Xi Jinping: China, Brazil can model ‘self-reliance' for Global South
The two leaders have both sought in recent months to present their countries as staunch defenders of the multilateral trading system – in stark contrast with US President Donald Trump's tariff onslaught.
Xi said China would 'work with Brazil to set an example of unity and self-reliance among major countries in the Global South' and 'jointly build a more just world and more sustainable planet,' according to state news agency Xinhua.
He also said that 'all countries should unite and firmly oppose unilateralism and protectionism,' Xinhua reported – a thinly veiled reference to US tariffs.
A statement by the Brazilian presidency said that the phone call lasted about an hour, during which time Lula and Xi discussed a range of topics including the war in Ukraine and combatting climate change.
'Both agreed on the role of the G20 and BRICS in defending multilateralism,' the statement said.
The leaders also 'committed to expanding the scope of cooperation in sectors such as health, oil and gas, digital economy and satellites,' it added.
The phone call came after Lula indicated plans last week to speak with the leaders of India and China to consider a coordinated response to US tariffs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
41 minutes ago
- Argaam
Bitcoin hits new record high above $124,000
Cryptocurrency performance was mixed during Thursday's trading, as investors moved toward high-risk assets following a relative easing of trade tensions, amid expectations that the Federal Reserve will cut interest rates. Bitcoin slipped 0.3% to $122,125.10 as of 12:09 a.m. Makkah time, after touching $124,496 — its highest level on record — and accounted for about 58.7% of the total cryptocurrency market capitalization. Ethereum, the second-largest cryptocurrency by market value, came close to its all-time high, reaching $4,787.85 before settling at $4,729.59, while Ripple rose about 0.3% to trade at $3.2757. The total global cryptocurrency market capitalization stands at $4.16 trillion, with total trading volume over the past 24 hours reaching $249.15 billion, according to CoinMarketCap data. According to data from El Salvador's Bitcoin Office, the country purchased an additional seven Bitcoins over the past seven days, bringing its total holdings to 6,268.18 Bitcoins, valued at more than $766 million.
Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Oil Regains Ground from 2-month Lows ahead of Trump-Putin Meeting
Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between US President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Brent crude futures were up 28 cents, or 0.43%, at $65.91 a barrel at 0057 GMT, while US West Texas Intermediate crude futures rose 23 cents, or 0.37%, to $62.89. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the US government and the International Energy Agency (IEA), reported Reuters. Trump on Wednesday threatened "severe consequences" if Putin does not agree to peace in Ukraine. Trump did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. "The uncertainty of US-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure," Rystad Energy said in a client note. "How Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises." Another support for oil is that the expectation that the US Federal Reserve will cut rates in September is at close to 100% after US inflation increased at a moderate pace in July. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers. The market is putting the odds of a quarter-percentage point cut at the Fed's September 16-17 meeting at 99.9%, according to the CME FedWatch tool. Lower borrowing rates would drive demand for oil. The dollar was hovering near multi-week lows against the euro and sterling on Thursday as traders ramped up bets for the Fed to resume cutting interest rates next month. Oil prices were kept in check as crude inventories in the United States unexpectedly rose by 3 million barrels in the week ended on August 8, according to the US Energy Information Administration on Wednesday, against expectations in a Reuters poll for a 275,000-barrel draw. Also, holding oil back was an International Energy Agency forecast that 2025 and 2026 world oil supply would rise more rapidly than expected, as the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, increase output and production from outside the group grows.
Arab News
an hour ago
- Arab News
Bolsonaro's lawyers call for acquittal in alleged coup trial
BRASILIA: Defense lawyers for former president Jair Bolsonaro asked Brazil's Supreme Court for an acquittal during Wednesday's closing arguments in a trial in which he is accused of attempting a lawyers argued in a 197-page document submitted to the court that the far-right former leader is 'innocent of all charges' and that an 'absolute lack' of evidence was presented during the trial, which began in and seven collaborators are accused of attempting to hold power despite his 2022 electoral defeat by Brazil's current leftist leader, Luiz Inacio Lula da of Bolsonaro supporters stormed government buildings in Brasilia on January 8, 2023, a week after Lula's inauguration, alleging election fraud and calling on the military to who led the Latin American country from 2019 to 2022, has maintained his innocence for months, calling any coup 'abhorrent.'He faces up to 40 years in prison if found was placed under house arrest in Brasilia this month for violating a ban on using social media to plead his case to the prosecutor's office maintains that Bolsonaro led an 'armed criminal organization' that orchestrated the coup attempt and was its main case file also focuses on meetings where draft decrees were allegedly presented, including those involving the possible imprisonment of officials such as Supreme Court the defense has stressed that 'there is no way to convict' Bolsonaro based on the evidence presented in the case file, which they argued adequately demonstrated that he ordered the transition of power to lawyers have questioned the validity of the plea bargain handed to Lt. Col. Mauro Cid, Bolsonaro's former aide, on whose testimony many of the accusations are legal wranglings are at the center of fizzing diplomatic tensions between Brazil and the United President Donald Trump has called the trial a 'witch hunt' and the US Treasury Department has sanctioned Supreme Court Justice Alexandre de Moraes, who is overseeing Bolsonaro's trial, in has also signed an executive order slapping 50 percent tariffs on many Brazilian imports, citing Bolsonaro's 'politically motivated persecution.'
