At Asia-Pacific summit, Xi Jinping and Joe Biden hint at turbulent future under Donald Trump's shadow | World News

US President Joe Biden and his Chinese counterpart Xi Jinping warned on Friday of turbulent times ahead, in remarks at the Asia-Pacific economic summit in Lima, overshadowed by Donald Trump's imminent return to the White House .

The two men, who will hold their last official face-to-face on Saturday, separately warned of choppy waters as the world braces for the prospect of new trade wars after Trump becomes president in January.

Xi raised concerns about “the spread of unilateralism and protectionism”, China's official Xinhua news agency reported.

He also warned of the “fragmentation of the global economy” in a written speech prepared for a CEO meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, Xinhua said.

Biden, for his part, said the world had “reached a moment of significant political change,” as he met with the leaders of Japan and South Korea, the United States' main allies in Asia.

The trilateral partnership, Biden said, was “built to last.” This is my hope and expectation.”

Xi and Biden are in the Peruvian capital for a two-day meeting of heads of state from the 21-member APEC group.

They met separately on Friday with South Korean President Yoon Suk Yeol, who called for cooperation in the interests of “stability and peace in the region”, according to the Yonhap news agency.

China is an ally of North Korea, with which Seoul remains technically at war and whose leader Kim Jong Un has engaged in escalatory rhetoric and military posture this year.

Biden, for his part, warned of North Korea's “dangerous and destabilizing cooperation with Russia” amid growing concerns about Pyongyang sending nuclear troops to fight in Ukraine.

– “Delicate transition period” –

APEC, established in 1989 with the aim of liberalizing regional trade, accounts for about 60 percent of global GDP and more than 40 percent of global trade.

The 2024 summit agenda was expected to focus on trade and investment for what its supporters called inclusive growth.

But uncertainty over Trump's next actions is clouding the agenda – as is the case for the ongoing COP29 climate negotiations in Azerbaijan and the G20 summit in Rio de Janeiro next week.

The Republican president-elect has signaled a confrontational approach toward Beijing for his second term, threatening to impose tariffs of up to 60% on imports of Chinese goods to equalize what he sees as a trade imbalance.

Xi was not present at the summit's opening on Friday, but Biden was there accompanied by US Secretary of State Antony Blinken – whom Trump said he would seek to replace with Senator Marco Rubio, a China hawk.

US National Security Advisor Jake Sullivan said Saturday's Xi-Biden meeting will be an opportunity to “mark the progress we've made in the relationship and also manage it through this delicate period of transition.”

Competition with China, he told reporters on Air Force One on Thursday, must be managed “so that it doesn't escalate into conflict.”

– “America first” –

Trump's “America First” agenda relies on protectionist trade policies, increased domestic fossil fuel extraction and avoidance of foreign conflict.

That threatens the alliances Biden has built on issues ranging from wars in Ukraine and the Middle East to climate change and trade.

Economists say Trump's threat of punitive tariffs would hurt not only China's economy, but also that of the United States and its trading partners.

It could also threaten geopolitical stability.

China is strengthening its military capacity while increasing pressure on Taiwan, an autonomous country it claims as part of its territory.

China is not the only APEC economy in Trump's crosshairs.

The new US leader has threatened to impose tariffs of 25 percent or more on goods from Mexico unless he stops “an onslaught of criminals and drugs” crossing the border.

Chile, Canada, Australia and Indonesia, among others, are also participating in the APEC summit.

Russia is also part of APEC but President Vladimir Putin was absent.