RIO DE JANEIRO: BRICS leaders meeting in Rio de Janeiro Sunday (Jul 6) warned that US President Donald Trump’s “indiscriminate” import tariffs risked hurting the global economy.
“We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules,” the bloc said in a summit statement, referring to the World Trade Organization.
The 11 emerging nations, including Brazil, Russia, India, China and South Africa, represent about half the world’s population and 40 percent of global economic output.
The bloc is divided about much, but has found common cause when it comes to the mercurial US leader and his stop-start tariff wars.
BRICS described such tariffs as illegal and arbitrary, threatening to “further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities.”
In April, Trump threatened allies and rivals alike with a slew of punitive duties, but abruptly offered a reprieve in the face of a fierce market sell-off.
Trump has warned they will again impose unilateral levies on partners unless they reach “deals” by August 1.
https://www.channelnewsasia.com/asia/brics-voice-serious-concerns-about-trump-tariffs-5223401
