Apec summit leaders warn of dangers posed by Trump’s economic protectionism
Donald Trump’s pledge to end trade deals has led to countries that signed up to them looking to Beijing to take up the mantle from Washington
As the world’s biggest economy, the US is used to dominating and even directing the agenda at Asia-Pacific Economic Cooperation meetings. In that respect, the latest summit in Lima, Peru, was business as usual.
We reaffirm our commitment to keep our markets open and to fight against all forms of protectionism
However, the focus was entirely different, with members of the group that thrives on free trade addressing US president-elect Donald Trump ’s pledge to scrap deals some countries have spent years trying to put together. Outgoing US President Barack Obama appears set to leave office without adding the Trans-Pacific Partnership (TPP) to his patchy legacy, allowing China to expand its own deals throughout the Asia-Pacific region.
Leaders at the weekend meeting warned against anyone adopting the same deal-destroying economic ideologies they say are embraced by Trump. Washington’s allies, as well as President Xi Jinping, took aim at his anti-globalisation views.
The Apec forum took place in Peru less than two weeks after Trump won America’s top job following a most bitter, divisive and unpredictable race for the White House. While campaigning, he pledged to protect US jobs by scrapping the TPP and renegotiating the North American Free Trade Agreement (Nafta) with Canada and Mexico.
“We reaffirm our commitment to keep our markets open and to fight against all forms of protectionism ... and to roll back protectionist and trade-distorting measures, which weaken trade and slow down the progress and recovery of the international economy,” the 21 members said in their closing declaration.
“To achieve sustainable growth in the Asia-Pacific region we must continue working with a renewed sense of urgency and through Asia-Pacific partnership featuring mutual respect and trust, inclusiveness and win-win cooperation in implementing our commitments and achieving our goals,” it went on.
As soon as attendees started arriving on Friday, the veiled attacks on Trump began.