Xi, who arrived in Lima on Thursday, plans a week-long diplomatic blitz in Latin America that includes a refurbished free-trade agreement with Peru, inaugurating the massive Chancay deep-water port there and being welcomed in Brazil's capital next week for a state visit.

President Joe Biden begins his six-day visit to Peru and Brazil on Thursday for the final major international summits of his presidency, while world leaders turn their attention to what Donald Trump 's return to the White House means for their countries.

Scott Bessent, a billionaire hedge fund manager who has become a major fundraiser and economic adviser to Trump, appears to be the leading candidate for the role, two sources familiar with the transition told the BBC's US partner CBS News earlier this week.