Leaders of 11-member BRICS bloc railed against economic protectionism and “tariff blackmail” during virtual meeting Monday held amid a damaging trade war with US President Donald Trump.
Ggroup of emerging economies met via video-conference at initiative of Brazil’s President Luiz Inacio Lula da Silva, whose office said it was necessary to address “intensification of unilateral measures”
BRICS represents nearly 40% of global GDP & almost half of world’s population
Its members are among those hardest hit by what Lula referred to Monday as “tariff blackmail” & “unjustified and illegal” trade practices
In Brazil’s case, Trump slapped his highest level of trade tariff 50% on a range of goods from Latin America’s biggest economy
Washington also imposed tariffs of up to 50% on Indian imports, accusing New Delhi (India) of fueling Moscow’s deadly attacks on Ukraine by purchasing Russian oil.
Russian President Vladimir Putin also took part in virtual meeting days after gathering with Xi, North Korea’s Kim Jong Un & India’s Narendra Modi in China, where regional leaders slammed America’s “bullying behavior”
Trump hit South Africa, engaged in spat with Washington over range of domestic & international policies, with 30% tariff — highest in sub-Saharan Africa
Trump, who has repeatedly cited debunked claims of “genocide” of white South Africans, will not attend G20 summit in Johannesburg later this year
In July, Trump lashed out at BRICS & threatened its members with additional export duties after they voiced concern that his trade war was putting global economy at risk
“We must remain steadfast in promoting building of an open global economy, sharing opportunities & achieving win-win results through openness”
Xi underscored Monday
Other BRICS members are Indonesia, Egypt, Ethiopia, Iran, KSA & UAE
