Three signs from APEC that the U.S. and China remain far apart on trade
China's Commerce Minister Wang Wentao held a press conference on May 23, 2026, at the end of the APEC trade ministers' meeting in Suzhou, China
China's Commerce Minister Wang Wentao held a press conference on May 23, 2026, at the end of the APEC trade ministers' meeting in Suzhou, China. SUZHOU, China — Just over a week after the U.S. and Chinese presidents met in Beijing, the world's two largest economies are sending different messages about their priorities for Asia. First is tariffs. China's economy relies significantly on exports — and the free-flow trade — as it accounts for about 28% of the goods made globally, according to CNBC calculations of World Bank data.
Beijing's statements on Chinese President Xi Jinping and U.S. President Donald Trump's summit last week have noted how duties will remain lower for longer, while the U.S. did not mention tariffs. Then on Saturday, China's Commerce Minister Wang Wentao told reporters that affirming the "vision" of a free trade agreement was a key outcome of the just-concluded Asia-Pacific Economic Cooperation trade ministers meeting. "In the context of rising uncertain and destabilizing factors in global and regional economic development, members redirected their attention to the FTAAP (Free Trade Area of the Asia Pacific) with commitment to continuing advancing economic integration through the FTAAP agenda," Wang said in Chinese, according to an official English translation.
However, when CNBC a day earlier asked a member of the U.S. delegation about FTAAP and free trade, the response focused on balanced trade, part of the Trump administration's rationale for tariffs. "FTAAP, is really, it's more an agenda than it is a kind of destination," said Casey K. Mace, the U.S. Senior Official to the APEC Forum. He noted the U.S. has been "active" in elements of FTAAP such as competitiveness, labor standards and trade facilitation.
China is the host for this year's APEC meetings, set to culminate in November with a high-level gathering in Shenzhen. Trump and Xi are also expected to meet alongside that event.
The BriefWire