BRICS countries set to criticize U.S. tariffs
July 5 (UPI) -- The so-called BRICS group of countries is reportedly set to issue a formal statement criticizing the United States current tariff situation when the group meets for a two-day summit in Brazil.
Brazil, India, Russia, China, South Africa and the other five countries that comprise the intergovernmental organization, are expected to adopt a position of "serious concern" regarding U.S. President Donald Trump's enactment of so-called reciprocal tariffs, Bloomberg reports, citing sources familiar with ongoing deliberations.
Leaders of the BRICS countries are in Rio de Janeiro for the group's 17th summit which begins Sunday and is being hosted by Brazilian President Luiz Inacio Lula da Silva.
Brazil currently holds the BRICS chair position and counts the United States as its second-biggest trading partner after China.
Earlier in the week, Trump confirmed U.S. tariffs will begin July 9 when a 90-day pause is scheduled to end. The president has previously been at odds with the organization.
After winning the election last year and before taking office, Trump said the group would "wave goodbye to America" if it created its own currency, adding he would also impose a 100% tariff in U.S. domestic markets if that scenario unfolded.
In 2023, BRICS formally invited Saudi Arabia and Iran to join the organization. Iran became the group's latest member last year.
Last month, BRICS issued a statement on the U.S. bombing of Iranian nuclear facilities, using the same "grave concern" language.
The organization continues its recruiting attempts.
Last month, Colombia announced it would become a member of the BRICS-backed New Development Bank as the country looks to distance itself from its reliance on Western financial markets.
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