The nearly $1.5 billion port — majority owned by China’s COSCO Shipping — is China’s latest Belt and Road project. China has overtaken the U.S. as Peru’s main trading partner, a trend that could widen across South American countries as Donald Trump threatens tariffs under his “America First” policy.
Critics warn of over-reliance on China and jeopardizing the existing relationship with the U.S., with some of Trump’s aides already pushing for huge tariffs on all merchandise coming through the port.
But for Peru’s Minister for Foreign Trade, Ursula Leon, it’s not a cause for concern.
“The products we export to Asia are not necessarily the same as we send to the U.S. or Canada. Our agreements with China enhance our competitiveness without compromising other markets,” she said.
Leon said Peru’s partnership with China will not undermine its relationship with the U.S.
“Our relationships with both China and the U.S. are strong and mutually beneficial. Trade agreements are designed for the growth of all parties involved: Peru benefits from exporting its products, while our partners get access to high quality goods at competitive prices,” she added.
Peru must navigate a delicate balancing act. For now, the Chancay port stands as both a beacon of opportunity and a source of uncertainty in a world bracing for heightened trade tensions.
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Publish date : 2025-01-09 02:15:00
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