Lula, Xi slam tariffs and push BRICS solidarity against trade wars

Key topics:Lula and Xi denounce tariffs as “blackmail” disrupting global tradeBRICS leaders urge unity to defend multilateral trade systemCalls for greater developing-nation representation in global bodies.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Daniel Carvalho.Brazil’s Luiz Inacio Lula da Silva decried the use of tariffs as a tool of “blackmail” while China’s Xi Jinping said trade wars were disrupting the global economy during a BRICS summit that took place against the backdrop of Donald Trump’s targeting of the bloc’s members.Neither Lula nor Xi specifically mentioned Trump or the US during Monday remarks at a virtual gathering of BRICS countries, the group of emerging market nations formed by Brazil, Russia, India, China and later South Africa that has since expanded to include other countries.But the Brazilian leader convened the meeting to discuss US trade practices that have included the imposition of 50% tariffs on many of his nation’s goods and similar levies against India, and both he and Xi urged BRICS members to stand united in defense of a multilateral system they said is under threat..Read more:.BRICS unity tested as new members clash over UN reform push.“Tariff blackmail is being normalised as an instrument to seize markets and interfere in domestic affairs,” Lula said during the summit, according to written remarks released by Brazil’s government. “Our countries have become victims of unjustified and illegal trade practices.”.Xi, meanwhile, said that “trade wars and tariff wars waged by some country severely disrupt the world economy and undermine international trade rules,” according to state-run Xinhua News Agency. “Countries cannot thrive without an international environment of open cooperation, and no country can afford to retreat to self-imposed isolation.”The BRICS nations previously swiped at Trump during their annual leaders meeting in July, drawing threats over what he called “anti-American” policies.Trump thrust Brazil into the centre of his global trade war shortly after the Rio de Janeiro summit, when he promised to impose tariffs if its Supreme Court didn’t drop its trial of former President Jair Bolsonaro on coup charges.In late August, he put 50% tariffs on Indian goods as punishment for its imports of Russian oil.India’s Narendra Modi did not attend the virtual gathering, sending his foreign minister instead. Russia’s Vladimir Putin, South Africa’s Cyril Ramaphosa and leaders from Egypt, Iran and Indonesia, along with the crown prince of the United Arab Emirates and Ethiopia’s deputy foreign minister, were present, according to Brazil’s government.Both Xi and Lula called on BRICS nations to defend multilateral approaches to trade and international affairs. They also reiterated the need for developing countries to have increased representation in global governing institutions like the United Nations, a longstanding priority for the bloc.“BRICS countries account for nearly half of the world’s population, around 30% of global economic output, and one-fifth of global trade,” Xi said at the summit. “We are also home to major natural resources, big manufacturers and vast markets. The more closely we work together, the more resilient, resourceful and effective we are in addressing external risks and challenges.”.Read more:.China’s Xi will give enlarged BRICs Summit a miss, first time ever.Xi also urged BRICS countries to strengthen cooperation in trade, finance and technology in a bid to pool strength for development. He reaffirmed Beijing’s commitment to the Global Development Initiative and the Belt and Road Initiative.“It is up to BRICS to show that cooperation overcomes any form of rivalry,” Lula said. “We have the necessary legitimacy to lead the renewal of the multilateral trading system on modern, flexible foundations geared to our development needs.”In his speech, Ramaphosa said developing nations are facing “great hardships and danger” and that South Africa has already experienced negative economic effects from the trade upheaval. Like Lula and Xi, he called on BRICS to “play a critical role in strengthening the multilateral system.”.© 2025 Bloomberg L.P.

Lula, Xi slam tariffs and push BRICS solidarity against trade wars

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