BRICS nations unite against tariffs

BRICS leaders meeting in Rio de Janeiro yesterday were expected to decry US President Donald Trump's “indiscriminate” trade tariffs, saying they are illegal and risk hurting the global economy.

- 

Emerging nations, which represent about half the world’s population and 40 percent of global economic output, have united over “serious concerns” about US import tariffs, according to a draft summit statement.

Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties.

His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force.

The draft summit declaration does not mention the US or its president by name, and could yet be amended by leaders gathering for talks.

But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa.

“We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules,’ the draft text says.

It warns that such measures “threaten to further reduce global trade” and are “affecting the prospects for global economic development.”