BRICS To Hold Virtual Meet on Monday To Discuss Trump’s Tariffs
Brazil’s President Lula da Silva to convene a BRICS virtual meeting next Monday to discuss Trump’s tariffs and trade policies. The alliance will most likely release a joint statement on the White House’s trade policies after the online gathering. The show of strength comes after India, Russia, and China are holding high-level talks this week to safeguard their economies from trade wars.
Lula da Silva will convene the BRICS virtual meet as Trump imposed 50% tariffs on Brazil and India last month. The bloc now wants to protect its economy and businesses from the tariffs imposed by the White House. Brazil and India have been affected by the decision, leading to the alliance group after the July summit.
Also Read: India Offers Zero Tariff Deal, Trump Says ‘It’s Too Late’ Amid BRICS
What Will Brazil Discuss In the BRICS Virtual Meet on Monday?
Brazil’s Lula da Silva will focus on multilateralism in the BRICS virtual meet on Monday, said a source close to the development on condition of anonymity to Bloomberg. Multilateralism is a cooperation between many countries to achieve a common financial goal. In this matter, Brazil will most likely urge the alliance to rewrite trade deals in local currencies and reduce reliance on the US dollar.
Also Read: India Pushes BRICS To Settle $100 Billion in Rupees
China and Russia have long been calling for de-dollarization, and members such as Iran have onboarded on the idea. However, South Africa and India remain skeptical, while the Modi administration has openly denounced de-dollarization on several occasions. It is not known if de-dollarization will be discussed by Brazil in the BRICS virtual meet next Monday. However, all eyes are on the meeting as the alliance is now a powerful bloc challenging Western financial domination.
Moreover, the US has placed different tariffs on each BRICS country that could make them disagree on matters during the virtual meeting. Therefore, the alliance agreeing on a joint statement looks difficult as each member’s concerns are different.
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BRICS To Hold Virtual Meet on Monday To Discuss Trump’s Tariffs
Brazil’s President Lula da Silva to convene a BRICS virtual meeting next Monday to discuss Trump’s tariffs and trade policies. The alliance will most likely release a joint statement on the White House’s trade policies after the online gathering. The show of strength comes after India, Russia, and China are holding high-level talks this week to safeguard their economies from trade wars.
Lula da Silva will convene the BRICS virtual meet as Trump imposed 50% tariffs on Brazil and India last month. The bloc now wants to protect its economy and businesses from the tariffs imposed by the White House. Brazil and India have been affected by the decision, leading to the alliance group after the July summit.
Also Read: India Offers Zero Tariff Deal, Trump Says ‘It’s Too Late’ Amid BRICS
What Will Brazil Discuss In the BRICS Virtual Meet on Monday?
Brazil’s Lula da Silva will focus on multilateralism in the BRICS virtual meet on Monday, said a source close to the development on condition of anonymity to Bloomberg. Multilateralism is a cooperation between many countries to achieve a common financial goal. In this matter, Brazil will most likely urge the alliance to rewrite trade deals in local currencies and reduce reliance on the US dollar.
Also Read: India Pushes BRICS To Settle $100 Billion in Rupees
China and Russia have long been calling for de-dollarization, and members such as Iran have onboarded on the idea. However, South Africa and India remain skeptical, while the Modi administration has openly denounced de-dollarization on several occasions. It is not known if de-dollarization will be discussed by Brazil in the BRICS virtual meet next Monday. However, all eyes are on the meeting as the alliance is now a powerful bloc challenging Western financial domination.
Moreover, the US has placed different tariffs on each BRICS country that could make them disagree on matters during the virtual meeting. Therefore, the alliance agreeing on a joint statement looks difficult as each member’s concerns are different.
Read More