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US will no longer tolerate trade abuses: Trump

VIETNAM: President Donald Trump has said the US will no longer tolerate “chronic trade abuses”, in a defiant address at the Asia-Pacific Economic Co-operation (Apec) summit in Vietnam.
He said the US was prepared to work with Apec countries as long as they “abide by fair reciprocal trade”.
America will no longer “be taken advantage of” on trade, Mr Trump said.
As part of his trip to the region, he has already vowed to correct a huge trade imbalance with China and Japan.
Apec brings together 21 economies from the Pacific region – the equivalent of about 60% of the world’s GDP.
Since taking office, President Trump has pulled the US out of the Trans-Pacific Partnership, a major trade deal with 12 Apec member countries, arguing it would hurt US economic interests.
Chinese President Xi Jinping is also expected to address the summit in the Vietnamese port city of Da Nang.
The total trade relationship between the US and China was worth $648bn last year, but trade was heavily skewed in China’s favour with the US amassing a nearly $310bn deficit.
Mr Trump has in the past accused China of stealing American jobs and threatened to label it a currency manipulator, thougháhe has since rowed back on such rhetoric.

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