BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry Donald Trump’s hardline trade policies, but are struggling to bridge divides over crises roiling the Middle East.
Emerging nations representing about half the world’s population and 40 per cent of global economic output are set to unite over what they see as unfair US import tariffs, according to sources familiar with summit negotiations.
Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive tariffs.
His latest salvo comes in the form of letters due to be sent starting Friday informing trading partners of new tariff rates expected next week on July 9.
This is particularly the case for China, which has only recently negotiated with the US to lower steep tit-for-tat levies.
“This doesn’t seem to be the right time to provoke further friction” between the world’s two leading economies, Fernandez said.
– Xi no show –
Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power.
But the summit’s political punch will be depleted by the absence of China’s Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president.
“I expect there will be speculation about the reasons for Xi’s absence,” said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank.
“The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing,” said Hass.
