Xi Jinping Leads APEC Summit Promoting Multilateral Trade Amid Fragile US-China Truce

At the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, Chinese President Xi Jinping positioned China as a defender of free trade and multilateralism amid global economic uncertainty and US tariff policies under President Donald Trump. Xi emphasized the need for cooperation and protection of multilateral trading systems, calling for extending rather than breaking supply chains, following a recent fragile trade truce between China and the US that halted rare earth export restrictions. South Korean President Lee Jae-myung, chairing the summit, highlighted the critical inflection point in the Asia-Pacific region and the importance of cooperation among APEC members to achieve common prosperity. The summit featured a warm diplomatic exchange between Presidents Lee and Xi, marking their first meeting since Lee took office and signaling potential enhancement in South Korea-China relations. Although Trump left the summit early, US Treasury Secretary Scott Bessent represented the US, underlining the complex dynamics of US-China trade discussions. The summit underscores ongoing efforts to stabilize economic ties and foster regional cooperation despite challenges posed by changing global trade policies.