Xi Jinping opens South America's first Chinese-funded port 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 between China and Latin 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 other South American countries, allowing them to bypass ports in Mexico and the U.S. It is part of China's Belt and Road Initiative, which seeks to expand its influence through infrastructure projects. Chancay port, operated by Hong Kong-listed Cosco Shipping Ports, is designed to handle large container ships and is expected to significantly reduce shipping times and costs. It will facilitate imports of Asian goods and exports of South American minerals.