BRICS Meeting in Brazil Counteracts U.S. Trade Policies Amid…

BRICS foreign ministers convened in Rio de Janeiro to address U.S. trade policies and other global issues. The meeting, significant amidst lowered growth forecasts from the IMF, aims to strengthen collective responses to Trump’s tariffs. Brazilian Foreign Minister Mauro Vieira emphasized the necessity of collaboration, while discussions range from geopolitical tensions to the climate crisis, with the group’s unity at stake ahead of a July leaders summit.

The BRICS foreign ministers gathered in Rio de Janeiro on Monday for a critical two-day meeting, aiming to consolidate their stance against the aggressive trade policies of U.S. President Donald Trump. This comes at a precarious time for the global economy, as the International Monetary Fund has recently lowered growth forecasts, significantly impacted by Trump’s sweeping tariffs. Countries involved in this 11-member bloc, including Brazil, China, and Russia, aim to unite their response to these challenges ahead of a July summit of leaders.

Brazil’s Foreign Minister, Mauro Vieira, opened the discussions by underlining the importance of fostering dialogue amidst ongoing humanitarian crises and political instability worldwide. He emphasized the need for BRICS to act cohesively during these turbulent times, asserting that the group’s role has become increasingly vital. The meeting’s agenda includes addressing the extensive tariffs imposed by Trump; many nations are facing 10 percent duties, while China is hit with much higher rates, reaching as much as 145 percent.

In response, China has enacted its own tariffs, with some levies hitting as high as 125 percent on U.S. goods. Senior Chinese planner Zhao Chenxin stated that China is “on the right side of history,” criticizing Washington’s approach as one of unilateralism and bullying. Since its establishment in 2009, BRICS has greatly expanded, now representing nearly half of the global population and a significant portion of the world’s GDP.

Vieira also highlighted issues beyond trade, calling for a “complete withdrawal” of Israeli forces from Gaza and condemning Israel’s long aid blockade of the area. While the group issued calls for peace regarding the conflict in Ukraine, they have largely sidestepped condemning Russia’s actions, instead advocating for a negotiated solution in line with the principles of the United Nations.

The timing of this BRICS meeting coincides with what the U.S. government is calling a pivotal week for resolving the war in Ukraine. Trump’s recent remarks suggested a shift in tone towards Russia, especially after speaking with Ukrainian President Zelensky. In a related development, President Putin has announced a temporary ceasefire, though the U.S. has indicated that this is inadequate.

Moreover, a notable topic on the agenda is a challenge to the dominance of the U.S. dollar, as BRICS nations have previously discussed increasing the use of national currencies in trade. However, Russian Foreign Minister Sergei Lavrov cautioned that any movement towards a BRICS currency is still considered premature. Vieira has downplayed the likelihood of introducing a new currency for the bloc, noting Brazil has been somewhat insulated from Trump’s harshest tariffs.

Finally, discussions will also focus on climate change, particularly as Brazil prepares to host the UN COP30 climate conference this November in Belem, located within the Amazon region. This meeting is set to be another significant chapter in BRICS’s ongoing efforts to redefine global economic dynamics.

In conclusion, the BRICS meeting serves as a crucial platform for member states to unify their response to U.S. trade policies while confronting broader geopolitical issues. With President Trump’s tariffs looming large, and discussions of currency and climate change in the pipeline, the outcome of this meeting could have far-reaching implications. As the bloc seeks to bolster its collective voice on the world stage, the importance of dialogue and cooperation cannot be overstated.

Original Source: www.hindustantimes.com