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The Asia-Pacific Economic Cooperation (APEC) grouping warned on Thursday that exports from a region that accounts for around half of world trade will slow sharply this year, and barely grow at all, in the wake of US tariff announcements.

The 21-member bloc convened an annual session of trade representatives ahead of a leaders’ summit this year, with top US and Chinese trade envoys meeting on the sidelines following high-stakes talks earlier this month in Geneva that sought to de-escalate a bitter trade war.

APEC projected exports in the region would rise by only 0.4% this year, compared with 5.7% growth last year, in an analysis report released at its 2025 meeting of ministers responsible for trade in South Korea’s resort island of Jeju.