Chinese President Xi Jinping emphasized the need for global cooperation during his address at the Asia-Pacific Economic Cooperation (APEC) summit held in South Korea. His remarks came in the absence of Donald Trump, who returned to Washington after discussions with Xi regarding trade issues, including tariffs and the fentanyl trade. Xi’s call for collaboration aims to stabilize multilateral trade and global supply chains during what he described as “turbulent times.”
Xi’s address marked a clear contrast to Trump’s “America First” agenda, which has been characterized by a series of tariffs imposed on various nations. While Trump has taken a protectionist stance since resuming office this year, Xi seeks to position China as a leader in promoting free trade. This is significant, especially as the United States appears to be retreating from international trade commitments.
During the summit, which includes leaders from 21 member economies, Xi advocated for a united approach to tackle the complexities of the current global landscape. He did not directly mention Trump or the tariffs that the U.S. has implemented, which have been met with strong opposition from China. “The more turbulent the times, the more we must work together,” Xi stated, underscoring the need for a stable multilateral trading system.
He urged the leaders to collaborate on initiatives that would foster inclusive development, promote digital and green transformations in trade, and maintain smooth industrial and supply chains. Xi also called for an update to international economic and trade regulations to ensure they reflect the changing times, particularly benefiting developing countries.
In response, Scott Bessent, representing the U.S. at the summit, reiterated Trump’s rationale for the tariffs without directly addressing them. Bessent stated, “Under President Trump’s leadership, the United States is rebalancing its trade relationships to build a stronger foundation for global growth.” He emphasized the importance of securing and diversifying global supply chains, citing investments in critical sectors such as minerals and semiconductors.
Xi’s remarks included a call for “true multilateralism” and the enhancement of the World Trade Organization’s (WTO) authority. He believes that a robust multilateral trading system is essential for addressing global challenges. Bessent echoed this sentiment, asserting that when supply chains are strong, markets function efficiently, benefitting all economies involved.
As the APEC summit approaches its conclusion on Saturday, the possibility of a joint statement from member countries remains uncertain. The discussions held during this summit could shape future international trade dynamics, particularly in the context of ongoing tensions between the U.S. and China.
