1. We believe the US' partial revoking of Hong Kong's Special Status, if extended to wider trade between the two will feed through to impact both US and Hong Kong's consumers. 2. A rise in tariffs on US imports from Hong Kong, which is a likely next step in the revoking of Hong Kong's Special Status risks feeding through to higher price points for US consumers. 3. Hong Kong's consumers face multiple headwinds, the economic uncertainty through the partial revoking of their Special Status, social unrest connected to the passing of the National Security Law and Covid-19. Retailers operating in Hong Kong face the risk of boycott from China, Hong Kong consumers or Western markets based upon their views on the National Security Law.
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