US tariffs may slow export growth in Asia-Pacific region: APEC

World World: The Asia-Pacific Economic Cooperation (APEC) warned on Thursday that exports in the region, which accounts for nearly half of world trade, could slow sharply this year. According to APEC, exports will grow only 0.4% in 2025, much lower than the 5.7% of the previous year.

APEC has also lowered its regional economic growth forecast to 2.6%, from 3.3% previously. The organization said that US tariff policy and global uncertainties could lead to a decline in trade, especially in manufacturing and consumer goods.

At the same time, efforts were also made to reduce tensions in this meeting between US Trade Representative Jameson Greer and Chinese trade official Li Chenggang. Trade ministers under APEC will also discuss issues such as WTO reform.

According to this report of APEC, US tariffs are not only affecting the textile trade, but are also affecting service trade and financial markets.