Americas Committee 

Economic Outlook Under Trump

Heiwai Tang, Director of the Asia Global Institute and Associate Dean at HKU Business School, and Will Denyer, Partner and Chief U.S. Economist at Gavekal, led an insightful roundtable on 19 November centred on the outlook for U.S. economic growth with Donald Trump returning to the Oval Office next year.

In a dynamic session moderated by Americas Committee Chairman Mark Michelson, Tang and Denyer explored a range of potential policies that could emerge under a new Trump administration. They discussed the likelihood of further tax cuts for corporations, which could stimulate investment but also raise concerns about increasing budget deficits.

Deregulation across various sectors was another key topic. The speakers highlighted how deregulation could significantly reshape the U.S. economy, particularly in areas such as finance, trade, technology and energy. This shift could lead to greater flexibility for businesses but might also raise concerns about oversight and long-term sustainability.

The conversation delved into the impact of protectionist measures, especially the imposition of tariffs on imports from China, which might lead to the further rerouting goods through third-party countries like Vietnam or Malaysia. It could also result in China increasing exports to markets such as Southeast Asia, Europe and Africa to mitigate the impact of reduced U.S. demand. Moreover, the intersection of these potential policies with China’s position as a leader in electric vehicles (EVs) could significantly impact the automotive industry. The ramifications of such protectionist policies could ripple through global markets, affecting trade dynamics and investment strategies.

Tang and Denyer said a deepening anti-China stance could further affect Hong Kong, given its status as a major financial hub and its interconnectedness with both the U.S. and China.

Another point of discussion was Trump’s “drill, baby, drill” cry for a pivot from renewable energy initiatives to fossil fuels. This move could have far-reaching implications for the U.S. energy landscape and international energy markets, affecting global supply chains and pricing structures. 

As the President-elect builds his cabinet, his policies will be closely monitored for any repercussions on trade flows, investment strategies and overall economic stability. The outcomes of these discussions could shape not only the U.S. economy but also have profound implications for global economic relations, especially in the context of U.S.-China dynamics.

Asia, Africa & Middle East Committee 

Learning about Opportunities in Ajman, UAE

H.E. Mahmood Othman Abu Al Shawareb, Member of the Board of Ajman Chamber of Commerce and Industry, and his team called on the Chamber on 1 November. CEO Patrick Yeung and Vice Chairman of the Asia, Africa & the Middle East Committee Yolane Japhet introduced the work of HKGCC and discussed potential collaboration between the two chambers. 

Abu Al Shawareb, who was in Hong Kong for FinTech Week, said he was impressed by the warm hospitality of Hongkongers, as well as the diverse attractions the city offers to visitors. He noted that the industrial sector plays a significant role in Ajman’s economy, accounting for nearly 19% of its GDP in 2023. 

Other promising areas for investment include tourism, education, healthcare and green energy, all aimed at diversifying the economy as part of Ajman’s 2050 economic plan.

Abu Al Shawareb explained that Ajman is attracting many investors and expatriates eligible for the Golden Visa, which offers zero personal income tax. Additionally, the lower cost of living in Ajman is an appealing factor for those working in Dubai as they can easily commute.