Copyright Newsweek
Chinese President Xi Jinping called for cooperation in “turbulent times” to safeguard multilateral trade and to keep global supply chains stable, as he took center stage at a conference of Pacific Rim leaders in South Korea in the absence of President Donald Trump. Trump flew back to Washington on Thursday after talks with Xi in South Korea in which the American president agreed to cut tariffs on China in exchange for Chinese action to crack down on the drug fentanyl trade, resume buying U.S. soybeans and keep rare earths exports flowing. Why It Matters Xi’s calls for multilateral cooperation at the Asia-Pacific Economic Cooperation (APEC) summit comes in sharp contrast to Trump’s “America First” agenda, reinforced after he returned to office this year with a blizzard of tariffs on friend and foe alike. Xi is keen to promote China’s leadership and its role as the defender of free trade—as the U.S. is seen to withdraw behind protectionist barriers—even though some of China's neighbors are wary of its growing military might and assertiveness. What To Know Xi stressed cooperation in his opening remarks to leaders of the 21-member APEC, which includes the United States. In Trump’s absence, the U.S. is represented in South Korea by Treasury Secretary Scott Bessent. Xi did not mention Trump nor his talks with the U.S. leader the previous day. Nor did Xi mention Trump's tariffs, which China has vehemently opposed. “The more turbulent the times, the more we must work together,” Xi said. “The world is undergoing a period of rapid change, with the international situation becoming increasingly complex and volatile.” “We should work together to safeguard the multilateral trading system," Xi said. Xi called for cooperation to promote universally beneficial and inclusive development, to advance the digital and green transformation of trade, to keep industrial and supply chains stable and smooth and to build an open economic environment in the region. Xi urged the leaders to "update international economic and trade rules to reflect the changing times, so as to better protect the legitimate rights and interests of developing countries." Bessent, in his address, did not mention the U.S. tariffs directly but repeated Trump’s justification for the levies, saying that trade relations between the U.S and other countries have to be made more fair. “Under President Trump’s leadership, the United States is rebalancing its trade relationships to build a stronger foundation for global growth. This ensures that each country operates on fair and reciprocal terms,” Bessent said. “We are taking decisive steps to secure and diversify global supply chains. From critical minerals and magnets to semiconductors and energy, the United States is investing with its trading partners to build resilient production networks that reduce dependence on vulnerable sectors,” he said. What People Are Saying Xi told the APEC leaders: "We must practice true multilateralism, and enhance the authority and effectiveness of the multilateral trading system with the WTO at its core." Bessent said: “President Trump has made clear that economic security is national security. When supply chains are strong, markets are efficient, and competition is fair, every economy benefits.” What Happens Next The APEC summit will end on Saturday. It is not clear if the group’s members will issue a joint statement.
