BRICS nations slam Trump tariffs, condemn strikes on Iran
The 11 emerging nations -- including Brazil, Russia, India, China and South Africa -- account for about half the world's population and 40 per cent of global economic output.
The bloc is divided about much, but found common cause when it comes to the mercurial US leader and his stop-start tariff wars -- even if it avoided naming him directly.
Voicing "serious concerns about the rise of unilateral tariff" measures, BRICS members said the tariffs risked hurting the global economy, according to a summit joint statement.
Trump fired back at the bloc directly on social media Sunday night.
"Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy," Trump wrote on his Truth Social platform.
Russia's President Vladimir Putin appears on a screen as he attends the opening meeting of BRICS Summit remotely with Brazil's President Luiz Inacio Lula da Silva, at the Museum of Modern Art (MAM) in Rio de Janeiro, Brazil, on Sunday. Reuters
Earlier, BRICS also offered symbolic backing to fellow member Iran, condemning a series of military strikes on nuclear and other targets carried out by Israel and the United States.
In April, Trump threatened allies and rivals alike with a slew of punitive duties, before offering a months-long reprieve in the face of a fierce market sell-off.
Trump has warned he will impose unilateral levies on partners unless they reach "deals" by August 1.
In an apparent concession to US allies such as Brazil, India and Saudi Arabia, the summit declaration did not criticize the United States or its president by name at any point.
No show
Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to US and western European power.
But as the group has expanded to include Iran, Saudi Arabia and others, it has struggled to reach meaningful consensus on issues from the Gaza war to challenging US global dominance.
BRICS nations, for example, collectively called for a peaceful two-state solution to the Israel-Palestinian conflict -- despite Tehran's long-standing position that Israel should be destroyed.
An Iranian diplomatic source said his government's "reservations" had been conveyed to Brazilian hosts. Still, Iran -- a BRICS member since 2023 -- stopped short of rejecting the statement outright.
The bloc also called for an "immediate" ceasefire and the "full withdrawal of Israeli forces" from the Gaza Strip, where Israel has been at war with the Palestinian group Hamas for 21 months.
Hamas's armed wing welcomed BRICS's position, calling on them to "exert pressure" on Israel to "lift the criminal siege imposed on two and a quarter million people."
In perhaps a further sign of the diplomatic sensitivities, Saudi Arabia's foreign minister skipped Sunday's discussions entirely, according to a Brazilian government source.
World leaders partake in the 17th annual BRICS summit in Rio de Janeiro, Brazil, on Sunday. AP
Saudi Arabia is among the world's leading beneficiaries of high-tech US military exports and is a long-standing US partner.
The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who skipped the meeting for the first time in his 12 years as president.
The Chinese leader is not the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, also opted to stay away, participating via video link.
He told counterparts that BRICS had become a key player in global governance.
The summit also called for regulation governing artificial intelligence and said the technology could not be the preserve of only rich nations.
The commercial AI sector is currently dominated by US tech giants, although China and other nations have rapidly developing capacity.
Agence France-Presse
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
an hour ago
- Arabian Post
Tariffs bite into Europe as earnings season begins – which sectors will be hit hardest?
A tide of tariffs is sweeping across Europe, and the damage is becoming visible just as earnings reports begin to drop. President Trump's trade decisions are no longer a future threat; they're now a present force reshaping European corporate performance. The timing is brutal. What was expected to be a modestly positive second quarter for European earnings has shifted into decline, with weakness now concentrated in a few critical sectors. ADVERTISEMENT Investors are bracing for confirmation that Europe's earnings engine has stalled. The continent's largest firms are being squeezed between softer demand and policy-driven pricing pressure. The hardest-hit? Energy, consumer-facing multinationals, and financial institutions—all of which are deeply entwined with global trade flows, dollar liquidity, and sentiment cycles. The latest data point to a shallow contraction in European earnings per share for the second quarter—just months after analysts were still forecasting robust growth. This kind of whiplash signals something deeper than seasonal volatility. It reflects the speed and scale at which expectations have been rewired in response to Trump's aggressive trade stance and the rising cost of doing business across borders. The energy sector has been among the swiftest to feel the impact. Oil prices, already under pressure through much of Q2, found no relief in tariff announcements. On the contrary, producers now face increased uncertainty around demand, pricing structures, and the stability of international supply chains. ADVERTISEMENT Crude has recovered somewhat since Trump's latest volley of trade threats, but that rebound masks the structural challenges beneath. Tariffs hit