[BRASÍLIA] Leaders of the 11-member Brics bloc railed against economic protectionism and “tariff blackmail” during a virtual meeting on Monday (Sep 8) held amid a damaging trade war with US President Donald Trump.
The group of emerging economies met via videoconference at the initiative of Brazil’s President Luiz Inacio Lula da Silva, whose office said it was necessary to address the “intensification of unilateral measures” in the world.
The Brics represents nearly 40 per cent of global GDP and almost half of the world’s population.
Several of its members are among those most affected by what Lula referred to Monday as “tariff blackmail” and “unjustified and illegal” trade practices.
Addressing his colleagues, Chinese President Xi Jinping called Monday for the upholding of “the multilateral trading system with the World Trade Organization at its core” and for rejection of “all forms of protectionism.”
Brazil’s exports to the US plunged 18.5 per cent year-on-year in August after Trump slapped his highest level of trade tariff – 50 per cent – on a range of goods from Latin America’s biggest economy.
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Trump is punishing Brazil for what he calls a “witch hunt” against his ally, former president Jair Bolsonaro who is on trial for allegedly plotting a coup to take power back from Lula after losing the 2022 elections.
A verdict in the trial is expected this week.
“Tariff blackmail is being normalised as an instrument to conquer markets and interfere in domestic affairs,” Lula said on Monday.
‘Great hardships’
Washington also imposed tariffs of up to 50 per cent on Indian imports, accusing New Delhi of fueling Moscow’s deadly attacks on Ukraine by purchasing Russian oil.
Russian President Vladimir Putin also took part in the virtual meeting, just days after meeting Xi, North Korea’s Kim Yong Un and India’s Narendra Modi in China where regional leaders slammed “bullying behaviour” in a veiled reference to Trump’s US.
South Africa for its part, was hit with a 30 per cent tariff – the highest in sub-Saharan Africa – amid soaring tensions with Washington over a range of domestic and international policies.
Trump has said he would not attend the G20 summit in South Africa later this year.
South African President Cyril Ramaphosa, in a prepared speech, said “unilateral tariff actions are contributing to an increasingly protectionist environment which poses great hardships and danger for the countries of the Global South.”
In July, Trump lashed out at the Brics and threatened its members with additional tariffs after they voiced concern that his trade war was putting the global economy at risk.
“No matter how the international situation changes, we must remain steadfast in promoting the building of an open global economy, sharing opportunities and achieving win-win results through openness,” Xi reiterated Monday.
Other Brics members are Indonesia, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. AFP
