
Vietnam joins BRICS as partner country
Vietnamese foreign ministry spokesperson, Pham Thu Hang, said in a press conference on Thursday that the country is "ready to coordinate and connect the cooperation programs of the BRICS group with relevant multilateral mechanisms, thereby contributing to peace, stability, cooperation and development in the region, as well as in the world."
She also said the country is willing to work with other members in areas such as trade and investment.
BRICS was originally made up of the five emerging economies of Brazil, Russia, India, China and South Africa. It has since expanded to 11 members, including Middle Eastern nations, such as Iran and Egypt.
Some Southeast Asian countries, which are strengthening economic ties with China, have also shown interest in joining the bloc.
Meanwhile, US President Donald Trump has threatened BRICS members that try to use their own currency for financial transactions. He says these nations could face 100 percent tariffs if they move away from the US dollar.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Japan Today
27 minutes ago
- Japan Today
Laos braced for blow of Trump tariff threat
Laos is already struggling with elevated inflation and a severe labour shortage, fuelling fears that Donald Trump's tariffs could have a devastating effect By Beatrice Siviero Hawking clothes outside the garment factory where her daughter toils inside, a Laos vendor weighs US President Donald Trump's threat of trade tariffs that may soon snarl both their livelihoods. "I just live day by day. For now, I still have my business, and the factory is operating as usual," she told AFP, speaking on condition of anonymity in the capital Vientiane. "I'm not too worried about my daughter's job yet," she added. Then again, she says: "I don't know anything about what the US will decide." Landlocked Laos -- a country of only eight million -- has a gloomy outlook as it counts down to a Friday deadline when Trump says a 40 per cent levy will kick in unless a trade deal is sealed. The rate is among the highest Trump has touted in his global tariff blitz, which has yielded a handful of deals with countries including Britain, Japan and Vietnam but left dozens others scrambling for a pact. Laos has limited exports, little leverage and supply chains deeply entwined with US trade rival China. The United States had a trade deficit of more than $760 million with Laos last year -- singling it out for steep tolls alongside other nations Trump sees as imbalanced business partners. "A 40 percent tariff is just a nail in the coffin for any industry trying to ship to the United States," said John F. Somers, head of garment manufacturing firm Diep Vu Co. Only a handful of factories, mostly in the capital, supply the US market and sales make up only between three and six percent of the country's gross domestic product. But with the Southeast Asian country already suffering from high inflation and a severe labour shortage, Trump's default tariff could still have a devastating effect, industry insiders say. Cause for suspicion "We estimate about 20,000 workers or more could be impacted," said Xaybandith Rasphone, head of the Association of the Lao Garment Industry. "We're not certain about the exact number yet, but it could easily be higher if companies shut down," said Xaybandith, who is also vice-president of the Lao National Chamber of Commerce and Industry (LNCCI). He warned between 35 and 40 factories could be affected if buyers are spooked by the tariffs. "If the tariff stays in place, some factories will definitely close," he said. "Finding alternative markets takes time, negotiations and a lot of effort. It could take years." Like neighbouring Cambodia and Vietnam, Laos is a hub of the garment industry -- producing brands for western markets including Dr. Martens. But the production of mattresses, silicone products and solar panels also stands to be impacted. Solar panel manufacturing has exploded in Laos since 2023 and driven up its export figures after Trump hit China with a 50 percent tariff on the renewable power sources. However the US trade offensive has focussed on "transshipment" -- a practice it alleges some countries use to help China dodge American tariffs by repackaging its goods for American markets. Casey Tolzman, head of the Lao-American Business Association (LABA), said the explosion of Laos' solar industry had likely been "a cause for suspicion" in Washington. A big question Rules governing the source of materials and the level of Laotian labour required to define products as domestically produced may prove the country's biggest bargaining chip. "A big question for countries like Cambodia and Laos is what they can offer the US that's attractive enough to reach a deal," Tolzman said. "Any deal would probably need to see Laos enforce stricter rules on transshipment and country of origin, to ensure products aren't just coming from China and getting a Laos label slapped on." The US may also ask Vientiane to crack down on internet scam centres targeting wealthy Americans from compounds in Laos, or seek concessions for American goods to enter the market, he added. The LABA and LNCCI say they are helping the government draft an appeal asking for tariffs to drop back to previous levels, or at least be capped at 20 percent. But Diep Vu Co boss Somers warns even if Laos manages to reach a deal with Washington, a bigger test soon lies ahead. Laos is on track to graduate from "Least Developed Country" status next year, meaning it is set to lose duty-free access to the European Union -- dealing another blow. "We'll be at a competitive disadvantage, our industry will probably collapse within a few years," Somers warned. "The real discussion is the EU relationship with Laos, not just what the US is doing." © 2025 AFP


NHK
an hour ago
- NHK
Trump: S. Korea will pay 15% tariff under new trade agreement
President Donald Trump says the US and South Korea have reached a trade agreement. His social media post says the US will impose a 15-percent tariff on South Korean imports. That's the same rate the US will charge Japan and the EU. Trump had earlier threatened to slap South Korea with a 25-percent levy from August 1. South Korea will invest 350 billion dollars in the US. Trump says the amount will be owned and controlled by the US and the projects selected by him. The agreement also calls for South Korea to purchase 100 billion dollars of liquefied natural gas or other energy products. Trump says the country will accept American products including cars, trucks and agricultural goods. He stressed that the deal will expand South Korea's imports from the US. South Korea's presidential office held an emergency news conference on Thursday morning. Officials said the tariffs on its semiconductors and pharmaceuticals are not expected to put the products at a disadvantage to those of other nations. The office also said the two sides agreed to refrain from further opening South Korea's beef and rice markets. President Lee Jae-myung wrote in a social media post that, "We have cleared a major hurdle." He said he has established an environment in which his country can compete with major nations in equal or advantageous conditions.


Japan Times
an hour ago
- Japan Times
1,010 food and beverage prices to rise in Japan in August
A total of 195 major Japanese food and beverage makers will raise the prices of 1,010 items in August, research firm Teikoku Databank said in a survey report on Thursday. The monthly total of food products and beverages with higher prices will rise 1.5-fold from a year earlier, marking eight consecutive months of increase. The price increases in August will be especially noticeable for dairy products, including milk and yogurt. Major dairy producer Megmilk Snow Brand will raise the suggested retail prices of 59 products, including its flagship Oishii Gyunyu packaged milk, by between 2.7% and 7.4%. Morinaga Milk Industry will raise the prices of 53 items, including packaged milk and products from its Bifidus Yogurt series. In cumulative total, 19,416 food and beverage items have seen price hikes so far this year. "It is believed that the annual number of items subject to price increases will certainly exceed 20,000 this year for the first time in two years," said a Teikoku Databank official involved in the survey. More than 3,000 food products and beverages are expected to see higher prices in October, the first markups of this scale in six months since April.