BRICS Leaders Warn US Tariffs Could Harm Global Economy
Together, the BRICS countries represent nearly half the world's population and around 40% of global economic output. While they differ on many issues, they stand united in their concerns over the US's growing use of tariffs.
In a draft statement prepared for the summit, the group expressed "deep concern" over the rise of one-sided tariff and trade restrictions. They described these measures as unfair and harmful, suggesting they break international trade laws.
Earlier in April, President Trump had announced new tariffs on both allies and rivals, but later paused some of them after stock markets reacted negatively. However, he and Treasury Secretary Scott Bessent warned that unless new trade deals are made by August 1, the tariffs could return.
The BRICS nations argue that such tactics could weaken global trade and slow down worldwide economic growth. Although the statement doesn't name the US or Trump directly, it clearly targets recent American trade actions.
Experts at the Peterson Institute for International Economics in Washington say these tariffs might reduce the US economy's growth and negatively affect other nations — from neighboring Mexico to oil-producing countries in the Gulf region.
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