At the APEC summit in Gyeongju, South Korea, Chinese President Xi Jinping called for global unity and the safeguarding of supply chains, just one day after an “amazing” meeting with US President Donald Trump.
Xi’s speech on Friday was his first public comment since sealing a one-year trade pact with the US. He urged member nations to “adhere to the principle of joining hands rather than letting go” and to practice “genuine multilateralism.”
The deal with Trump is a significant de-escalation. It involves the US slashing some tariffs and export controls, a key Chinese demand.
In return, China agreed to buy US soybeans and, significantly, to pause any new restrictions on rare earth exports. This concession by Beijing headed off a major potential escalation from Trump, who had threatened a 100% import tax.
The US also agreed to delay a contentious tech-restriction rule for one year. Both leaders praised the meeting, with Trump announcing a trip to China in April and Xi planning a reciprocal visit to the US.
