CHINA TOPIX

12/22/2024 05:09:01 pm

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APEC Leaders May Turn to China after Trump's Win Raises Fears over Trade Relations

2016 APEC Summit in Peru

(Photo : Getty Images) Chinese officials said that APEC leaders may pivot towards China if US President-elect Donald Trump pushes through protectionism.

Pacific Rim leaders have vowed to fight protectionism after Chinese officials claim that more countries are planning to join a China-led trading bloc. This is after Donald Trump's victory raised fears that the United States plans to scrap free trade deals.

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During his campaign, Trump promised to pull out of the 12-nation Trans-Pacific Partnership (TPP) trade deal. He also threatened to impose high tariffs on Chinese and Mexican goods.

"We reaffirm our commitment to keep our markets open and to fight against all forms of protectionism," the leaders said during a summit meeting of the 21-member Asia-Pacific Economic Cooperation (APEC) group in Peru.

President Barack Obama has warned that abandoning the TPP would be a big mistake by the United States.

" I think not moving forward would undermine our position across the region and our ability to shape the rules of global trade in a way that reflects our values and interests," Obama said on his last foreign trip before vacating the White House in January.

China is not a signatory of the trade agreement and has been pushing for an alternative vision of free trade in Asia, under the Regional Comprehensive Economic Partnership (RCEP). The RCEP does not include countries in the Americas.

Some APEC leaders have proposed that the TPP should continue even without the United States, but others believe that it will require complete renegotiations.

China has warned against the politicization of trade agreements, saying that they should not be a reserve of rich countries.

"We encourage that all regional undertakings, including the TPP and RCEP remain open, transparent and inclusive," the APEC leaders said in a final declaration.

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