President Ferdinand Marcos Jr. predicted that the meeting between US President Donald Trump and Chinese President Xi Jinping will color the entire Asia-Pacific Economic Cooperation (APEC) Summit. He made the statement to his ministers before departing for South Korea. According to him, agreements between the world's two largest economies will affect every citizen globally.
In a statement on Thursday, October 30, Marcos said the Trump-Xi meeting in South Korea to discuss trade issues will be central to the APEC. The US imposed a 57% tariff on Chinese goods entering the country, later reduced to 47% after the meeting, though details are still being released.
"We have to see what the agreements will be coming out of these meetings between President Xi and President Trump," Marcos told his ministers in a departure statement before heading to South Korea. "Those will certainly color everything that we will be talking about in this APEC because the agreements or the arrangements that are made between two of the largest economies of the world will certainly affect every single citizen of the world."
He added that this APEC will differ from previous ones due to the economic and political climate set by the two countries. "The world is watching and waiting, as we are," Marcos said.
The US tariffs have sent shockwaves across the global economy, upending long-established trade markets. As a longtime US ally, the Philippines faces a 19% tariff from the country, and negotiations are ongoing.
Marcos has his own agenda for the summit. Despite an ongoing corruption scandal, he will deliver a special speech at the APEC CEO Summit to address top business leaders in the Asia-Pacific region. "I intend to showcase the Philippines’ commitment to fostering economic partnerships and promoting a favorable business climate, aligned with our government’s vision of building a strong, innovation-driven economy," he said.