APEC ends in disarray after US-China spat over final statement

(Nov 19): An Asia-Pacific summit ended in tumult after the US and China failed to agree on language in a final statement, the latest sign that a trade war between the world’s biggest economies won’t end anytime soon.

For the first time since leaders began attending the annual Asia-Pacific Economic Cooperation meeting in 1993, no statement was issued after two days of talks in Papua New Guinea. The Pacific island nation’s prime minister, Peter O’Neill, blamed “two big giants in the room” for the discord.

The failure to agree on a largely symbolic statement lowers expectations for US President Donald Trump and Chinese counterpart Xi Jinping to reach a breakthrough when they meet a few weeks from now at a Group of 20 summit in Argentina. Financial markets have swerved in recent weeks as investors gauge whether an end to the trade war is near.

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