Businesses in Hong Kong are prepared for the latest round of 10 percent tariffs that Washington imposed on Beijing, according to the Hong Kong General Chamber of Commerce (HKGCC).

Speaking on RTHK’s Hong Kong Today programme on Wednesday, HKGCC CEO Patrick Yeung said the new tariffs would affect the region, as they could disrupt global supply chains.

"But in recent years, Hong Kong's exports have actually become very diversified, and the markets that Hong Kong exporters deal with has also been expanded," he said.

"So in this context, we believe that the Hong Kong export sector is already relatively prepared, at least psychologically, because President Trump has already said that there will be a tariff war, and it's just started right now."

Yeung noted with the SAR expanding into new markets, particularly Asean and the Middle East, and achieving positive growth, it has partially helped offset the decline in trade due to the imposition of US tariffs.

Hunter Chan, Greater China economist at Standard Chartered, told the same show that compared to the previous trade war that took place during Trump's first presidency, Chinese exporters are more prepared this time round.

He expects the tariffs to cause a drop of about one percentage point in Chinese GDP in the coming 12 months.

The economist noted that some Chinese exporters to the US have relocated their factories overseas.

They have also re-exported to other places to avoid tariffs, he said.

Chan said while market sentiment remains cautious, investors are still hoping there will be positive results from any potential talks between Trump and President Xi Jinping.