APEC Trade Talks: Struggling for Consensus Amid U.S. Tariff Tensions

The Asia-Pacific Economic Cooperation (APEC) trade meeting wrapped up with no joint statement, reflecting disputes over U.S. tariffs and contentious World Trade Organization reforms. Diplomatic sources suggest disagreements might prevent consensus among members.

This annual meeting was the first major trade gathering post-U.S. President Trump's tariffs announcement. Over ten APEC members face new U.S. import duties exceeding 10%, sparking concerns of a slowdown in exports from the region, which contributes to half of global trade according to trade experts. The WTO reforms, focusing on multilateral cooperation, are particularly divisive, with the Trump administration viewing the WTO as detrimental due to perceived biases in favor of China's trade advantages.

Despite uncertainties, Cheong In-kyo, South Korea's Minister for Trade, expressed a strong desire for consensus. However, APEC ended with only a 'chair's summary', reiterating an anti-protectionism stance amidst U.S. objections. High-level attendees underscored the stakes involved, especially with U.S. Trade Representative Jamieson Greer's presence intensifying discussions.

(With inputs from agencies.)