Following a productive meeting with US President Donald Trump, Chinese President Xi Jinping used his platform at the APEC forum in South Korea to warn against the dangers of protectionism. He specifically cautioned world leaders against “breaking supply chains.”
Xi called for a collaborative approach to global trade. “We must adhere to the principle of joining hands rather than letting go,” he stated, advocating for “genuine multilateralism” and the “opening up and development of supply chains.”
This speech was delivered just one day after Xi and Trump secured a one-year trade pact. The deal includes the US slashing some tariffs and export controls, a significant move to de-escalate tensions.
In return, China agreed to buy US soybeans and to pause new restrictions on rare earth minerals. This concession on rare earths averted a potential 100% import tax threatened by Trump. The deal also includes a one-year US pause on a new tech ban targeting Chinese firms.
The new agreement was met with positive rhetoric from both leaders, with Trump calling the meeting “amazing.” Future visits were also scheduled, with Trump planning an April trip to China and Xi expected to visit the US later. Xi urged for a quick finalization of the deal to bring “peace of mind” to the world.
