APEC Tackles Global Trade Challenges Amid U.S. Tariff Tensions

The Asia-Pacific Economic Cooperation (APEC) group released a statement addressing 'fundamental challenges' in the global trading system but did not propose a unified response to significant U.S. tariffs affecting many of its members. The meeting highlighted ongoing trade tensions and the need for WTO reforms.

In the wake of the U.S. imposing significant tariffs affecting over half of its 21 member economies, the Asia-Pacific Economic Cooperation (APEC) group convened on Friday to confront 'fundamental challenges' facing the global trading system. However, the meeting concluded without a joint stance on countering these U.S. tariffs.

APEC members reiterated their commitment to the forum as a primary avenue for addressing regional economic cooperation. They expressed continued support for the World Trade Organization, while acknowledging its limitations and need for comprehensive reforms.

The U.S. perception of the WTO as disproportionately beneficial to China's exports informed some discussions, though member countries held divergent views on a unified response to the tariffs. Despite this, individual bilateral meetings unfolded, with hopes to lessen trade tensions and lower tariffs through dialogue.

(With inputs from agencies.)