Chief Executive John Lee has hit out at the United States for slapping "reckless" tariffs on countries and places around the world, vowing to take steps to respond to the sweeping levies through deepening international cooperation.

Washington has announced an additional 34 percent tariff on Chinese goods, which also applies to Hong Kong.

Coming on top of existing levies, the tariffs go up to 54 percent.

"The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade," Lee said ahead of Tuesday's Executive Council meeting.

"Its ruthless behaviour damages global and multilateral trade.

"The reckless imposition of tariffs affects many countries and regions around the world with huge tax rate increases and covering a wide range of goods, disrupting the world's economic and trade order, bringing great risks and uncertainties to the world."

Export enterprises will inevitably be affected in the short run by the tariffs, Lee added.

To address the effects brought about by US tariffs, the chief executive said seizing opportunities on the mainland and integrating into national development is one of seven key areas in which the SAR government is hoping to strengthen its work.

Lee also pledged to boost international exchanges, strengthen global financial cooperation, and work to attract foreign investment.

On Hong Kong, he said the authorities would accelerate industrial transformation, intensify efforts in the development of innovation and technology, while supporting enterprises to cope with the impacts of tariffs and external challenges.