The former president of the Chinese Manufacturers' Association of Hong Kong has called on entrepreneurs to look for new markets away from the US.

On April 2, US President Donald Trump announced sweeping tariffs on countries around the world. They included a 34 percent tariff on Chinese goods, on top of the previous 20 percent levy.

Speaking on a Commercial Radio programme, Allen Shi said many manufacturers export goods to the US where there is a huge consumer market.

"In the future, we need to consider setting up in new markets such as the Middle East, Asean or the former Soviet states, or concentrating on domestic markets," he said.

"We cannot just rely on the US market."

Speaking on the same programme, lawmaker Sunny Tan, who represents the textile and garment sector, said the industry felt powerless in the face of Washington's latest move.

But he said manufacturers in the US would also suffer from the levies, as a lot of their low-value work is done overseas.

On Friday, China said it would impose a 34 percent retaliatory tariff on all US imports from Thursday, in response of Trump's announcement.