- Brazilian President Lula da Silva will lead a BRICS virtual meeting next Monday to address U.S. tariffs and trade policy.
- The meeting follows the U.S. imposition of 50% tariffs on goods from Brazil and India last month under former President Trump.
- BRICS members plan to release a joint statement responding to the White House’s trade measures.
- Bilateral talks among India, Russia, and China are underway this week focused on economic protection against trade wars.
- Brazil is expected to advocate for more multilateral trade deals in local currencies and reduced reliance on the U.S. dollar.
Brazilian President Lula da Silva will convene a virtual meeting of the BRICS alliance next Monday. The session aims to discuss recent U.S. tariffs and related trade policies. The meeting comes after a 50% tariff was imposed on goods from Brazil and India last month by former President Trump.
Officials say the BRICS group, made up of Brazil, Russia, India, China, and South Africa, will likely issue a joint statement following the meeting. The alliance wants to protect its economies and businesses from the impact of recent U.S. trade decisions. Some BRICS countries, namely Brazil and India, have already been directly affected by these measures.
A source familiar with the matter told Bloomberg that Lula da Silva will focus on multilateralism — meaning cooperation among several countries for common goals — during the meeting. The source added that Brazil may push the bloc to pursue trade agreements using local currencies, aiming to lower dependence on the U.S. dollar. China and Russia have previously encouraged a move toward “de-dollarization,” though India and South Africa have remained cautious. Whether this topic will be formally discussed remains uncertain.
Current discussions among India, Russia, and China are also addressing economic strategies to shield their markets from ongoing trade tensions. The range of U.S.-imposed tariffs on BRICS countries could make it harder for the alliance to agree on a single response. Members’ concerns differ depending on how the new tariffs affect their economies.
The outcome of the meeting may signal how the BRICS bloc plans to respond collectively to what it considers protectionist trade actions from the U.S. For more on the BRICS agenda, see the original Bloomberg article.
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