Chinese President Xi Jinping championed “genuine multilateralism” in a major speech at the APEC forum in Gyeongju, South Korea. His address on Friday came just one day after securing a tariff-slashing trade deal with US President Donald Trump.
Xi’s speech focused heavily on economic cooperation. He urged nations to support the “opening up and development of supply chains” and warned against actions that could break these vital economic links.
The Chinese leader’s call for unity follows a significant one-on-one meeting with Trump. The resulting one-year deal includes the US cutting some tariffs and export controls, a major move to ease economic friction.
On China’s side, Beijing agreed to purchase US soybeans and, notably, to pause any new restrictions on the export of crucial rare earth minerals. This averted a threatened 100% import tax from the US.
The pact also includes a one-year US delay on a new measure that would have blocked many Chinese firms from accessing American technology. Xi emphasized that teams must finalize the deal to bring “peace of mind” to the world.