 "Brics nations are actively pursuing the development of a cross-border payments system to facilitate faster, cheaper, and more efficient transactions. Reuters")
Brazil’s President Luiz Inácio Lula da Silva will convene a virtual meeting of Brics leaders next Monday to discuss Donald Trump’s trade policy, Bloomberg reported, citing people familiar with the matter.
According to Brazilian officials, Lula aims to address US tariffs and rally emerging economies in support of multilateralism. The sources requested anonymity as the talks have not yet been officially announced.
Trump thrust Brazil into the centre of his global trade fight in July, threatening higher tariffs unless the country’s Supreme Court halted the trial of former president Jair Bolsonaro on coup charges. Brazil now faces 50% tariffs, though the US has exempted some goods, including airplanes and orange juice.
Officials told Bloomberg that Washington has imposed different tariffs on Brics members, complicating efforts for a joint statement. Lula, however, does not want the meeting to “turn into an anti-US summit.”
The timing coincides with Bolsonaro’s trial opening on Tuesday, which officials fear could invite further US pressure. Washington has already revoked visas of top court justices and sanctioned the judge overseeing the case.
The Brics meeting comes after a weekend engagement between China’s Xi Jinping and Prime Minister Narendra Modi in Tianjin. Modi also met Russia’s Vladimir Putin there, while Xi is scheduled to hold talks with Putin in Beijing on Tuesday.
Modi’s earlier closeness to Trump was seen as an obstacle to stronger Brics action on tariffs. But after their fallout, “the way is clearer for a more substantive resolution,” one source said.
Impact Shorts
More ShortsTrump has also threatened fresh tariffs on Brics nations for seeking to reduce reliance on the dollar by expanding trade in local currencies.