BRICS leaders skipping Rio summit could mark its decline, but at least Trump takes it seriously
– The Brics summit in Brazil should have been the perfect forum to advance the grouping of developing nations' key purpose: a move away from a Western-dominated world towards a more inclusive and fair global governance structure.
Coming soon after the Israeli and American bombing of Iran and just when the US threatens to unleash another round of global trade tariffs, the joint statement issued on July 7 as the summit concluded in Rio de Janeiro duly criticised Israel's military actions in the Middle East. And members also expressed 'serious concerns' about the rise in trade tariffs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
33 minutes ago
- Straits Times
Trump says he would love to remove Iran sanctions at the right time
Sign up now: Get ST's newsletters delivered to your inbox Mr Donald Trump said a recent move to remove US sanctions on Syria would help that country move forward, and he hoped a similar move could happen for Iran. WASHINGTON - US President Donald Trump on July 7 said he would love to remove tough US sanctions on Iran at the right time. Mr Trump, speaking to reporters at the start of a dinner with Israeli Prime Minister Benjamin Netanyahu, said a recent move to remove US sanctions on Syria would help that country move forward, and he hoped a similar move could happen for Iran. 'I would love to be able to, at the right time, take those sanctions off, give them a chance at rebuilding, because I'd like to see Iran build itself back up in a peaceful manner, and not going around saying, 'death to America,' 'death to the USA,' 'death to Israel,' as they were doing,' he said. REUTERS
Straits Times
an hour ago
- Straits Times
Netanyahu says has nominated Trump for Nobel Peace Prize
Sign up now: Get ST's newsletters delivered to your inbox Israeli Prime Minister Benjamin Netanyahu (right) hands over a letter to US President Donald Trump as they meet at the Blue Room of the White House, on July 7. WASHINGTON - Israeli Prime Minister Benjamin Netanyahu said on July 7 he has nominated Donald Trump for the Nobel Peace Prize, presenting the US president with a letter he sent to the prize committee. 'He's forging peace as we speak, in one country, in one region after the other,' Mr Netanyahu said at a dinner with Mr Trump at the White House. Mr Trump has received multiple Nobel Peace Prize nominations from supporters and loyal lawmakers over the years, and has made no secret of his irritation at missing out on the prestigious award. The Republican has complained that he had been overlooked by the Norwegian Nobel Committee for his mediating role in conflicts between India and Pakistan, as well as Serbia and Kosovo. He has also demanded credit for 'keeping peace' between Egypt and Ethiopia and brokering the Abraham Accords, a series of agreements aiming to normalize relations between Israel and several Arab nations.
Straits Times
2 hours ago
- Straits Times
Asia markets brace for renewed tariff fallout
CANBERRA – Asian stocks face renewed pressure on July 8 after US President Donald Trump announced higher tariffs on key regional trading partners including Japan and South Korea. Stock futures pointed to declines in Tokyo and Sydney, after Wall Street equities fell from all-time highs overnight and the US dollar climbed. US equity contracts dropped in early Asia trading. Megacaps led losses in the US on July 7 as Tesla tumbled nearly 7 per cent after Elon Musk announced he's formed a political party, raising concern about his company's outlook. Emerging markets got hit as Mr Trump warned he'd add extra tariffs on countries aligning with 'the Anti-American policies of Brics.' Mr Trump released the first in a series of tariff warning letters, just two days before agreements are due on countries facing his April 2 so-called reciprocal levies. The new rates include 25 per cent duties on goods from Japan, South Korea, and Malaysia; 32 per cent on Indonesia; 35 per cent on Bangladesh; 36 per cent on Thailand and Cambodia; and 40 per cent on Laos and Myanmar. 'There is likely to be considerable concern in Asia that 90 days of supposed negotiations have so far produced many US tariff rates similar to the April 2 shock,' said Sean Callow, a senior analyst at InTouch Capital Markets in Sydney. 'The US clearly only has bandwidth for negotiation with a handful of trading partners, with the rest seemingly blamed for failing to reach a deal.' The yen slid over 1 per cent against the US dollar in New York trading overnight. Despite the market turmoil from Mr Trump's tariffs, Japanese shares had rebounded from April lows, reflecting optimism that Japan and others would strike US deals that avoid derailing growth. White House Press Secretary Karoline Leavitt said there would be around a dozen countries that receive notifications about their tariffs on July 7 directly from the president. Additional letters will be sent in the coming days, she said. 'Investors should be alert to headline risk,' said Fawad Razaqzada at City Index and 'The scope for last-minute deals is high, but so too is the possibility of renewed trade tensions.' Analysts said that one positive to be taken away from the latest trade developments was that the higher tariffs won't be in place during July as Mr Trump extended the deadline for the steeper levies to kick in until August. That means 'an indirect extension' of the original 90-day pause that would expire on July 9. 'The outcome could certainly have been more dire for the economic outlook had the additional window of relief not been included in the latest trade-war salvo,' they noted. The European Union is not expecting to receive a letter setting tariff rates imminently, according to a person familiar with those discussions. The EU is seeking to conclude a preliminary deal this week that would allow it to lock in a 10 per cent tariff rate beyond an Aug 1 deadline as they negotiate a permanent agreement. Meantime, US Treasury Secretary Scott Bessent told CNBC said he expected to meet with his Chinese counterpart in the coming weeks. Indian officials familiar with the matter said the nation had made its best offer on trade and the fate of an interim deal now lies in the hands of Mr Trump. Negotiators conveyed to Washington the red lines they were unwilling to breach in finalising an agreement, including allowing the US to export genetically modified crops to India, and opening up India's dairy and automobile sectors to America. In Rio de Janeiro, several leaders responded to Trump's tariff threats against the 10-member Brics group. Brazilian President Luiz Inacio Lula da Silva joined South Africa in blasting the US president. In 2024, the list of Brics members expanded beyond the original group of Brazil, Russia, India, China and South Africa to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. The countries in the bloc - which was designed to boost the nations' international standing and challenge the US and western Europe - account for more than half of the world's population. So far, the US economy is holding up under the threat of a spiralling global trade war. Hiring is healthy, and inflation has remained tame. But the Federal Reserve is wary about tariffs despite pressure from Mr Trump to lower rates, and wants to see how they feed through to output in the next few months. BLOOMBERG
