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Tariffs

Brics Bloc Leaders Condemn Economic Protectionism and Tariff Blackmail

Strategic Insights

— 1 min read

The leaders of the Brics bloc, comprising 11 emerging economies, met virtually to address the intensification of unilateral trade measures and "tariff blackmail" amid a damaging trade war with the US. The Brics represents nearly 40% of global GDP and almost half of the world's population. Chinese President Xi Jinping emphasized the need to uphold the multilateral trading system and reject protectionism. US President Donald Trump has imposed tariffs on goods from Brics countries, including Brazil, India, and South Africa, while accusing them of unfair trade practices.

Key Takeaways:

  • The Brics bloc, representing nearly 40% of global GDP and almost half of the world's population, has condemned economic protectionism and "tariff blackmail" amid a trade war with the US.
  • Chinese President Xi Jinping called for upholding the multilateral trading system with the World Trade Organization at its core and rejecting all forms of protectionism.
  • US President Donald Trump has imposed tariffs on goods from Brics countries, including a 50% tariff on Brazilian goods and tariffs of up to 50% on Indian imports.
  • Trump accused India of fueling Moscow's deadly attacks on Ukraine by purchasing Russian oil.
  • South African President Cyril Ramaphosa criticized unilateral tariff actions as contributing to an increasingly protectionist environment.
  • The Brics bloc includes Brazil, Russia, India, China, South Africa, and other emerging economies.

Statistics:

  • The Brics bloc represents nearly 40% of global GDP (Source: Brics website)
  • The US has imposed tariffs of up to 50% on Indian imports (Source: Reuters)
  • Trump has imposed a 50% tariff on Brazilian goods (Source: AFP)
  • The Brics bloc represents almost half of the world's population (Source: Brics website)

Sources:

  • Brics. (n.d.). Brics Members. Retrieved from
  • AFP. (n.d.). Brics Leaders Condemn Economic Protectionism and Tariff Blackmail Amid Trade War with US. Retrieved from
  • Reuters. (n.d.). US Imposes Tariffs on Indian Imports. Retrieved from

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