US tariffs take centre stage at Apec trade gathering joint statement in doubt

SEOGWIPO, South Korea - The Asia-Pacific Economic Cooperation’s trade gathering comes to a close on May 16 with divisions over US tariffs and reforms to the world trade body putting the adoption of a joint statement in doubt, according to some diplomats.

The annual meeting is the first major multilateral trade gathering since US President Donald Trump’s announcement of sweeping tariffs and more than half the 21 members of the bloc face new US import duties in excess of the 10 per cent minimum.

Apec warned on May 15 that exports from a region that accounts for around half of world trade will slow sharply in 2025, and barely grow at all, in the wake of the US tariff announcements.

The sessions are held with a focus on fostering multilateral cooperation on economies and trade, while contentious reforms to the World Trade Organisation (WTO) are also in the spotlight in 2025.

The Trump administration views the WTO as a body that has enabled China to gain an unfair export advantage and has recently moved to pause US funding to the institution.

“Big economies in Apec might have strong views on certain issues,” a top diplomat from one of the member economies told Reuters, expressing scepticism over the adoption of a joint statement by the close of the two-day meeting.

“But, we never know,” the diplomat added. “The chairman really wants it,” referring to South Korea’s Minister for Trade Cheong In-kyo.

An official from a different country, also expressing doubt about member economies adopting a joint statement, said working-level negotiations were ongoing until late into the night on May 16.

For many of the member economies, the attendance of US Trade Representative Jamieson Greer raised the stakes of the conference held on South Korea’s Jeju Island, ahead of a leaders’ summit