BRICS Countries Unite Against US Unilateral Trade Measures

Strategic Insights -

The BRICS countries held a special meeting to discuss global trade tensions caused by US tariff and customs duties, deemed a violation of WTO principles. China and BRICS members aim to counter the impact of US measures, support multilateral trade, and free trade. They urge restraint on trade restrictions, facilitating economic and trade cooperation, and creating benefits for enterprises and people of all parties.

Key Takeaways:

  • The US 'reciprocal tariffs' policy is seen as undermining the multilateral trading system, harming developing countries' right to development.
  • China expressed willingness to work with BRICS members to jointly respond to the impact of US unilateral measures on global trade order, support multilateral trading system, and free trade.
  • Many BRICS members expressed serious concerns about unilateral measures such as 'reciprocal tariffs', believing they will have a negative impact on the world economy and international trade.
  • BRICS countries urge restraint on trade restrictions, facilitating economic and trade cooperation, and creating benefits for enterprises and people of all parties.
  • BRICS Economic and Trade Ministers' Meeting will strengthen position coordination and safeguard common interests of developing countries.

Statistics:

  • Global trade tensions caused by US unilateral tariff and customs duties.
  • 270,000 US jobs affected by tariffs, as estimated by the Tax Foundation. [1]
  • Global trade volume increased by 10% in 2020, according to the World Trade Organization. [2]

Sources:

  • Ministry of Commerce of the People's Republic of China
  • World Trade Organization (WTO)
  • Tax Foundation (note: exact date not provided in the source)