Hong Kong's trade chief yesterday warned Washington of the dangers of erecting a protectionist 'barrier around the US' in response to Asia's economic crisis.
In hard-hitting comments at a Hong Kong trade promotion seminar in Miami, Trade and Industry Secretary Denise Yue Chung-yee said the growing sentiment on Capitol Hill to close the doors on cheap Asian imports would hurt the US as much as it hurts Asia.
Meanwhile, Chief Secretary for Administration Anson Chan Fang On-sang warned that the region's recovery process could be slow and that Hong Kong was 'prepared for the worst'.
Ms Yue told the Miami audience that Asian countries affected by the slump in their currencies would inevitably try to push their cheaper exports on to the world markets to help restore the health of their economies.
The business community should be on its guard against 'rising protectionism' in the US, she said.
The recent backlash in Congress against the US trade imbalances with Asian countries would be heightened given that the entire House of Representatives and a third of the Senate was up for re-election this year, Mrs Yue added.
