BRICS leaders warn that Trump tariffs threaten global economic stability

BRICS leaders descended on sunny Rio de Janeiro on Sunday, warning that US President Donald Trump’s “indiscriminate” import tariffs risk hurting the global economy.

The 11 emerging nations, including Brazil, Russia, India, China, and South Africa, represent about half the world’s population and 40 per cent of global economic output.

The bloc is divided on many issues but has found common cause when it comes to the mercurial US leader and his stop-start tariff wars.

The BRICS leaders voiced “serious concerns about the rise of unilateral tariff and non-tariff measures,” warning they are illegal and arbitrary, according to a final summit statement.

In April, Trump threatened allies and rivals alike with a slew of punitive duties but abruptly offered a reprieve in the face of a fierce market sell-off.

Trump has warned that they will again impose unilateral levies on partners unless they reach “deals” by August 1.

The BRICS said such moves break world trade rules, threaten to further reduce global trade, and were “affecting prospects for global economic development.”

The summit declaration did not mention the United States or its president by name, but it is a clear political volley directed at the occupant of 1600 Pennsylvania Avenue.

The Peterson Institute for International Economics, a Washington think tank, estimates that Trump’s tariffs could trim about two points off US GDP and hit economies from Mexico to the oil-rich Arabian Gulf.