Xi inaugurates China's first port in South America in Peru

Chinese President Xi Jinping inaugurated South America’s first Chinese-funded port in Chancay, Peru, on Thursday. The $3.5 billion port aims to enhance trade connectivity between China and South America, especially as the region prepares for potential tariff increases under a new Trump administration. The port, located about 50 miles north of Lima, will serve as a hub for trade with Peru and other South American countries, including Chile and Colombia. It is part of China's Belt and Road Initiative, which seeks to expand its influence through infrastructure projects. Operated by Cosco Shipping Ports, the port is designed to handle the largest container ships and is expected to significantly reduce shipping times and costs for goods between Asia and South America.