As the Asia-Pacific Economic Cooperation (APEC) summit kicks off in South Korea, all eyes are on U.S. President Trump and Chinese leader Xi. Can the world's most powerful politicians deescalate the U.S.-China trade war, or will tariffs and tech tensions tip markets into turmoil?

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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The Asia-Pacific Economic Cooperation (APEC), comprising 21 member countries and representing a significant portion of the global economy, is convening to discuss pressing economic issues. This year's summit is particularly focused on the ongoing trade dispute between the United States and China, which has recently intensified with the US threatening 100% tariffs on Chinese imports and China responding by restricting exports of key rare earth elements.

A potential meeting between US President Donald Trump and Chinese President Xi Jinping is planned, aiming to address the escalating trade conflict. However, the situation remains fluid, and it is not yet confirmed whether the meeting will take place.

APEC summit: Can Trump and Xi cool the U.S.-China trade war?

The Asia-Pacific Economic Cooperation was founded in 1989. Today it counts 21 member countries. The organization's purpose? To improve economic cooperation and foster free trade and cross-border investment. To date, APEC has delivered some 40 bi- and multilateral agreements. However, they are not legally binding. The group's heavyweights are the US, China, Russia, Canada and Australia. They represent approximately half of the world's population and 60% of global gross domestic product. At this year's summit, the worldwide US tariffs will be on the agenda, especially the trade spat between the US and China that recently escalated. US President Trump's latest threat is for 100% tariffs on all Chinese imports. China has retaliated by banning the exports of rare earth elements the US economy needs. China has a near monopoly on many resources and uses that position to put pressure on the United States. A meeting between Trump and China's Xi Jinping is planned for this weekend. However, due to the fluid situation, it's unclear whether or not it will happen.

President Trump will hold a bilateral meeting with Chinese President Xi Jinping. This is their first face-to-face since Mr. Trump returned to the White House. Jessi Mitchell anchors this Special Report.

Gyeongju-si

Trump, Xi Jinping meet face-to-face in South Korea over trade

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Ottawa

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Port-au-Prince

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Moscow

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Havana

Hurricane Melissa makes landfall in Cuba after slamming Jamaica

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Busan

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Bamako

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Jerusalem

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Caracas

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Kingston

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Tokyo

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Paris

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APEC summit: Can Trump and Xi cool the U.S.-China trade war?

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