everything from upstream investment to downstream distribution. The big European energy names are not just contending with weak prices—they are navigating a much more unstable commercial environment than their US counterparts, who now benefit from friendlier domestic regulation and renewed geopolitical leverage. The consumer sector has its own set of problems, and they are compounding quickly. Currency pressure from a weakening dollar has lifted the euro to multi-month highs—bad news for exporters relying on US demand. But it's the tariff shock that has most dramatically reset the mood. European brands selling into the US market now face an awkward mix of falling margins and unclear guidance. From luxury icons to mass-market manufacturers, the story is turning sour. Investors are no longer looking for growth; they're looking for resilience. That's especially true for discretionary names with high exposure to the US consumer. As inflation softens stateside but tariffs rise, spending patterns are shifting in unpredictable ways. European brands reliant on price stability and repeat purchases may now struggle to justify forward earnings multiples. Some will hold the line. Others will crack. Commentary accompanying these results will be closely parsed for signs that demand has deteriorated faster than expected. Then there's the financial sector—until recently, the unshakable pillar of European earnings growth. That pillar is now wobbling. Bank profits have ridden high on rising rates, deal speculation, and net interest income. But tariffs, by design, depress cross-border investment. They cloud merger activity, discourage capital flow, and introduce costs that even the most efficient lenders can't hedge away. While forecasts still point to slight profit expansion this quarter, the momentum is clearly fading. The bigger concern for investors is whether this is the beginning of a trend. European banks are heavily exposed to global supply chains, especially those facilitating trade between the EU and the US. Tariff policy disrupts those flows. It also raises credit risks for firms caught in the middle—many of which are mid-sized manufacturers or logistics players dependent on transatlantic trade routes. The revaluation of these risks is already underway, and the sharp rally in European bank stocks earlier this year now looks increasingly out of step with the operating reality on the ground. Put simply: the Europe-versus-US divide is growing. While Trump's tariffs are raising costs in Europe, the US is simultaneously offering support to its domestic industries, including energy and digital assets. This divergence is altering the investment case for entire sectors. Europe is still the world's largest trading bloc—but trade is exactly what's under siege. It makes this earnings season less about individual company performance and more about policy drag. For long-term investors, this is a wake-up call. Valuations built on the assumption of stable, rules-based global commerce are being tested. In a world where tariffs can be imposed by tweet, diversification across regions isn't enough. Sector exposure, policy sensitivity, and forward guidance credibility all need to be reassessed. This reporting season will deliver more than financial updates. It will reveal which companies are best-positioned to survive the age of economic confrontation—and which are still clinging to a fading version of globalisation. Nigel Green is deVere CEO and Founder Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Middle East Eye
2 hours ago
- Middle East Eye
At least 13 civilians, mostly children, killed in Israeli strikes on Gaza
At least 13 Palestinian civilians, most of whom are children, were killed and others wounded on Monday afternoon local time in a series of Israeli strikes in the Gaza Strip. Wafa news agency reported that nine civilians were killed and others wounded after an Israeli drone strike targeted a displacement tent in Khan Younis, in southern Gaza. In a separate attack, four civilians were killed and more wounded after Israeli forces bombed a shop in al-Bureij refugee camp, in central Gaza. Several others were also wounded following another Israeli strike targeting a group of people in Khan Younis refugee camp.
Middle East Eye
2 hours ago
- Middle East Eye
Ex-Israeli prime minister calls Gaza 'humanitarian city' a concentration camp
Israel's plan to forcibly confine more than two million Palestinians to a small area in the southern Gaza Strip amounts to a "concentration camp", former Israeli Prime Minister Ehud Olmert has said. "It is a concentration camp. I am sorry," the 79-year-old told The Guardian on Sunday, when asked about a plan outlined by Israeli Defence Minister Israel Katz last week, which would see an initial 600,000 Palestinians held in an area built on the ruins of Rafah city. According to Katz, Palestinians in the area would undergo security screenings and would not be allowed to leave. Eventually, the entire civilian population would be concentrated in the same location. Katz also said Palestinians would then be encouraged to "voluntarily" leave the Gaza Strip for other countries as part of an "emigration plan". Responding to the proposal, Olmert said: "If [Palestinians] will be deported into the new 'humanitarian city', then you can say that this is part of an ethnic cleansing", adding that ethnic cleansing was the "inevitable interpretation" of the plan. Former Israeli Prime Minister Ehud Olmert is pictured in Paris, on 9 June 2025 (Stephane de Sakutin/AFP)
