The Hong Kong government pledged to support local businesses affected by the new US tariffs, The Standard reported Monday.

This comes after the US imposed a reciprocal 34% tariff on China, raising duties on Chinese goods to at least 54%. The measures also apply to exports from Hong Kong.

In a meeting with business leaders, Hong Kong's commerce secretary Algernon Yau Ying-wah acknowledged the short-term impact of tariffs but emphasized that US exports constitute a small portion of the city's overall trade.

To counter the higher US tariffs, the Asian financial hub vowed to provide business assistance and facilitate market expansion and industry upgrades, the report said.

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