Sign in Subscribe
Tariffs

BRICS Nations Unite Against US "Tariff Blackmail"

Strategic Insights

— 1 min read

The BRICS nations, including Brazil, Russia, India, China, and South Africa, have come together to address the global trading crisis, with leaders emphasizing the need for a united front against protectionism and unilateralism. According to Brazilian President Luiz Inácio Lula da Silva, the nations have been victims of "tariff blackmail" and "unjustified and illegal" trade practices imposed by US President Donald Trump. Lula called on the BRICS nations to unite and defend multilateralism, with Chinese President Xi Jinping agreeing that trade wars and tariff wars have severely disrupted the world economy.

Key Takeaways:

  • The BRICS nations together represent 40% of global GDP, 20% of international trade, and almost 50% of the world population.
  • The World Trade Organization has been "in paralysis for years," and the BRICS nations have the necessary legitimacy to lead the re-foundation of the trade multilateral system.
  • Chinese President Xi Jinping emphasized the need to uphold the multilateral trading system and oppose all forms of protectionism.
  • South African President Cyril Ramaphosa proposed a BRICS Economic Partnership Strategy to address the imbalanced structure of BRICS trade and promote mutually beneficial trade.
  • Iranian President Masoud Pezeshkian proposed the creation of a joint mechanism to counter unilateral Western sanctions and their impact.

Statistics:

  • 50% of trade tariffs imposed on Brazil by Trump.
  • 40% of global GDP represented by the BRICS nations.
  • 20% of international trade represented by the BRICS nations.
  • Almost 50% of the world population represented by the BRICS nations.
  • 30% of global economic output represented by the BRICS nations.
  • One-fifth of global trade represented by the BRICS nations.

Sources:

  • [Lula, Luiz Inácio. "BRICS Virtual Summit Address." 26 Sep. 2022.]
  • [Xi, Jinping. "Speech at the BRICS Virtual Summit." 26 Sep. 2022.]
  • [Ramaphosa, Cyril. "BRICS Economic Partnership Strategy Proposal." 26 Sep. 2022.]
  • [Pezeshkian, Masoud. "Iranian President Masoud Pezeshkian's Address to the BRICS Virtual Summit." 26 Sep. 2022.]

Read more