With the recent flurry of tariffs and policy announcements by US President Donald Trump, there's been increasing discourse in Hong Kong over economic responses and adaptation, including in the upcoming budget.

Executive councillor, Chan Kin-por, on Saturday urged the public to see the reasoning behind the government's need to prune spending and pare its fiscal deficit.

Speaking on a Commercial Radio programme, Chan, who is also an insurance sector lawmaker, said that when Financial Secretary Paul Chan hands down his budget on February 26, he has to show that he's in control of government expenditure.

“The financial secretary is under great pressure this time around. If he fails to control expenditure, it may affect Hong Kong’s credit rating. The situation is grim. I hope Hong Kong people can understand that there's no choice but to cut spending,” Chan said.

He said the government can consider cutting staff-related expenditures, while spending on welfare, such as Comprehensive Social Security Assistance and benefits for the elderly, can remain at this stage.

Asked about how geopolitics and tariffs would affect Hong Kong's economy, Chan said there would be a negative impact, but he believes there will be appropriate response measures from both the central and SAR government.

Speaking on the same programme, the chairman of the Hong Kong Shippers' Council, Willy Lin, said he supports the SAR government's decision to file a complaint to World Trade Organization over Washington imposing an additional 10 percent tariff on Hong Kong products.