'More turbulent the times ... ': Xi pushes for global supply chain stability at Apec; Trump snubs major summit

Fresh from a temporary truce with Donald Trump in their long trade standoff, Chinese President Xi Jinping on Friday asked world leaders to work together to keep supply chains stable. In a speech at the Asia-Pacific Economic Cooperation leaders’ summit in Gyeongju, South Korea, Xi said countries should cooperate and avoid actions that disrupt supply routes. The Chinese president said nations should "join hands" instead of "breaking chains," as per a report by Bloomberg.These were Xi’s first public comments after his meeting with US President Donald Trump, where both sides reached a one-year truce in their trade dispute.Xi said trade partners should look for "more points of convergence of interests and support the opening up and development of supply chains." He added, as cited by Bloomberg, "We must adhere to the principle of joining hands rather than letting go, and extending rather than breaking supply chains," and called for "genuine multilateralism.""The more turbulent the times, the more we must work together," Xi said during APEC's opening session. "The world is undergoing a period of rapid change, with the international situation becoming increasingly complex and volatile."US treasury secretary Scott Bessent, who has led trade negotiations for the Trump administration, attended the session along with other leaders whose countries face US tariffs.Xi’s comments came a day after his talks with Trump in Busan. Under the deal, the US will roll back some tariffs and ease export controls. China will buy US soybeans and pause new restrictions on rare earth exports. Trump called the discussion "amazing," while Xi had said, "dialogue is always better than confrontation."The agreement is expected to pause months of tariff threats and export control measures from both sides that risked disrupting global supply chains. However, it does not resolve the deeper issues in the US-China economic relationship.Both nations still appear to be preparing for greater economic separation during the one-year pause. Trump used his visit to Asia to strengthen ties with Japan and South Korea and push for investments in shipbuilding and rare earths, aiming to have more leverage when talks resume.At the same time, China is working to reduce its reliance on US technology. As per the Bloomberg report, the Communist Party recently introduced a five-year plan that focuses on advancements in areas such as high-end chips, aiming to build supply chains that are independent of the US.