Switzerland, Hong Kong are banking centers. Singapore, and Macau focus very heavily on manufacturing and pass through trade.

One issue I have with economists and their theories of tariffs is they are unable to consider the effects of institutional tariffs and subsidies. Meaning companies while the could buy foreign products instead buy locally produced ones. And the banking sector shows strong preferences to who they extend capital to. For instance providing capital to build a factory and refusing to loan money to buy back shares.