5
10.
The
second
development
illustrates
that
fortunately every misfortune has a silver lining; I believe
commentators to be correct who have said that recent events
in world stock markets have brought home to US legislators
and others the interdependence of the major trading and
financial markets, and the danger which protectionist
legislation would pose to all trading economies. This
hopefully will modify somewhat
in the us. United States
.
18.
protectionist tendencies
То turn the metaphor on its head, it is also
unfortunately true that every silver lining has a cloud:
recent events appear to have resulted in the US reviewing
the eligibility of Hong Kong (among others) for tariff
preference. Whilst we have made representations on this,
and our arguments are good ones, nevertheless a risk clearly
exists that as part of some new package we shall lose tariff
preference. This would not only have undeserved adverse
effects on some of our exports to the
the US, it would also
not be in the wider interests of the US itself. The removal
of tariff preferences from an open market
Hong Kong would I believe
economy
like
send quite the wrong
wrong message
to others whom the US is seeking to encourage to open up
their markets.
की
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12.
More generally, we believe that attempts
resolve
these general and
persistent trade
/unilaterally
to
problems