Xi Jinping Arrives in Peru for APEC Summit, Set to Meet with Biden

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Chinese President Xi Jinping arrived in Peru to attend the Asia-Pacific Economic Cooperation (APEC) summit, where he is scheduled to meet with U.S. President Joe Biden. This high-stakes meeting comes amid concerns of a potential trade war with the incoming U.S. administration led by President-elect Donald Trump.

Setting the Stage for APEC

Xi touched down at a military airbase near Lima shortly before Biden’s expected arrival, leading into a two-day summit of APEC leaders. Formed in 1989, APEC’s mission is to promote trade liberalization among its 21 member economies, which together contribute to 60% of global GDP and over 40% of global trade. Ahead of the summit, U.S. Secretary of State Antony Blinken and other APEC ministers held closed-door discussions to lay the groundwork for the meeting’s agenda, which centers on inclusive trade and investment growth.

Trade Policy Concerns with Trump’s “America First” Approach

Biden and Xi’s meeting on Saturday will likely be the final face-to-face between the two leaders of the world’s largest economies before Biden’s term concludes. Trump’s protectionist “America First” stance, which includes the potential imposition of tariffs as high as 60% on Chinese goods, has raised concerns about strained U.S.-China relations. Economic experts caution that these measures could hurt not only China, which is dealing with a housing crisis and weakened consumer demand, but also the U.S. economy and its major trade partners.

China’s Growing Influence in Latin America

During his visit, Xi will inaugurate Chancay Port, South America’s first Chinese-funded port located north of Lima. This is part of China’s Belt and Road Initiative, which seeks to increase its economic presence in Latin America. In a Peruvian newspaper, Xi expressed China’s commitment to “true multilateralism” and to a globalization model that is inclusive and beneficial to all.

Strengthening Ties with Asian Allies

Meanwhile, Biden will hold discussions with Japanese Prime Minister Shigeru Ishiba and South Korean President Yoon Suk Yeol. This trilateral cooperation seeks to address regional security concerns, especially amid China’s growing military capabilities and influence in the Asia-Pacific. Ishiba noted that while there are challenges in Japan-China relations, it’s crucial to find areas of mutual cooperation and to exchange views candidly.