Overview
- The Declaration of Gyeongju commits all 21 APEC economies to expand trade and investment and advances work on AI and demographic challenges.
- Presidents Donald Trump and Xi Jinping agreed in Busan to a one-year commercial truce that rolls back or pauses recent measures, easing tensions for now.
- President Trump left South Korea before the summit wrapped, with Treasury Secretary Scott Bessent representing the United States at the final sessions.
- China confirmed a one-year suspension of controls on exports of rare earths and other strategic materials, with the European Commission saying the move applies to the EU.
- Xi held a series of bilaterals, including with Canada’s Prime Minister Mark Carney, as analysts cautioned the truce is fragile and highlighted China’s leverage in critical supply chains.