Photo: James D. Morgan/Getty Images for Carnival Australia
For the first time in 29 years, the U.S. and China failed to reach a closing declaration at the Asia-Pacific Economic Cooperation summit, underscoring the severity of tensions between the world's two largest economies, reports the AP.
The big picture: During the two-day summit in Papua New Guinea, Vice President Mike Pence — attending in place of President Trump — repeatedly criticized China for its hostile trade practices and warned developing nations of falling into a "debt trap" through China's generous infrastructure loans. Chinese President Xi Jinping, meanwhile, used his speech to condemn protectionism and unilateralism in a slight to the Trump administration. Trump and Xi are expected to meet at the G20 in Buenos Aires later this month amid their ongoing trade war and the Trump administration's government-wide effort to paint China as a bogeyman.