As BRICS leaders gathered in sunny Rio de Janeiro on 6 July 2024, they voiced serious concerns over US President Donald Trump’s “indiscriminate” import tariffs, warning of potential harm to the global economy.
Common Ground Amidst Division
The 11 emerging nations—Brazil, Russia, India, China, South Africa, and others—represent about half of the world’s population and 40 percent of global economic output. Despite their various differences, the bloc has unified against the unpredictable tariff strategies of the US.
Concerns About Global Trade Distortion
- BRICS leaders called Trump’s tariffs illegal and arbitrary.
- They warned that such measures could diminish global trade.
- Uncertainty surrounding these tariffs may disrupt supply chains.
In a summit statement, the leaders stated, “We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules,” referring to the World Trade Organization.
Political Implications and Notable Absences
This year’s summit was notably affected by the absence of significant figures including China’s Xi Jinping and Russia’s Vladimir Putin, who participated via video link. Xi’s no-show is particularly noteworthy as it marks the first time in twelve years that he has missed the meeting.
In his opening remarks, Brazilian President Luiz Inacio Lula da Silva condemned the actions of NATO and Israel, asserting that “it is always easier to invest in war than in peace.” His comments underscored the ongoing conflicts involving Iran and Israel, which have produced heightened tensions and diplomatic rifts within the bloc.
Looking Ahead
The summit’s final declaration refrained from directly mentioning the US or its president. However, it delivered a clear political message regarding global trade dynamics amid rising tensions. As the bloc continues to evolve, the next BRICS summit is set to be hosted by India in 2026, promising further discussions on these pressing global issues.