It is billed as one of the most significant annual trade gatherings, but this year’s Asia-Pacific Economic Cooperation summit had a Trump-sized hole that has shaken its very foundations.<\/p>\n
The APEC is an annual meeting that brings together 21 economies from across the Pacific, accounting for over half of world trade.<\/p>\n
Since the first summit in Canberra four decades ago, APEC leaders have worked towards “free and fair” trade.<\/p>\n
Also, multilateralism; deals that encompass the whole region, rather than simply between two economies.<\/p>\n
But US President Donald Trump has demonstrated he is not fussed about any of that.<\/p>\n
His embracing of aggressive tariffs earlier this year to strike new trade deals sent shockwaves across the world.<\/p>\n
His trade war with China sowed further uncertainty, as Beijing retaliated with severe restrictions on rare earths, minerals vital for modern-day manufacturing.<\/p>\n
The president has struck new deals with various countries.<\/p>\n
While tariffs have been lowered, they have not been abandoned.<\/p>\n
Mr Trump’s approach was further cemented when he decided to skip the APEC conference in the South Korean city of Gyeongju.<\/p>\n
<\/p>\n
A select group of world leaders join Donald Trump for dinner on the sidelines of the APEC summit. (ABC News: Ian Cutmore)<\/p>\n
The US official in charge of APEC, Casey Mills, defended the move, stating the president was still dedicated to APEC but was required elsewhere.<\/p>\n
When asked to outline the US’s position, Mr Mills advocated for “fair” and reciprocal trade.<\/p>\n
The phrase “free trade” was notably absent.<\/p>\n
Moving on from the States<\/p>\n
South Korean President Lee Jae Myung painted a bleak picture when he opened the APEC summit.<\/p>\n
“We are standing at a critical inflection point,” he said.<\/p>\n
“Economic uncertainty is deepening and the momentum for trade and investment is weakening.”<\/p>\n
Canada’s Prime Minister Mark Carney took it a step further.<\/p>\n
“The old world of steady expansion of rules-based liberalised trade and investment, a world on which so much of our nations’ prosperity \u2026 is based \u2014 that world is gone,” he said to business leaders at the summit.<\/p>\n
The prime minister has reason to be worried.<\/p>\n
Canada has been a routine victim of Trump’s attacks, with the president recently declaring trade negotiations were now dead after Canada aired television advertisements criticising Trump’s tariffs<\/a>.<\/p>\n Mr Carney told delegates his country was now edging away from US trade dependence and pushing towards double non-US exports over a decade.<\/p>\n He has also vowed to repair relations with China after its own rocky past.<\/p>\n During a meeting with President Xi Jinping, Mr Carney vowed to “help build a more sustainable, inclusive international system”.<\/p>\n Rare earths: Where does Australia stand as China advances in sector?<\/p>\n The missing US president stood in contrast to China, which was represented at the highest level with Mr Xi.<\/p>\n From the outset, China was able to promote itself as a believer in free and fair trade, and multilateralism.<\/p>\n “Let us together safeguard the multilateral trade system,” Mr Xi told summit leaders behind closed doors, according to China’s Xinhua news agency.<\/p>\n “Let us build an Asia-Pacific community.”<\/p>\n