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Asia

'We will not tolerate' trade abuses: Trump lashes out at 'unfair' practices

President Donald Trump highlighted his desire for a free and open Indo-Pacific at the Asia-Pacific Economic Cooperation summit on Friday.

Washington “seeks robust trade relationships rooted in the principles of fairness and reciprocity,” he said. “We will from now on expect that our partners will faithfully follow the rules, just like we do. We expect that markets will be open to an equal degree on both sides, and that private industry, not government planners, will direct investment.”

The U.S. leader also praised the economic transformation of many Asian nations, including Vietnam, Indonesia, Thailand and the Philippines, saying Washington has been an active partner in Asia-Pacific since the U.S. first won independence

“We have been friends, partners and allies in the Indo-Pacific for a long, long time and we will be friends, partners and allies for a long time to come.”

The APEC summit, taking place in Vietnam this year, is focused on regional trade, with particularly attention on the Trans-Pacific Partnership deal.

Since Washington’s withdrawal from the landmark accord in January, the pact’s 11 remaining members have been discussing how to move ahead with the agreement, which seeks to remove tariffs across certain industries as well as safeguard labor, environmental and intellectual property rights. A framework was expected at this week’s APEC summit, but nothing final has been revealed so far.

Trump arrived in Da Nang on Friday as part of a milestone Asia tour that’s seen him visit Japan, South Korea and China so far. In his speech at APEC, Trump described his meeting with Chinese President Xi Jinping as ‘productive.”

Speaking in Beijing on Thursday, Trump reiterated his frustration with the U.S.-China trade relationship, describing it as “very one-sided” and “unfair,” but said he not blame Chinese policymakers for taking advantage of past U.S. administrations.

The U.S. president was widely expected to hold a separate meeting with Russian President Vladimir Putin, who will also be at the APEC summit. But that won’t be possible due to scheduling conflicts, the White House said on Friday.

Source: cnbc china
'We will not tolerate' trade abuses: Trump lashes out at 'unfair' practices

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