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

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.

“Having the world’s two largest economies at loggerheads at such a fraught moment," said Eswar Prasad, senior professor of trade policy at Cornell University, “exacerbates the negative impact of various geopolitical shocks that have hit the world economy.”