APEC: Xi Jinping Champions Multilateralism After Tariff Deal

At the APEC forum in Gyeongju, South Korea, Chinese President Xi Jinping made a strong case for “genuine multilateralism.” His speech followed a successful meeting with President Trump that resulted in a tariff-slashing trade deal.
Xi warned the assembled leaders against “breaking supply chains” and advocated for “joining hands rather than letting go.” He emphasized the need to support the “opening up and development of supply chains.”
The one-year deal struck with the US is a significant de-escalation. It involves the US cutting some tariffs and export controls in exchange for Chinese commitments.
China agreed to purchase US soybeans and, critically, to pause any new curbs on the export of rare earth minerals. This concession led President Trump to back off threats of a 100% import tax.
The deal also includes a one-year delay on a US measure that would have blocked many Chinese firms from accessing American technology. Trump called the meeting “amazing,” and Xi said “dialogue is always better than confrontation.”