Chinese President Xi Jinping issued a call for “genuine multilateralism” during his address at the APEC forum in Gyeongju, South Korea, on Friday. His speech emphasized cooperation, warning nations against “breaking supply chains.”
“We must adhere to the principle of joining hands rather than letting go,” Xi told the audience, just one day after securing a one-year trade agreement with the United States.
That deal, struck with President Donald Trump, involves the US slashing some tariffs and export controls. In return, China agreed to purchase US soybeans and to halt new restrictions on its export of rare earths.
This pause on rare earth curbs was a significant concession, defusing Trump’s threat of a 100% import tax. The US also agreed to postpone a new, restrictive technology measure for one year.
Both leaders praised the outcome. Trump called the meeting “amazing” and announced a visit to China in April, while Xi noted that “dialogue is always better than confrontation.”