Critics from BRICS nations denounce increase in 'trade barriers'
Fiery BRICS Blast U.S. Tariffs, Push for Multilateralism
The blistering barrage of trade protectionism is back, and it's got the BRICS grouping — comprising China, Brazil, and other members — riled up. In agitated talks held in the sultry climes of Rio de Janeiro, the top diplomats of this 11-nation coalition took a firm stand against the encroaching tide of protectionism, with a particular focus on U.S. President Donald Trump's tariffs blitz.
Wang Yi, China's Foreign Minister, and his Russian counterpart, Sergei Lavrov, were among those leadings the charge. The two heavyweights were there to discuss a spectrum of issues, ranging from Trump's trade war to the struggle for peace in Ukraine.
As for Brazil, which is currently holding the rotating BRICS presidency, Foreign Minister Mauro Vieira boldly denounced protectionism without explicitly calling out Trump. The BRICS members also took aim at "non-tariff" trade barriers, using literary devices some saw as aimed at EU regulations on certain Brazilian exports.
Since Trump clawed his way back into the White House in January, the U.S. has slapped tariffs ranging from a hefty 10% to a staggering 145% on scores of countries. China, however, bears the brunt of these tariffs, with duties of up to 145% on several products. To retaliate, Beijing has imposed duties of 125% on U.S. goods.
Founded by Brazil, Russia, India, and China in 2009, the BRICS grouping has since expanded to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, South Africa, and the United Arab Emirates. This powerful bloc now stands as a formidable counterweight to Western-led groups like the G7, representing nearly half of the world's population and an impressive 39% of global GDP.
The meeting in Rio came at a crucial moment for the global economy, following devastating cutbacks to growth forecasts issued by the International Monetary Fund due to Trump's sweeping new tariffs. Despite not issuing a joint statement, Vieira declared that there was "absolute consensus" on the matter of "trade conflicts and tariffs."
While some BRICS members have managed to skate past the worst of Trump's trade ire, Brazil has escaped relatively unscathed, with only 10% tariffs on its exports to the United States. Compared to the punitive duties levied on China, the difference is stark.
Vieira championed increased "multilateralism and cooperation" as the panacea for the global challenges we face today, and, on Monday, the BRICS ministers called for a "complete withdrawal" of Israeli forces from Gaza, citing the more than 50-day aid blockade of the territory as "unacceptable."
The ministers were less forthcoming on the war in Ukraine, simply urging a "diplomatic solution" that adheres to the "principles and objectives" of the United Nations charter. The BRICS leaders will convene in Rio for a two-day summit on July 6-7, leaving little doubt that the trade wars will remain a hot-button issue.
- The BRICS grouping, comprising China, Brazil, and other members, has expressed discontent over the rising tide of protectionism, particularly U.S. President Donald Trump's tariffs blitz.
- China's Foreign Minister, Wang Yi, and his Russian counterpart, Sergei Lavrov, led the charge against protectionism during the BRICS meeting in Rio de Janeiro.
- Brazil, currently holding the rotating BRICS presidency, denounced protectionism without explicitly naming Trump, but did target "non-tariff" trade barriers, potentially referencing EU regulations.
- Since Trump took office, the U.S. has slapped tariffs ranging from 10% to 145% on various countries, with China bearing the brunt of these tariffs.
- In response, China has imposed duties of 125% on U.S. goods, marking a powerful countermeasure in the global trade landscape.
- The BRICS grouping, which includes Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, South Africa, and the United Arab Emirates, now stands as a potent counterweight to Western-led groups like the G7.
- The BRICS ministers called for a "complete withdrawal" of Israeli forces from Gaza, citing the ongoing aid blockade as "unacceptable," during the meeting in Rio.
- Despite not issuing a joint statement, there was an "absolute consensus" among BRICS members on the issue of trade conflicts and tariffs, signaling a unified stance against protectionism in the world trade industry, finance, politics, and general news.
