Peru's newly-opened Chancay Port is expected to play a vital role in promoting trade between South America and Asia, according to Peruvian and Chinese experts. An opening ceremony was held for the port on Thursday,

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.

Chinese President Xi Jinping on Thursday inaugurated Latin America's first Beijing-funded port in Chancay, Peru -- a symbol of the Asian superpower's growing influence on the continent as it prepares to face off with a new Donald Trump administration.