Chinese President Xi Jinping arrived in Lima on Thursday, kicking off a week-long diplomatic blitz in Latin America by inaugurating the massive Chancay deep-water port, one of Beijing's most ambitious infrastructure investments in Latin America.

A focal point of his visit will be the virtual inauguration of the South American country’s US$3.5 billion port funded by Beijing.

President Biden is heading to South America Thursday with his first stop coming at the Asia-Pacific Economic Cooperation summit where he'll meet with Chinese leader Xi Jinping. CBS News chief White House correspondent Nancy Cordes has more.

U.S. President Joe Biden will meet Chinese counterpart Xi Jinping for likely the final time on Saturday, senior administration officials said, as Beijing prepares for a potentially more confrontational period with Washington under Donald Trump.

Trump promised to slap blanket 60% tariffs on all Chinese exports to the U.S. That would jolt the already tumultuous relationship between Beijing and Washington.

Outgoing U.S. President Joe Biden is expected to voice his "deep concern" regarding China's "support for Russia's war against Ukraine" and North Korea's participation in combat operations.

If things had gone differently last week, U.S. President Joe Biden could have arrived at the Asia-Pacific Economic Cooperation forum in Peru on Thursday projecting confidence and pledging his successor’s cooperation with eager Latin American partners.

The Chinese leader is due to inaugurate a $1.3 billion megaport that is expected to become a hub for South America-Asia trade.

Peru - Recent The Republic of Peru stands out as one of the first Latin American countries to establish diplomatic ties and a comprehensive strategic partnership with the People's Republic of China, with the two countries witnessing ever-growing cooperation in various sectors over the past several decades.