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    1. SS: At the 2025 APEC summit in Gyeongju, South Korea, Chinese President Xi Jinping issued a veiled rebuke to U.S. tariff threats, declaring “no one wins a trade war or tariff war” in a direct response to President Trump’s pledge for 60% duties on Chinese imports. With Trump absent and represented by lower-level officials, Xi’s outreach to South Korean President Lee Jae-myung—pushing for a trilateral FTA with Japan—highlights Beijing’s bid to exploit U.S. isolationism and fracture Indo-Pacific alliances. As Seoul balances its U.S. security umbrella against $200B+ in China trade, does Xi’s charm offensive signal a viable counterweight to Washington’s “America First” pivot, or merely expose the fragility of multilateral economic order amid escalating great-power friction?

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