Brics leaders condemn strikes on Iran and tariffs but avoid direct mention of US, Israel
Brics leaders issued a declaration condemning recent bombing campaigns against Iran in their final summit statement, calling such actions a 'violation of international law'. The leaders have been meeting in the Brazilian capital Rio de Janeiro. The joint declaration, which did not explicitly name the United States or Israel, also slammed 'the rise of unilateral tariff and non-tariff measures, which distort trade and are inconsistent with WTO rules'. It comes amid threats by US President Donald Trump to slap 100 per cent tariffs on imports from Brics countries. Brics is an acronym formed when the group comprised Brazil, Russia, India, China and South Africa. The group has since added Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
Trump vows bigger tariffs for ‘anti-American' policies as China urges Brics cohesion
US President Donald Trump has threatened to slam an additional 10 per cent tariffs on countries supporting what he calls 'anti-American policies' after the leaders of Brics nations condemned unilateral tariffs. 'As the leading bloc of the Global South, Brics countries should … strive to be a pioneering force in advancing the reform of global governance,' Li said in a speech delivered at the Brics summit on Sunday and released on Monday morning. At an event widely seen as a direct challenge to the Western-led world order, the premier said member states should uphold independence, show a sense of responsibility and take greater action to build consensus and pool their strengths. 01:47 Brics leaders condemn strikes on Iran and tariffs but avoid direct mention of US, Israel Brics leaders condemn strikes on Iran and tariffs but avoid direct mention of US, Israel As the clock counts down to the end of a temporary tariff truce with the US on Wednesday, Li called for improving global governance.
RTHK
3 hours ago
- RTHK
HK stocks edge down as tariff deadline looms
HK stocks edge down as tariff deadline looms The Hang Seng Index ended the day down 28.23 points, or 0.12 percent, at 23,887.83. File photo: Reuters Mainland and Hong Kong stocks edged lower on Monday as anxiety over US trade policy intensified ahead of the July 9 tariff deadline, with upcoming inflation data expected to further test investor nerves. The benchmark Hang Seng Index ended the day at 23,887.83, down 28.23 points or 0.12 percent. Mainland stocks closed mixed, with the benchmark Shanghai Composite Index up 0.02 percent at 3,473.13 while the Shenzhen Component Index closed 0.7 percent lower at 10,435.51. The combined turnover of these two indices stood at 1.21 trillion yuan, down from 1.43 trillion yuan on the previous trading day. The power and ceramics sectors emerged as the top performers, while biopharmaceutical and brewing stocks faced significant downward pressure. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.21 percent to close at 2,130.19. At market close, China's blue-chip CSI300 Index slipped 0.4 percent, while the Shanghai Composite Index barely changed. Although China is not at risk of imminent higher tariffs, thanks to the trade truce with the United States, sentiment was still largely subdued as US President Donald Trump's policy swings left investors on edge. Trump warned on Sunday that he will impose an additional 10 percent tariff on any countries aligning themselves with what he called the "Anti-American policies" of the Brics group of developing nations. "Markets are set to see more volatility from here" and are unlikely to see a sustained uptrend with the expiring tariff deadline and trade policy uncertainties impacting risk appetite, analysts at Huatai Securities said in a note. Leading the onshore markets' losses on Monday, the AI sector declined 1.1 percent, the energy sector slid 1.8 percent while the liquor distillers index weakened 0.8 percent. The medical-services sector weakened 0.7 percent after the Finance Ministry said on Sunday it was restricting government purchases of medical devices from the European Union in retaliation for Brussels' own curbs last month. Helping offset the losses, Chinese property developers listed in mainland and Hong Kong climbed by 1.4 percent and 0.9 percent, respectively, after the housing regulator vowed to put a floor on dropping home prices. Traders are also watching for China's key inflation data due out on Wednesday to gauge the health of the world's second-largest economy in the face of persistent deflation pressure and trade risks.(Reuters/Xinhua)
South China Morning Post
4 hours ago
- South China Morning Post
Trump's Vietnam tariff pact challenges Asean unity as foreign ministers meet
Southeast Asian nations are scrambling to recalibrate their approach to US tariffs ahead of a key diplomatic gathering that starts in Kuala Lumpur on Tuesday, as Washington's preference for one-on-one trade deals casts doubt over Asean's collective bargaining power. US President Donald Trump on Sunday announced a delay to the next round of his sweeping 'Liberation Day' tariffs – pushing the deadline from July 9 to August 1 – to give time for finalising deals with 18 major trade partners, including the European Union and India One such agreement, struck with Vietnam last Thursday, slashed tariffs by more than half to 20 per cent in exchange for duty-free access for US exports and a hefty 40 per cent levy on goods re-exported through Vietnam's ports from third countries. That deal – with the US' 10th largest trade partner – undercut the Association of Southeast Asian Nations ' earlier push for a united front in dealing with the tariff regime, observers said, leaving the rest of the bloc's members more vulnerable to direct pressure from Washington. Vietnam's Prime Minister Pham Minh Chinh attends the Brics summit in Rio de Janeiro, on Sunday. Photo: AFP 'The message is clear: Asean unity will not shield members from tariffs,' said Damien Duhamel, managing partner at strategy consultancy Eurogroup Consulting.
