US EditionBRICS Leaders Denounce Protectionism, Tariff ‘Blackmail’
BRICS leaders criticized US tariffs causing Brazil's exports to fall 18.5% in August, highlighting risks to global trade and urging support for multilateral trading systems.
- On Monday, leaders of the 11-member BRICS bloc met virtually and Brazil's President Luiz Inacio Lula da Silva said, `Tariff blackmail is being normalized as an instrument to conquer markets and interfere in domestic affairs`.
- Damaging U.S. tariffs, including 50 percent levies on Brazilian goods, helped trigger the summit to confront the "intensification of unilateral measures," with Brazil's exports plunging 18.5 percent and South Africa facing a 30 percent tariff.
- The BRICS bloc represents nearly 40 percent of global GDP and almost half the world's population, with Indian Prime Minister Narendra Modi skipping the meeting and India pressing partners to address a US$99 billion gap with Beijing last year.
- The summit took on a cautious tone as leaders avoided escalation, with Brazil and India seeking to not further enrage President Donald Trump amid a trial verdict expected this week.
- Chinese President Xi Jinping on Monday called to uphold the multilateral trading system with the World Trade Organization at its core and reject protectionism as Washington planned a 25% tariff on India from August 1.
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Total News Sources50
Leaning Left4Leaning Right8Center15Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
15%
C 56%
R 30%
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