BRICS leaders denounce tariff ‘blackmail’

BRASILIA:

Leaders of the 11-member BRICS bloc railed against economic protectionism and "tariff blackmail" during a virtual meeting Monday held amid a damaging trade war with US President Donald Trump.
The group of emerging economies met via videoconference at the initiative of Brazil's President Luiz Inacio Lula da Silva, whose office said it was necessary to address the "intensification of unilateral measures" in the world.
The BRICS represents nearly 40 percent of global GDP and almost half of the world's population.
Several of its members are among those most affected by what Lula referred to Monday as "tariff blackmail" and "unjustified and illegal" trade practices.
Addressing his colleagues, Chinese President Xi Jinping called Monday for the upholding of "the multilateral trading system with the World Trade Organization at its core" and for rejection of "all forms of protectionism."
Brazil's exports to the United States plunged 18.5 percent year-on-year in August after Trump slapped his highest level of trade tariff -- 50 percent -- on a range of goods from Latin America's biggest economy.
Trump is punishing Brazil for what he calls a "witch hunt" against his ally, former president Jair Bolsonaro who is on trial for allegedly plotting a coup to take power back from Lula after losing the 2022 elections.
A verdict in the trial is expected this week.
"Tariff blackmail is being normalized as an instrument to conquer markets and interfere in domestic affairs," Lula said Monday.
Washington also imposed tariffs of up to 50 percent on Indian imports, accusing New Delhi of fueling Moscow's deadly attacks on Ukraine by purchasing Russian oil.
Russian President Vladimir Putin also took part in the virtual meeting, just days after meeting Xi, North Korea's Kim Yong Un and India's Narendra Modi in China where regional leaders slammed "bullying behavior" in a veiled reference to Trump's United States.