Chinese President Xi Jinping made a forceful case for open and stable global supply chains during his address at the APEC forum in South Korea. He urged member nations to “actively seek more points of convergence of interests.”
“We must adhere to the principle of joining hands rather than letting go, and extending rather than breaking supply chains,” Xi stated in Gyeongju on Friday. His speech was his first public appearance since meeting with US President Donald Trump.
That meeting produced a one-year agreement to ease trade tensions. The US agreed to slash some tariffs and export controls, a significant concession.
In return, China committed to buying US soybeans and, critically, to halt new restrictions on the export of rare earths. President Trump confirmed this part of the deal, which prevents a potential 100% US import tax on the minerals.
The deal also saw the US postpone a measure for one year that would have blocked thousands of Chinese firms from accessing US technology. Xi said dialogue is “always better than confrontation” and urged teams to finalize the deal quickly.