APEC summit ends with no statement amid China-US differences

APEC summit ends with no statement amid China-US differences

APEC summit ends with no statement amid China-US differences

The trade war between the U.S. and China was at the forefront during speeches by Chinese President Xi Jinping and U.S. Vice President Mike Pence on Saturday.

The official said the most "problematic" line for the Chinese was: "We agree to fight protectionism including all unfair trade practices".

Over the weekend, risk-of headlines began to once again leak out of the market headline machines, and the market's Monday open could see riskier assets trading into the low end as Asia trade tensions remain peaked, while the ongoing Brexit process has unraveled to the point that the United Kingdom may be finding itself a new Prime Minister.

A group of police officers "stormed" Papua New Guinea's parliament on Tuesday over unpaid wages, damaging the building and reportedly assaulting staff, only days after global leaders attended a summit in the Pacific island nation.

"APEC has got no charter over World Trade Organization, that is a fact".

"You know the two big giants in the room".

However, he was quick to point out that this was outside of APEC's remit.

With both the USA and China competing in world trade and world aid, Pence signaled the best way to move forward will come when President Trump and President Xi Jinping speak at the G20 summit in Argentina later this month.

Interestingly, Pence's speech then pivoted to security.

"They begin with trade practices, with tariffs and quotas, forced technology transfers, the theft of intellectual property".

Xi hit back at USA protectionist trade policies, saying there was a need for worldwide cooperation and trade.

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"History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war, will produce no winners", Xi said to applause.

The US also announced it would partner with Australia and Papua New Guinea to upgrade the Lombrum Naval Base on Manus Island, which could hand Washington another crucial strategic outpost in the Pacific.

These loans, and rising indebtedness in the Pacific, have been an increasing concern over the past year, with the conflict between the two superpowers an overarching theme of APEC, as well as the ASEAN and the East Asia Summit in Singapore earlier in the week.

Xi told delegates that the shadow of "protectionism and unilateralism" hung over global growth and erecting barriers and cutting ties was shortsighted and doomed to fail.

Papua New Guinea APEC Coordination Authority chief executive Chris Hawkins said allowance payments to security personnel after a major event would normally take a week.

The U.S. military commander in the Pacific, speaking at a conference in Canada, accused China's military of "a sustained campaign to intimidate other nations in the East and South China Seas" by fortifying manmade islands.

The unrest and unpredictability meant other countries were looking at New Zealand with a "new set of eyes", he said.

The US$1.7 billion ($2.5b) project is aimed at helping Papua New Guinea achieve its goal of 70 percent access to electricity by 2030.

The President "affirmed his commitment to continuously take part in and contribute to the Apec Forum, underscoring that the Philippine trade with Apec economies comprise 84 percent of the country's total trade worldwide", he said.

Mr Pence said that during the weekend he had two "candid" conversations with Mr Xi, who is expected to meet Donald Trump at a G20 summit in Buenos Aires at the end of the month.

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