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6h ago

APEC Leaders Open Gyeongju Summit With Xi in Spotlight as Joint Declaration Nears

A U.S.–China trade de‑escalation frames negotiations on supply chains, AI, plus a possible 'Gyeongju Declaration' that requires full consensus.

President Donald Trump left, and Chinese President Xi Jinping, shake hands before their U.S.-China summit talk at Gimhae International Airport in Busan, South Korea, Thursday, Oct. 30, 2025. (AP Photo/Mark Schiefelbein)
President Lee Jae Myung presides over Session 1 of the Asia-Pacific Economic Cooperation Economic Leaders' Meeting at the Gyeongju Hwabaek International Convention Center in the southeastern city of Gyeongju on Oct. 31, 2025. (Yonhap)
President Lee Jae Myung (R) shakes hands with Vietnam President Luong Cuong as they meet for summit talks in the southeastern city of Gyeongju on Oct. 30, 2025. (Pool photo) (Yonhap)
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Overview

  • South Korea opened the two‑day gathering with President Lee Jae Myung urging cooperation as the region navigates a shifting trade order and AI’s economic effects.
  • President Trump left before the leaders’ sessions following talks with Xi; U.S. Treasury Secretary Scott Bessent is representing the United States.
  • Xi Jinping called for safeguarding the WTO‑based system, laid out a five‑point proposal for inclusive globalization, and urged stable, open supply chains.
  • APEC ministers said they are “very close” to a joint statement, but any leaders’ declaration must be unanimous, a hurdle that derailed outcomes in 2018 and 2019.
  • The Trump–Xi truce features a partial U.S. tariff rollback plus a pause on China’s rare‑earth curbs and planned U.S. soy purchases, setting the stage for Xi’s meetings with Japan’s Sanae Takaichi and Canada’s Mark Carney.