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Montevideo, November 12th 2018 - 20:05 UTC

BRICS implicit support for China in its trade dispute with United States

Friday, July 27th 2018 - 08:45 UTC
Full article 13 comments
Trump has already slapped levies on goods from China worth tens of billions of dollars, as well as tariffs on steel and aluminum from the EU, Canada and Mexico Trump has already slapped levies on goods from China worth tens of billions of dollars, as well as tariffs on steel and aluminum from the EU, Canada and Mexico
“We should stay committed to multilateralism,” China’s President Xi Jinping said on the second day of the talks. “We should stay committed to multilateralism,” China’s President Xi Jinping said on the second day of the talks.
“Closer economic cooperation for shared prosperity is the original purpose and priority of Brics” underlined Russian President Vladimir Putin “Closer economic cooperation for shared prosperity is the original purpose and priority of Brics” underlined Russian President Vladimir Putin

Five of the biggest emerging economies on Thursday stood by the multilateral system and vowed to strengthen economic cooperation in the face of US tariff threats and unilateralism. The heads of the so-called Brics – Brazil, Russia, India, China and South Africa – met for an annual summit dominated by the risk of a global US- led trade war, although leaders did not publicly mention President Donald Trump by name.

 “We express concern at the spill-over effects of macro-economic policy measures in some major advanced economies,” they said in joint statement.

“We recognize that the multilateral trading system is facing unprecedented challenges. We underscore the importance of an open world economy.”

Trump has said he is ready to impose tariffs on all US$500 billion of Chinese imports, complaining that China’s trade surplus with the US is due to unfair currency manipulation.

He has already slapped levies on goods from China worth tens of billions of dollars, as well as tariffs on steel and aluminum from the EU, Canada and Mexico.

“We should stay committed to multilateralism,” China’s President Xi Jinping said on the second day of the talks.

“Closer economic cooperation for shared prosperity is the original purpose and priority of Brics.” Russian President Vladimir Putin, who held a controversial meeting with Trump last week, echoed the calls for closer ties among Brics members and for stronger trade within group.

“Brics has a unique place in the global economy – this is the largest market in the world, the joint GDP is 42% of the global GDP and it keeps growing,” Putin said.

“In 2017, the trade with our Brics countries has grown 30%, and we are aiming at further developing this kind of partnership.”

The Brics group, comprising more than 40% of the global population, represents some of the biggest emerging economies, but it has struggled to find a unified voice.

Analysts say US trade policy could give the group renewed purpose.

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  • Terence Hill

    “Trump is going to crush...” He's going to mess up 'biggerly' like everything else he touches. Lets see who blinks first.
    chronic i.e pathological
    Canuckistan: First attested in a 1993 article in the US anti-Semitic publication The Liberty Bell.
    You need to go back to your bedroom and replace those missing white sheets.
    ”Trade within NAFTA has grown almost four times since 1993. U.S.-Mexico trade has grown by six times. NAFTA trade totals some $1.24 trillion a year. That is about $2.4 million a minute. This is more than U.S. trade with the European Union (EU) and 1.9 times what the U.S. trades with China.
    NAFTA’s trade and investment supports up to 14 million U.S. jobs. 9 million of those jobs are linked to trade with Canada. 4.9 million U.S. jobs are linked to trade with Mexico, which is seven times greater than the number of jobs (700,000) believed tied to US-Mexico trade in 1993.
    Canada and Mexico are America’s top two export markets. A large majority of U.S. states have Canada or Mexico as a first or second trade partner. This trade is very important for U.S. farmers. In 1993, they exported $8.9 billion in products to our two neighbors. Those sales were $43 billion last year.“
    https://www.wilsoncenter.org/article/the-economic-relationship-between-the-united-states-canada-and-mexico-earl-anthony-wayne
    JB
    ”I'd like to know TH's credentials” Apparently being a lot quicker off the mark than you are.

    Jul 29th, 2018 - 03:32 am +1
  • Terence Hill

    chronic i.e pathological
    “He is a fellow at the American Enterprise Institute, and the former chief speechwriter for President George W. Bush.”
    So he doesn't have any particular credentials, as a writer other than being partisan. If that's your best offering, its decidedly lame.

    Jul 28th, 2018 - 02:00 am 0
  • DemonTree

    “Trump is going to crush canoookiestan just for fun.”

    And you wonder why people call Trump fans deplorable.

    Jul 29th, 2018 - 12:12 am 0
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