Chinese President Xi Jinping made an impassioned plea for global trade cooperation at the APEC forum in Gyeongju, South Korea, on Friday. He urged nations to “join hands rather than letting go” and warned against “breaking supply chains.”
This was Xi’s first public speech after a pivotal meeting with US President Donald Trump, which resulted in a one-year trade deal. Xi’s speech called for “genuine multilateralism” and the support of open development.
The new pact with the US involves Washington slashing some tariffs and export controls. This move de-escalates the trade friction that has impacted the global economy.
In exchange, Beijing agreed to buy US soybeans and halt any new restrictions on the export of rare earth minerals. This concession was significant, as President Trump had threatened a 100% import tax on the materials.
The deal also includes a one-year postponement of a US measure, opposed by China, that would have blocked many Chinese firms from accessing American technology. Both leaders praised the outcome, with Trump calling the meeting “amazing.”
