Hong Kong Introduces Measures to Support Exports Amid Rising US Tariffs

Government steps up support for enterprises in coping with US tariffs

The Commerce and Economic Development Bureau (CEDB) today (April 10) announced that in view of the reckless tariff imposition by the United States (US), including the further increase in the so-called reciprocal tariffs, the Hong Kong Export Credit Insurance Corporation (ECIC) will introduce a new round of enhanced measures to support the export trade in Hong Kong and help enterprises in expediting expansion into new markets.

The Secretary for Commerce and Economic Development (SCED), Mr Algernon Yau, said, "The US has been repeatedly changing its policies, increasing tariffs within days and imposing the so-called reciprocal tariffs against Hong Kong notwithstanding that we have never implemented any tariffs. It is totally illogical and ungrounded, once again showing the US's bullying act for suppressing its competitors. I call upon the business community to unite and face the challenges together with a view to jointly counteracting the unreasonable coercion of the US. Further to the Policy Address initiative on increasing the maximum indemnity percentage of the ECIC to 95 per cent, the three enhanced measures introduced by the ECIC will help accelerate Hong Kong enterprises' expansion into new and diversified markets."

To support Hong Kong enterprises (especially small and medium enterprises (SMEs)) in coping with the current challenges, the ECIC will, with immediate effect, introduce three enhanced measures, including (1) extend the free pre-shipment cover for holders of the Small Business Policy (SBP) which is tailor-made for the SMEs until June 30, 2026; (2) offer a 50 per cent discount on pre-shipment risks to cover premiums for non-SBP holders; and (3) reduce the premium rates for new markets to be in line with those for traditional major markets to reduce the costs and support exporters in tapping into the ASEAN market.

Since the US's announcement of the so-called reciprocal tariffs last week, the SCED has separately met with the representatives of major local chambers of commerce, SME associations, and representatives of industries that are more affected by the tariffs (including jewellery, textiles and garment, food and aluminium industries) to listen to their views and discuss measures in response to the incident. The CEDB will continue to maintain close liaison with the business community to jointly respond to the unreasonable coercion of the US and provide support to the SMEs through various funding schemes and support measures, including the SME Financing Guarantee Scheme and the Dedicated Fund on Branding, Upgrading and Domestic Sales, etc in managing cash flow, enhancing competitiveness and expanding into more diversified markets.

Government steps up support for enterprises in coping with US tariffs Source: HKSAR Government Press Releases

Government steps up support for enterprises in coping with US tariffs Source: HKSAR Government Press Releases

Government steps up support for enterprises in coping with US tariffs Source: HKSAR Government Press Releases

Government steps up support for enterprises in coping with US tariffs Source: HKSAR Government Press Releases

SCST commences her visit to Riyadh

​The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, commenced her visit to Riyadh, Saudi Arabia today (May 1, Riyadh time).

Miss Law paid a courtesy call on and attended a lunch hosted by the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Kingdom of Saudi Arabia, Mr Chang Hua. She briefed Ambassador Chang on her visit to the United Arab Emirates (UAE) during the last three days, from which she gained enriching and insightful experience. The trip combined cultural exploration and artistic exchange, fostering a deeper understanding of the country's inclusive values. She remarked that the visit marked a promising beginning for strengthening mutual ties between Hong Kong and the UAE, particularly in enhancing cultural dialogue. Ambassador Chang noted Saudi Arabia's gradual openness to embrace the coexistence of diverse cultures. He said that Hong Kong needs to capitalise on and leverage its advantages as a cosmopolitan city, especially its rich tourism resources. Miss Law shared the latest initiatives aimed at boosting tourism in Hong Kong, emphasising tlhe notable interest of the UAE and Saudi Arabia in horse racing tourism, which has long been one of Hong Kong's most popular attractions.

In the afternoon, Miss Law met with the Chief Marketing Officer of the Diriyah Gate Development Authority, Mr Kiran Haslam. They exchanged views on cultural heritage preservation and explored potential investment and business opportunities. Miss Law also toured the At-Turaif UNESCO World Heritage Site, and was amazed by the Authority's vision to transform Diriyah into a premier destination—a beautifully preserved mud-brick city, recognised as the birthplace of Saudi Arabia, and a global hub for tourism.

Earlier in the day, Miss Law visited the Saudi National Museum, where she learnt more about the rich artistic and historical exhibits that reflect the cultural heritage and history of Saudi Arabia.

Miss Law concluded her visit to Riyadh and departed for Hong Kong tonight (May 1, Riyadh time).

SCST commences her visit to Riyadh Source: HKSAR Government Press Releases

SCST commences her visit to Riyadh Source: HKSAR Government Press Releases

SCST commences her visit to Riyadh Source: HKSAR Government Press Releases

SCST commences her visit to Riyadh Source: HKSAR Government Press Releases

SCST commences her visit to Riyadh Source: HKSAR Government Press Releases

SCST commences her visit to Riyadh Source: HKSAR Government Press Releases