BRICS Leaders Schedule Virtual Meeting To Discuss Trump Tariffs
The US has set different tariffs for different BRICS nations, however, making it difficult for them to agree on a joint statement, according to Brazilian officials.
Brazil’s Luiz Inacio Lula da Silva is convening a virtual meeting of BRICS leaders next Monday to discuss Donald Trump’s trade policy, according to four people familiar with the plan.
The Brazilian president wants to discuss not only the trade tariffs imposed by the US government, but also to rally fellow heads of major emerging market nations in support of multilateralism, according to two Brazilian government officials.
All of them spoke on condition of anonymity as details of the call haven’t been officially announced yet.
Trump thrust Brazil into the middle of his global trade war in July, threatening to impose higher tariffs unless the country’s Supreme Court immediately halted the trial in which former President Jair Bolsonaro faces charges of attempting a coup. Latin America’s largest economy is now subject to 50% tariffs, although the US has exempted hundreds of goods such as airplanes and orange juice.
The US has set different tariffs for different BRICS nations, however, making it difficult for them to agree on a joint statement, according to the Brazilian officials. Moreover, Lula does not want the meeting to turn into an anti-US summit, they said.
This is especially relevant as Bolsonaro’s trial in the top court starts on Tuesday, and the government expects Trump to intensify his attacks on Brazil. The US has already revoked the visa of Supreme Court Justices and also imposed sanctions on the judge leading the proceedings against the right-wing former president.
The BRICS summit will follow a crucial meeting between China’s President Xi Jinping and India’s Prime Minister Narendra Modi in Tianjin over the weekend. Russia’s Vladimir Putin also met with Modi in Tianjin on Monday and will have talks with Xi on Tuesday in Beijing.
Modi’s closeness to Trump had been seen by some within BRICS as a stumbling block to taking a stronger stand against tariffs at the leaders’ summit in July. But Modi and Trump’s fallout now clears the way for what could be a more substantive resolution from BRICS nations, the people said.
Trump has also threatened to impose additional tariffs on BRICS nations for their efforts to reduce reliance on the dollar by expanding trade in local currencies.
