-made” is no longer allowed. It also states that since june 1997 the united states has issued a circular stating that, even if hong kong sovereignty is returned to china, if the goods are produced in hong kong, they should continue to indicate that their origin is “hong kong” but that “china” must be marked later; given the actual business environment, the unit concerned may need a transitional period, the arrangement will be implemented after 45 days, i. E. From 25 september。
While it is known that the largest share of hong kong's exports to the united states consists of jewellery and the rest of clothing, many local traders are only garment-processing and move their factories to mainland, viet nam, laos and bangladesh early in the morning. Public opinion is generally of the view that new united states measures have a limited impact on hong kong's exports and imports. According to the president of the hong kong chambers of commerce, wu hongbin, hong kong's manufacturing industry accounts for only a small proportion of GDP, and the products in question are mainly locally available and exported in small quantities, mainly from mainland or overseas, before they are imported into the united states. According to congressman huang, while pressure on hong kong by the united states was expected to take the form of the abolition of hong kong's special tariff status and the imposition of tariffs on hong kong's manufactured goods, which would undoubtedly have had an impact on hong kong's imports and exports, only 1 per cent of the local goods to the united states were made in hong kong, owing to the small volume of goods manufactured in hong kong, while the rest were transit goods manufactured in the mainland. According to bloomberg, the real impact of the new united states regulations on hong kong's trade and economy is limited, as most of hong kong's exports to the united states are transit。
According to the hong kong statistics office, the value of hong kong's exports to the united states last year was $39 billion, of which only about 1. 2 per cent were made in hong kong and the remainder were trans-shipment goods manufactured in the interior. The analysis suggests that the impact of this measure on hong kong is negligible。
