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4d ago

APEC Trade Ministers Conclude Talks as U.S. Tariff Policies Dominate Discussions

Efforts to address U.S. tariffs and WTO reforms highlight Jeju meeting, with bilateral negotiations continuing under looming deadlines.

A view of the Balboa Port is pictured after Hong Kong's CK Hutchison Holdings Ltd agreed to sell its interests in a key Panama Canal port operator to a BlackRock Inc-backed consortium, amid pressure from U.S. President Donald Trump to curb China's influence in the region, Panama City, Panama, March 4, 2025. REUTERS/Enea Lebrun/File Photo
China's International Trade Representative and Vice Minister of Commerce Li Chenggang attends the opening ceremony of APEC Ministers Responsible for Trade Meeting at International Convention Center in Seogwipo on Jeju island, South Korea, May 15, 2025. REUTERS/Kim Hong-Ji
U.S. Trade Representative Jamieson Greer attends the opening ceremony of APEC Ministers Responsible for Trade Meeting at International Convention Center in Seogwipo on Jeju island, South Korea, May 15, 2025. REUTERS/Kim Hong-Ji

Overview

  • The APEC trade ministers' meeting on Jeju Island concluded with unresolved divisions over U.S. tariffs and WTO reforms, casting doubt on a joint communique.
  • South Korean Trade Minister Cheong In-kyo and U.S. Trade Representative Jamieson Greer held bilateral talks, focusing on crafting a tariff and cooperation package by early July.
  • The U.S. and China continued discussions following their Geneva agreement to temporarily reduce tariffs for 90 days, signaling a cautious de-escalation in trade tensions.
  • APEC's latest report projected export growth in the region to stagnate at 0.4% in 2025, with economic growth forecasts cut to 2.6%, largely attributed to U.S. trade policies.
  • South Korea proposed enhanced cooperation in shipbuilding and energy sectors to secure tariff relief, while its upcoming presidential election may impact negotiation timelines.