BRICS nations discuss shared response to Trump trade policies
RIO DE JANEIRO: Foreign ministers from the BRICS group of developing nations met on Monday to discuss a shared defense of the global trade system, coordinating their response to the barrage of new tariffs from US President Donald Trump.
The meeting in Rio de Janeiro is expected to produce a joint statement criticizing 'unilateral measures' on trade from the group formed by Brazil, Russia, India, China and South Africa and recently expanded to include six more nations.
'The ministers are negotiating a declaration to reaffirm the centrality of... multilateral trade negotiations as the main axis of action in trade,' Brazilian Ambassador Mauricio Lyrio said. 'They will reaffirm their criticism of unilateral measures of any origin, which has been a longstanding position of BRICS countries.'
The expanded BRICS group, which added Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran last year, faces daunting challenges from US trade actions.
China, which was hit with 145% tariffs on its exports to the United States, has pushed for a harsher tone in the communique but, according to a source familiar with negotiations, the final text will be critical but not confrontational.
The BRICS group as a whole has come under fire from Trump, who threatened another 100% in tariffs if the bloc moves ahead with a single currency to replace the dollar in trade relations.
Brazil has already dropped the pursuit of a common currency in its BRICS presidency, Reuters reported in February, although its agenda may pave the way for less reliance on the US dollar in global trade.
With an eye on the United Nations climate summit Brazil is hosting in November, the BRICS ministers also will discuss a shared position on climate finance, a key priority for Brazil's presidency.
Major developing nations including China face growing pressure from wealthier nations to contribute to financing adaptation and mitigation initiatives in the poorest countries.
'What is not on the agenda is the revision of which countries have to pay for the energy transition and the countries that can eventually, voluntarily, also finance it. This distinction is absolutely fundamental,' said Lyrio.
'The financial obligation to finance the fight against climate change and the energy transition in developing countries lies with rich countries,' he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Wall Street rises on jobs data optimism; Tesla rebounds
US stocks rose on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla rebounded from a sharp plunge a day earlier and technology stocks continued to rise. Data showed nonfarm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April. Economists polled by Reuters had forecast payrolls advancing by 130,000 jobs. The unemployment rate stood at 4.2%, in line with expectations. 'Things are slowing, but they're not collapsing and that's the good news. We're not seeing a serious degradation of the jobs market,' said Art Hogan, chief market strategist at B Riley Wealth. Following the report, traders bet that Federal Reserve policymakers have little reason to rush on rate cuts. They are seen waiting until September to cut rates, with just one more cut in view by December, based on interest rate futures. The central bank's policy meeting is due later this month. Weaker-than-expected private payrolls numbers and surveys on services sector this week had raised concerns about an economic slowdown caused by trade uncertainties. White House trade adviser Peter Navarro said the planned meeting between U.S. and Chinese official on trade is expected to take place within seven days. Wall Street gains as investors focus on trade Trump and Chinese leader Xi Jinping spoke on Thursday after weeks of brewing trade tensions and a battle over critical minerals. The leaders, however, left key issues unresolved for future talks. U.S. equities rallied sharply in May, with the S&P 500 index and the tech-heavy Nasdaq scoring their biggest monthly percentage gains since November 2023, thanks to softening of Trump's harsh trade stance and upbeat earnings reports. The S&P 500 hit its highest in over three months on Friday and remains nearly 2.2% below record highs touched in February. The Dow index also rose to a near three-month high. The economically sensitive Russell 2000 smallcap index gained 1.3%. The Cboe Volatility Index, known as Wall Street's 'fear gauge,' fell 1.19 points to 17.29, its lowest in over two months. At 10:24 a.m. ET, the Dow Jones Industrial Average rose 541.42 points, or 1.28%, to 42,861.16, the S&P 500 gained 69.27 points, or 1.16%, to 6,008.45 and the Nasdaq Composite gained 246.51 points, or 1.28%, to 19,544.96. All of the 11 major S&P 500 sub-sectors rose, led by communication services with a 1.9% rise, while technology stocks gained 1.1%. Shares of Tesla rose 3.9% after plunging about 15% on Thursday following Trump's public feud with Musk, including threats to cut off government contracts with Musk's companies. Other megacap companies including Amazon was up 1.9%, while Alphabet gained 2.8%. Broadcom shares fell 3.3% after the networking and custom AI chipmaker's quarterly revenue forecast failed to impress investors. Lululemon shares lost 20.4% as the sportswear maker cut its annual profit target, citing higher costs from Trump's tariffs. Shares of virtual document signing platform DocuSign fell 18.9% after first-quarter results. Advancing issues outnumbered decliners by a 2.7-to-1 ratio on the NYSE and by a 2.82-to-1 ratio on the Nasdaq. The S&P 500 posted 20 new 52-week highs and no new lows, while the Nasdaq Composite recorded 47 new highs and 24 new lows.
Business Recorder
an hour ago
- Business Recorder
TSX set for record high after US jobs data, trade optimism
Canada's main stock index was headed for a record high on Friday, as a better-than-expected U.S. jobs report and signs of easing trade tensions between Washington and China fueled investor optimism. The Toronto Stock Exchange's S&P/TSX composite index was up 0.6% at 26,486.37 points. The index was set to eclipse Tuesday's record closing high of 26,426.64 if gains hold. U.S. nonfarm payrolls rose by 139,000 jobs last month, data released on Friday showed, while economists polled by Reuters had expected a job growth of 130,000. Meanwhile, White House trade adviser Peter Navarro said on Friday that a planned meeting between U.S. and Chinese officials on trade is expected within seven days, giving hope that the trade war between the world's two largest economies might de-escalate. Separately, China on Friday called to improve bilateral ties with Canada. Earlier this week, U.S. President Donald Trump had doubled tariffs on imports on steel and aluminum. TSX edges higher amid US-China trade talks and upcoming jobs data 'It's just a ploy to get everyone to the table and to try to make a deal,' said Michael Constantino, CEO of online investment platform Webull Canada. Canada's Industry Minister Melanie Joly said on Thursday that Prime Minister Mark Carney and Trump are in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs. 'I think the prime minister of Canada and President Trump will at some point come together and do what's best for both countries,' Constantino said. Canada's unemployment rate in May jumped to its highest level in almost nine years, excluding the peak of the COVID-19 pandemic. On TSX, information and technology stocks gained 1.4% on Friday, tracking gains in tech-heavy Nasdaq index. Energy subindex gained 1.3% as oil prices rose slightly and were on track for their first weekly gain in three weeks.
Express Tribune
2 hours ago
- Express Tribune
Modi claims to receive G7 invite from Canadian PM
India's Prime Minister Narendra Modi arrives to attend the ceremonial recption of Angola's President Joao Manuel Goncalves Lourenco at the Rashtrapati Bhavan presidential palace in New Delhi, India, May 3, 2025. PHOTO: REUTERS Listen to article India Prime Minister Narendra Modi said on Friday that he had received an invitation from Canadian Prime Minister Mark Carney to attend the G7 Summit in Kananaskis later this month. "Look forward to our meeting at the Summit," Modi said in a post on X. The summit, scheduled to take place in Kananaskis, Alberta from June 15 to 17, is being hosted by Canada—amid strained bilateral relations with India. Tensions have been heightened by Canada's allegations of Indian involvement in the killing of a pro-Khalistan separatist leader on Canadian soil in 2023.
