BRICS: US & China Agree to Tariff Pause, But Who’s Next?
Amid the concerns of a brewing trade war between the United States and the BRICS nations, the US and China have agreed to a tariff pause, with all eyes on who could be next. In early April, the Western country implemented a sweeping global 10% tariff on all nations. After Beijing reached an agreement for a 90-day pause, there was hope that a full trade deal could follow.
China’s stand was one of the most influential in the entire BRICS alliance. Last month, the economic bloc agreed to remain aligned on its dealings with the United States regarding its import duty increases. Subsequently, there could be a string of signed agreements with various nations in the collective.
Also Read: BRICS or the US? Saudi Arabia May Have Chosen a Side Amid the Faceoff
US and China Reach Tariff Pause Agreement: Will Another BRICS Nation Be Next?
The global economy received great news to start the week as the United States and China made notable headway on trade negotiations. US President Donald Trump called the development a “total reset” in relations. Prior to the agreement, many felt the two largest economies in the world were headed for a trade war.
That appears to be avoided for the time being. Yet, with the BRICS nations still confronting the import tax amid the US and China tariff pause, which member of the alliance could be next? When the America-first import duty increase was announced, nearly every member of the bloc was targeted.
Also Read: GDP of BRICS Countries Outperforms Global Average, US Distantly Behind
China wasn’t the first, as India and the US finalized the terms of reference for a new trade deal. That only leaves Brazil facing a 10% tariff and South Africa, which was originally given a 30% tariff. However, the latter still stands at 10% following Trump’s decision to lower the tax during his last 90-day pause. Alternatively, Russia was the only nation exempt from the original tariff plan, leaving the alliance in a strong position.
Although the BRICS bloc is eager to see the situation get resolved, the European Union (EU) will likely be the next country up for negotiations. The two sides have been far apart on a deal, with an agreement critical. Moreover, in a recent statement, Trump called the bloc “nastier than China” in terms of their negotiation tactics.
Still, the united front that BRICS has employed has many believing tariff relief deals are only a matter of time. Moreover, they currently have a list of extended countries that could grow during the 2025 summit. Amid China’s contentious relationship with the US, there is optimism for other nations’ negotiators.
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BRICS: US & China Agree to Tariff Pause, But Who’s Next?
Amid the concerns of a brewing trade war between the United States and the BRICS nations, the US and China have agreed to a tariff pause, with all eyes on who could be next. In early April, the Western country implemented a sweeping global 10% tariff on all nations. After Beijing reached an agreement for a 90-day pause, there was hope that a full trade deal could follow.
China’s stand was one of the most influential in the entire BRICS alliance. Last month, the economic bloc agreed to remain aligned on its dealings with the United States regarding its import duty increases. Subsequently, there could be a string of signed agreements with various nations in the collective.
Also Read: BRICS or the US? Saudi Arabia May Have Chosen a Side Amid the Faceoff
US and China Reach Tariff Pause Agreement: Will Another BRICS Nation Be Next?
The global economy received great news to start the week as the United States and China made notable headway on trade negotiations. US President Donald Trump called the development a “total reset” in relations. Prior to the agreement, many felt the two largest economies in the world were headed for a trade war.
That appears to be avoided for the time being. Yet, with the BRICS nations still confronting the import tax amid the US and China tariff pause, which member of the alliance could be next? When the America-first import duty increase was announced, nearly every member of the bloc was targeted.
Also Read: GDP of BRICS Countries Outperforms Global Average, US Distantly Behind
China wasn’t the first, as India and the US finalized the terms of reference for a new trade deal. That only leaves Brazil facing a 10% tariff and South Africa, which was originally given a 30% tariff. However, the latter still stands at 10% following Trump’s decision to lower the tax during his last 90-day pause. Alternatively, Russia was the only nation exempt from the original tariff plan, leaving the alliance in a strong position.
Although the BRICS bloc is eager to see the situation get resolved, the European Union (EU) will likely be the next country up for negotiations. The two sides have been far apart on a deal, with an agreement critical. Moreover, in a recent statement, Trump called the bloc “nastier than China” in terms of their negotiation tactics.
Still, the united front that BRICS has employed has many believing tariff relief deals are only a matter of time. Moreover, they currently have a list of extended countries that could grow during the 2025 summit. Amid China’s contentious relationship with the US, there is optimism for other nations’ negotiators.
Read More