A fragile global economy is at stake as US and China seek to cool tensions at APEC summit

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The United States and China are the two global economic heavyweights. Combined, they produce more than 40% of the world’s goods and services. So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when they hold a rare high-level summit, as Presidents Joe Biden and Xi Jinping will this week, it can have global consequences. The world’s economy could surely benefit from a U.S.-China détente. Since 2020, it’s suffered one crisis after another — the COVID-19 pandemic, soaring inflation, surging interest rates, violent conflicts. Hopes have risen that Washington and Beijing can at least cool some of their economic tensions at the Asia-Pacific Economic Cooperation summit.