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BRICS Summit Concludes With Unified Condemnation of Unilateral Tariffs

Member states vowed to advance local currency trade settlements in response to Washington’s 10% tariff threat

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Overview

  • Delegates adopted the Rio de Janeiro declaration denouncing unilateral tariffs as distorting global trade and threatening supply chains.
  • President Trump’s social media announcement of a 10% tariff on countries supporting BRICS’ stance prompted Brazil’s Lula to label the move irresponsible and suggest reciprocal measures.
  • The declaration committed members to continue talks on a local currency settlement system aimed at reducing reliance on the U.S. dollar.
  • Leaders expressed serious concern over potential strikes on Iran’s nuclear facilities and called for Israeli forces to withdraw from Gaza and agree to an unconditional ceasefire.
  • China’s Xi Jinping was absent from the summit while Russia’s Vladimir Putin participated online, highlighting shifting dynamics within the bloc.