As tensions build over US President Donald Trump’s aggressive trade tactics, top diplomats from BRICS nations are convening in Brazil for key talks. The meeting, which will take place in Rio de Janeiro, will enable Brazil, Russia, India, China, and South Africa to talk through joint responses to Trump’s tariffs, which have already rocked global markets.
This top-level summit follows hot on the heels of the International Monetary Fund’s updated global growth projection, attributing the slow-down in the world economy to Trump’s tariffs.
As the BRICS block accounts for close to half of the world population and 39 percent of global GDP, its position on the matter can prove to be crucial in determining world trade dynamics.
Multilateral Trade and a Unified Front
BRICS countries are resolved to a multilateral trading system based on rules. Brazilian representative to BRICS Mauricio Lyrio reported that ambassadors are bargaining a declaration confirming the commitment to such a system.
While Trump’s trade politics imperil world economy fragmentation, BRICS will use the assembly to counter Trump’s unilateralist tactics. During the meeting, there is special emphasis on highlighting multilateralism in trade amid threats of partition of global markets from Trump’s protectionism policies.
Effect of Tariffs on Global Trade
Trump’s tariffs have brought significant dislocation. He has placed 10 percent tariffs on several countries and 145 percent tariffs on most Chinese imports. China retaliated by placing 125 percent tariffs on American goods. The BRICS nations are especially affected by these policies. Collectively, they want to resist these policies and enhance global trade stability.
The summit will also deliberate on other crucial global matters. Climate change is going to be a major topic, particularly preceding the COP30 summit hosted by Brazil. The summit will be taking place in the Amazon city of Belem, which creates a pertinent atmosphere for deliberation on sustainable growth.
The war in Ukraine is also going to be discussed in the group since Trump is negotiating a peace pact. BRICS’s position would have an effect on global efforts towards peace.
Growing BRICS: Expanding Influence
BRICS has grown since its creation in 2009. With the addition of Iran, Egypt, and the UAE, the group has found a larger voice on the international stage. With a growing BRICS, its potential to counteract unilateralism and promote multilateralism is increasingly powerful.
The BRICS summit in Brazil emphasizes the collective position of BRICS against Trump’s trade policies. Through cooperation and promotion of multilateralism, BRICS nations seek to protect international trade and deal with key global concerns such as climate change and geopolitical tensions.
