"US-China Tensions Threaten Fragile Global Economy at APEC Summit"

The global economy is facing significant challenges, including the COVID-19 pandemic, inflation, and geopolitical shocks. The United States and China, as the world's two largest economies, have been engaged in economic battles for the past five years, causing further disruptions. The Asia-Pacific Economic Cooperation (APEC) summit, which includes 21 Pacific Rim countries, offers hope for cooling some of the economic tensions between the US and China. The marquee event will be the meeting between Presidents Joe Biden and Xi Jinping, the first time they will have spoken in a year. While expectations for breakthroughs are low, preventing further deterioration in the bilateral economic relationship would already be considered a victory. The IMF warns that economic fragmentation caused by rising trade barriers could subtract trillions from global economic output. Both the US and China have reasons to restore economic cooperation, but tensions extend beyond economics, with issues such as human rights abuses and territorial disputes.