Iran Press/ Asia: Speaking at the Asia-Pacific Economic Cooperation (APEC) summit in Papua New Guinea's capital, Port Moresby, Chinese president "Xi Jinping" stressed that the US approach toward the continuation of trade war with China is doomed to failure, Iran Press News Agency reported.
Amid rising tensions between the world's two major powers, Chinese president spoke of the need for global cooperation and international and free trade, telling there was no issue that countries couldn't work out "through consultation."
"History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war, will produce no winners," Xi continued.
Chinese President Xi Jinping makes his keynote speech for the CEO Summit of APEC
In a veiled swipe at the US's "America First Policy", Chinese president warned that countries which embrace protectionism will fail.
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Meanwhile, US Vice President "Mike Pence", speaking after the Chinese leader, said while they had "great respect for President Xi" and China, there would be no backing down on the trade war with Beijing until it "changes its ways."
US Vice President Mike Pence waves after delivering his keynote speech at the APEC summit in Port Moresby
The relationship between the US and China has deteriorated in recent months, as the US tariff rate on $200 billion in Chinese goods is set to increase to 25 percent from 10 percent on Jan. 1.
Trump has threatened to impose tariffs on all remaining Chinese imports - about $267 billion more in goods - if Beijing fails to address US demands.
As a trade war heats up between the US and China, military tensions are also rising.
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members, collectively accounts for 60 percent of global gross domestic product (GDP).
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