(Bloomberg) — For three hours Thursday morning, Donald Trump was the elephant in the room at the Asia-Pacific Economic Cooperation as speakers danced around all direct discussions of how he would shake up the global economic, political and business landscape.

Then Andres Velasco – Dean of the School of Public Policy at the London School of Economics – took the stage at the event, which brings together some of the biggest names in politics and business in Lima, Peru. His words warned of a bleak future as the US president-elect prepares to return to the White House.

“I think we’re entering a more protectionist world led by the United States. No doubt about it,” Velasco said. “And for the countries in this room, the countries in the Pacific, countries in East Asia, countries in Latin America, it’s not very good news.”

It’s a view that had echoed in corridors, conference rooms and hotel bars ahead of the APEC event, with officials privately expressing concern about the incoming US administration.

Speculation is swirling about how the policies of the incoming US administration will affect the very issues APEC participants are talking about. Trump has pledged to increase US oil and gas production, which critics say will undermine efforts to tackle climate change. His threat to impose sweeping tariffs risks disrupting the global supply chain and emerging economies in Latin America. And his stance on trade and tariffs will no doubt affect nations like Brazil, Peru and Mexico, which have deep economic ties to China.

But aside from Velasco, those on stage studiously avoided saying Trump’s name while warning of the ramifications of his policies.

Vietnam’s President Luong Cuong is one example, warning in a keynote speech that “isolationists, protectionism and trade wars only lead to recessions, conflicts and poverty.”

Attendees’ reluctance to discuss Trump may well change as the day progresses. Jamie Dimon of JPMorgan Chase & Co. will speak later on Thursday. US President Joe Biden and his Chinese counterpart, Xi Jinping, are also attending the APEC summit and will meet on Saturday.

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